价格敏感性可以定义为产品价格对消费者及其购买相关行为的影响程度。一般来说，价格敏感性的测量是通过分析需求的价格弹性来完成的。价格的确定是决定产品价格所要作出的最敏感和最困难的决定之一。了解产品的价格是非常重要的(Diehl et al.， 2003)。任何产品的价格敏感性也可能因消费者对其购买标准的重视程度而发生变化。在这份报告中，我们将对不同业务的价格敏感性进行分析。这将提供有关影响产品价格的不同因素的重要性的信息。
第一个因素是价格替代品的影响。根据这种效应，当购买者对价格越来越敏感时，产品相对于被感知到的替代品的价格就会越高。然而，新客户可能不知道替代品，他们可能会支付更高的价格，因为买家有经验。这种影响很重要，因为有时客户不得不支付更高的价格，因为他们可能没有与替代品相关的信息。如果他们也使用产品的替代品，将会有两个好处(Erdem et al.， 2002)。首先，产品的价格会降低。其次，新产品将被人们有效地使用。因此，价格替代效应会对价格产生影响。同样的一个例子是航空旅行和铁路旅行，它们可能被认为是洲际航班较弱的替代品。然而，如果近距离旅行约200-500公里，则存在主要替代品(Gao et al.， 2016)。
Price Sensitivity may be defined as the degree to which the price of the product has an impact on the consumers and their purchase related behaviours. In general the measurement of price sensitivity is done through the analysis of price elasticity of demand. Determination of the price is one of the most sensitive and difficult decisions to be taken in order to determine the price of the product. It is very important to have the understanding of the price of the product (Diehl et al., 2003). The price sensitivity of any product may also change because of the importance which has been placed by the consumers with respect to their purchasing criteria. In this report, the analysis will be done on Price Sensitivity on the different businesses. This will give the information related to importance of the different factors impacting the price of the product.
Analysis of the factors impacting the price sensitivity
There are a large number of factors which can have a considerable impact on the price sensitivity.
The very first factor is the price substitute’s effect. According to this effect, when the buyers are more and more sensitive related to the price, higher will be the price of the product in relation to the substitutes which have been perceived. The new customers however may not be aware about the substitutes and they may pay a higher price that the buyers are experienced. This impact is important to be considered as there are times when the customers have to pay higher prices because they may not have the information related to the substitutes. In case they use the substitute of the product as well, there will be two benefits (Erdem et al., 2002). Firstly, there will be a reduction in the prices of the product. Secondly, the new product will be used by the people in an effective manner. Thus, the price substitute effect will have an impact on the prices. An example of the same is Air Travel and Rail Travel which may be considered to be the weaker substitutes for inter-continental flights. However in case of close journeys for around 200-500 kilometres, there are major substitutes (Gao et al., 2016).