We presented our study on measuring consumers´willingness to pay (WTP) at the American Marketing Associations´ Summer Educators´Conference 2006 from August 4.-7. in Chicago (Illinois). The study focused on a problem well kown in business practice: How can a firm find out what price consumers´are willing to pay for a product not yet available in the market. Knowledge of consumers´willingness to pay is crucial for the pricing of new products. Errors in determining the price of a new product may have a negative impact on the introduction of the new product as well as the firms´profitability.
The conference was hosted by the American Marketing Association (AMA). The AMA counts worldwide more than 38.000 members and is one of the most renowned organisations for Marketing researchers and practioners. Twice a year the AMA hosts scientific conferences where acknowleged researchers in the field present their current research projects.
|About the author: Klaus Miller is PHD candidate and working as research assistant at the Institute of Marketing of the University of Bern|