The consumer's willingness to pay depends upon the maximum price he or she would pay for a specific good or service.
It describes the highest amount of money a person or family is willing to pay (WTP) to receive more of another product. "Willingness to pay," is an important consideration when determining the best price to charge for the good.
WTP will differ from one consumer to the next depending on their
You will better know how to price your goods and develop pricing tiers that will appeal to various groups if you segment your data using these criteria.
To learn more about Consumer willingness
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