• Title, Summary, Keyword: Price Sensitivity Measurement (PSM)

Search Result 13, Processing Time 0.03 seconds

A Case Study for Pricing Strategy Planning of a Family Restaurant Using Price-Sensitivity Measurement (패밀리 레스토랑의 가격 전략 수립을 위한 가격민감성 분석 사례 연구)

  • Choi Mi-Kyung;Lee Bong-Shik
    • Korean Journal of Community Nutrition
    • /
    • v.11 no.2
    • /
    • pp.253-260
    • /
    • 2006
  • The purpose of this study was to suggest menu pricing strategy based on understanding about customer perceived value of products and services. The technique known as PSM (Price Sensitivity Measurement) was used for analysis of price sensitivity for 3 menu items of a family restaurant in Seoul. A questionnaire was developed through literature review and modified after pilot test. Questionnaires for the main survey were distributed to 250 customers on their visit to the restaurant, and a total of 138 questionnaires were used for analysis (55.2%). The statistical analysis of price sensitivity was conducted using PSM, and descriptive analyses were conducted using SPSS Win (12.0). The main results of this study were as follows: the price sensitivity of beef tenderloin steak was higher than two other menus and the stress range of teriyaki chicken was almost 0, that is, the price sensitivity of teriyaki chicken was very low. Present menu prices of 3 menu items were within the range of acceptable prices, but had some distances from the optimal pricing point. From the result of this study, it was concluded that price adjustment or price promotion strategy would be effective for increase in sales of beef tenderloin steak, and marketing strategies to enhance consumers' perceptions of value should be conducted for all menu items by situations. Overall, PSM technique could be a helpful tool for researchers and managers of foodservice organizations to understand how consumers' perceptions of value are affected by the interaction of price and quality.

Developing Room Pricing Marketing Strategy of the National Recreation Forest Using Price-Sensitivity Measurement (가격민감성분석을 이용한 국립자연휴양림 객실가격 마케팅 전략 개발)

  • Han, Sang-Yoel;Kim, Jae-Jun
    • Journal of Korean Society of Forest Science
    • /
    • v.97 no.1
    • /
    • pp.118-126
    • /
    • 2008
  • This research was conducted to develop pricing strategy based on understanding about customer perceived value of lodging facilities in national recreation forest. The technique known as PSM (price-sensitivity measurement) was used for analysis of price sensitivity for two kinds of lodging (log-cabin and forest-hotel) and for room sizes (4, 5, 6, 7 persons). PSM questionnaire for on-site survey were distributed to 236 customers on their visit to the six national recreation forests. The main results of this study were as follows: the price sensitivity of big size was higher then small, also, the price sensitivity of log cabin was higher then forest-hotel. Present prices were within the range of acceptable prices except prices of the use of 6 and 7 person of log-cabin. From the result of this study, it was concluded that price adjustment or price promotion strategy would effective for increase in sales and marketing strategies to enhance consumers' perceptions of value should be conducted for two room types by situations.

Price-Sensitivity Measurement of a Forest Welfare Facility (산림복지 인프라 가격결정을 위한 가격민감성 분석)

  • Lee, Sanghyun;Lee, Hoseung;Lee, Juyoung
    • Journal of Environmental Science International
    • /
    • v.26 no.4
    • /
    • pp.483-491
    • /
    • 2017
  • This study provides basic data for the cost operating strategy of forest welfare infra facilities. We use the Price-Sensitivity Measurement technique (PSM) for a forest welfare infra facility (healing forest, wood camping, forest leisure sport, etc.). In addition, we conduct a survey in the four target locations (Kyung-gi, Kyung-sang, Chung-cheong, and Jeolla) and receive answer from 390. The results show that higher the price of present infra facilities, higher the price sensibility. The forest welfare infra facilities we include are healing forest 1,894 won, wood camping 5,625 won, mtb park 9,530 won, mountain horseback riding 14,556 won, paragliding 20,252 won, mountain ski 3,075won. However, we investigate zip-lines at lower than current price levels.

