Recently I was searching for a new phone and the M series had caught my attention. While I drilled down to the model I wanted, the M31 variants stood out. Both the models were the exact copy of each other except for the internal memory, camera & very minor changes in dimension
What surprised me was that the price difference b/w the two products was Rs. 5000.
The main difference b/w the models is the secondary cameras in the quad setups are 12 & 8MP complimenting to their 64MP primary camera. Also wrt internal memory, the other has 128GB of over 64GB. But in an age of swift cloud backups, would it matter?
Now, this got me thinking. Would a woke customer buy the premium end for those minor changes? Even if there were spec differences, can an average customer differentiate the performance changes?
Personally, I wouldn't be able to & I'd rather chose the M31
The solution for this case is to use Conjoint Analysis using a licensed survey form called ASEMAP. The results from the Analysis helps companies to understand how much extra an average customer is willing to pay for an enhanced feature
Taking the insights into account, they can levy the required mark up and hit the market without any future price reductions