Hitting the bullseye
Accurately measuring willingness to pay for innovations with open and closed direct questions
Project overview
Understanding customers' willingness to pay (WTP) at a very early stage of product development is crucial for the success of innovation. Since there are no actual products at this stage, researchers can only collect hypothetical willingness to pay, which can lead to measurement errors. In this project, we investigate which survey formats are preferable in this phase.
Further information
- Responsible: Chair of Marketing