Study on Price Sensitivity at University Cafeterias - Focus on Seoul and Chungcheong Area - (대학구내식당에 대한 대학생의 가격민감도에 관한 연구 - 서울권과 충청권을 중심으로 -)

  • Lee, Eun-Yong;Park, Kyu-Eun;Jeon, Yu-Jung
    • Journal of the East Asian Society of Dietary Life
    • /
    • v.26 no.2
    • /
    • pp.117-124
    • /
    • 2016
  • As the number of cafeterias at universities has increased, studies on student perception of price sensitivity at cafeterias have gained increased attention. Therefore, the study investigated the relationship between students and university cafeterias according to price sensitivity measurement (PSM). According to the analysis, the indifference price (IDP) was 3,444.06 Korean Won while the subsequent cumulative distribution percentage was approximately 17.68%. The optimal pricing point (OPP) was 3,233.73 Korean Won and the stress price (IDP-OPP) was 210.33 Korean Won. The point of marginal expensiveness (PME) was 4,602.24 Koean Won and the point of marginal cheapness (PMC) was 2,036.29 Korean Won. Therefore, the range of acceptable prices (RAP) was established as 2,565.95 Korean Won. In addition, the study examined differences between price sensitivity measurement (PSM) for the respondent subgroups. Hence, the results will provide a practical background for development of business plans for university cafeterias.

The Price Sensitivity for Industrial Products from A Group Buying System at School Foodservices : An Application of Price Sensitivity Measurement Technique (PSM 기법을 적용한 학교급식 공동구매 공산품의 가격민감도 분석 연구)

  • Lee, SeoHee;Lee, Hojin;Sohn, ChunYoung;Ham, Sunny
    • Journal of Korea Society of Digital Industry and Information Management
    • /
    • v.16 no.2
    • /
    • pp.117-128
    • /
    • 2020
  • The aim of this study was to examine price sensitivity of industrial products purchased via a group buying system and how industrial products for a group buying system differ from general industrial products, and then identify the major factors in selecting products and the important determinants in purchasing industrial products for school foodservices. The survey was conducted with 250 dietitians (teachers) in Gyeonggi-do Province, who were using industrial products for a group buying system and general industrial products. A paired t-test showed a difference in satisfaction between industrial products for a group buying system and general industrial products by factors, while statistically significant differences were found for red pepper paste, fermented soybean paste and soy sauce in all nine satisfaction factors, including product quality, packaging state, labeling, hygiene, item diversity, specification diversity, price appropriateness and supply. Moreover, analyzing price sensitivity for industrial products for a group buying system, using the PSM method with respect to the issue of high price, showed that the respondents considered that the current unit purchase prices were high for all items investigated. This study suggests that schools would purchase more industrial products for a group buying system, when the pricing of the products are considered with the purchase intention of dietitians (teachers).

A Study on Price Sensitivity and Purchasing Attribute of Chinese Cabbage (소비자의 배추 가격민감도와 구매 속성 분석)

  • Ha, Doojong;Lee, Sangyong;Jo, Youngbin
    • Journal of Agricultural Extension & Community Development
    • /
    • v.21 no.2
    • /
    • pp.81-99
    • /
    • 2014
  • This study is carried out to find out Chinese cabbage price sensitivity of consumer. Even though Chinese cabbage is the most important vegetable in our country, the price fluctuation continues to be changed ever year. However, there was no price criteria which is low, high, optimum price level for stabilization policies. In this paper, we investigated urban consumer price sensitivity by using the price sensitivity measurement(PSM), and then suggest to farmer and policy maker the results. The purchasing attribute Chinese cabbage of consumer will be provided to farmer. Optimal willingness to pay price of Chinese cabbage was analyzed between 1,991~2,018 won per head. If the consumer price were formated that price range, the costs will be able to satisfied both producers and consumers. The consumer's acceptable price range was from lower price (PMC) 1,472 won to the upper limit price of 2,714 won (PME). So when the market price researched above 2,714 won, import should be considered. The most important attribute when purchasing was a taste of cabbage, and he most suitable size was 3kg per head.

Analysis of Foreign Customers' Price Sensitivity on Korean Traditional Restaurants Using Price Sensitivity Measurement (외국인의 한식당에 대한 가격민감성 분석)

  • Lee, Min-A
    • Journal of the Korean Society of Food Science and Nutrition
    • /
    • v.36 no.1
    • /
    • pp.124-130
    • /
    • 2007
  • The purposes of this study were (1) to analyze price sensitivity, (2) to define the range of acceptable prices for each foreign segment, and (3) to provide a price model for Korean traditional restaurants. From October to November, 2006, a total of 781 foreigners responded to individual surveys. Statistical analyses on the survey data were performed using descriptive statistics and Price Sensitivity Measurement (PSM). Major findings from the study are as follows: First, the ranges of the acceptable prices were $98$\sim$$130 for fine dining/gourmet restaurants, $70$\sim$$90 for theme/ambience restaurants, $40$\sim$$60 for popular/family restaurants, and $18$\sim$$30 for convenience/fast food restaurants. Second, the convenience/fast food restaurants showed the highest price sensitivity. Third, a low stress level and wide range of the acceptable price were observed for the fine dining/gourmet restaurants, suggesting that the price sensitivity of the fine dining/gourmet restaurants was quite low. Finally, the price sensitivity indicated by the Japanese was higher than by the other groups. In consequence, the research findings suggest that the managers of the Korean traditional restaurants should strategically plan prices by understanding different customers' price sensitivity within and between customer segments. Through additional research, marketers can compare perceptions of specific brands, the competition, and variations within a product line.

