Pricesensitivitymeter Package v0.1 Released
Today, I have released the first version (v0.1) of the R package I have written during the last couple of months: “pricesensitivitymeter” is an implementation of the van Westendorp Price Sensitivity Meter (PSM) - a standard market research methodology for assessing consumer price preferences.
The package is available via this Github repository. The original research paper which explains the methodology was published in 1976 in the Proceedings of the ESOMAR congress and is available at ESOMAR’s Research World website.
Besides the “standard” PSM, the package also covers the Newton Miller Smith extension, which estimates a price for optimal reach and a price for optimal revenue (by using data from purchase intent questions at the “cheap” and at the “expensive” price).
In the next months, I am planning to implement a few additional features and publish it on CRAN.