It is very important that in the new product development process we should be able to predict its sales price. The pricing strategy is largely responsible for whether the prospective customers will accept the new product as well as for the income to be earned from its sale. In defining the pricing strategy it is necessary that, besides the price elasticity, we pay attention to the customer demand elasticity, in terms of customer preferences, their perception of value and the very situation in which the product is purchased. Many methods are at our disposal when it comes to obtaining a thorough insight into customers’ demands, and, in view of the presumptions on which they are based, they yield different levels of useful information. This paper presents the model of individual elasticity of demand and a review of methods most commonly implemented in pricing research with special emphasis on the conjoint analysis. The conclusion that is drawn is that the traditional conjoint analysis and the choice based conjoint analysis are the methods that yield best results in pricing research conducted both in the early phases of the new product development and throughout their launching and the entire life cycle.

Marija Kuzmanović, Tijana Obradović