Marketability Analysis of Seoul Landmark Pass (서울 랜드마크 패스의 상품성 분석)

  • Oh, Junseok;Kwak, Sunhee;Kim, Hanbyeol;Jeon, Heesoo;Kim, Jonghwa
    • Journal of the Society of Korea Industrial and Systems Engineering
    • /
    • v.40 no.1
    • /
    • pp.131-143
    • /
    • 2017
  • As the number of tourists visiting Seoul are continuously increasing, the demand of an integrative tour pass is also increasing. However, only a few tour passes are available for the tourists in Seoul. In this paper, we propose a new tour pass called "Seoul Landmark Pass" targeting foreign individual travelers and investigate the marketability of the proposed tour pass. For the configuration of the Seoul Landmark Pass we listed 17 candidate attractions charging entrance fee in Seoul, referring to e-guidebook on Visit Seoul web site. Among them we selected 6 attractions using the checklist with the attributes that foreign tourists would prefer. We also performed SWOT analyzes on existing tour passes to determine the benefits to be included in the proposed tour pass. To investigate the marketability of the proposed tour pass we have surveyed the foreign individual tourists in Seoul. Using the survey data, we have analyzed the intent of purchase by age, visiting period, visiting purpose, frequency of visit, and nationality to identify target customers. The results show that the intent of purchase is high among the Chinese tourists at the age of twenties who visited Seoul for the first time or second times. Also, the individual tourists prefer to bundle T-money card with the proposed tour pass. Finally, we have provided a brief review of the Price Sensitivity Measurement (PSM) method and applied PSM to determine the acceptable price range and the optimal price of the proposed tour pass. The optimal price of the proposed tour pass is determined at 53,000 won including T-money card.

Measuring Expected Meal Duration for Restaurant Revenue Management (레스토랑 수익 관리를 위한 적정 식사 시간 측정에 관한 연구)

  • Cho, Mee-Hee;Lee, Kyung-Hee
    • Journal of the East Asian Society of Dietary Life
    • /
    • v.19 no.2
    • /
    • pp.278-286
    • /
    • 2009
  • Restaurants have two strategic levers for revenue management: duration control and demand-based pricing. Reducing dining times, especially during peak periods, can add considerable revenue for restaurants. Managing meal duration, however, can be far more complex than manipulating the price. This paper examines dining duration expectations for restaurants types(Family, Korean, Quick service restaurant), customers characteristics(gender, age, occupation, meal period, visiting frequency, dining occasion, dining companions) using an a adaptation of a price sensitivity measurement tool, naming it 'Time Sensitivity measurement tool' or TSM. The TSM is then used to derive the optimal time points, and the range of acceptable times. The results demonstrate that there is a relatively wide spread of acceptable dining duration times in family restaurant. Furthermore, the optimal time points was shorter than the mean expected dining times, which suggests that many restaurants may be able to shorten dining duration without compromising customer satisfaction. The paper explores whether demographic and dining variables have an impact on time preferences, and finds whether gender, age, meal periods, visiting frequency, and dining companion effects are significant. Specifically, women in their thirties tended to prefer a significantly longer dining times for dinner.

  • PDF

A Study on the Scheme of the Pulp Price Discrimination from Certified forests and Non-certified forests for Sustainable Forest Management (지속가능한 산림관리를 위한 인증산림과 비인증산림에서 생산된 펄프재의 가격차별화 방안)

  • Choi, Sang Hyun;Lee, Jae Hwan;Woo, Jong-Choon
    • Journal of Korean Society of Forest Science
    • /
    • v.103 no.4
    • /
    • pp.696-702
    • /
    • 2014
  • This study was conducted to provide resonable price of timber that come out from certified forests for sustainable forest management. To accomplish this study objectives, we analyzed compound interest method, willingness to pay (WTP) and price sensitivity measurement (PSM) when buying certified pulp. In case of compound interest method, we used prime cost by average price per ha of each area (Hongcheon, Inje, Shinnam) and unit price that add up the pulp price and investment costs. Interest rate reflects 2 to 6% and investment period apply to 5 years. WTP and PSM data were collected from questionnaire survey. As a result, if apply to interest rate of 2% and investment period of 3 years, result values are quite similar to WTP of 5% and optimal pricing point of PSM. That also showed similar pattern in each area.