Product and service pricing can have wide-ranging impacts on a company’s bottom-line performance as well as its brand perception. Thus, an understanding of pricing strategies is essential for sales and marketing professionals as well as executive decision-makers such as CEOs.
Market research analysts in particular must have an expertise in this field. They are responsible for studying market data and conducting consumer research to help companies determine what products and services customers want and how much they might buy at different price points. According to the Bureau of Labor Statistics, market research analysts earned an median annual salary of $63,790 per year in 2019, and these positions are expected to grow much faster than the national average as companies face increasing pressure to analyze and utilize the vast amounts of marketing data available today.