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Neurensics Buys Neuropricing Algorithm

By Martin de Munnik
industry news

Prof. Dr Kai-Marcus Mueller in the Board as Pricing Research & Consultancy.

Ask someone what he or she would like to pay for a product and 100% sure you get the wrong answer. We do not know exactly what something may cost and without a reference we quickly find it too expensive. The value of a product is determined by unconscious processes that you can measure neuro-research.

Professor Dr. Kay Marcus Muller, neuroscientist and professor of price strategies at the Business School of Schwenningen has spent the last 4 years developing a model that predicts the optimal price based on measurements on the brain. This method has since been used by companies such as Starbucks, Lays and some pharmaceutical companies.
 
The scientists at Neurensics were so impressed with the reliability and applicability of neuropricing™ that they decided to buy the algorithm, and appoint Prof. dr. Dr. Kai-Marcus Mueller as Director Pricing Research & Consultancy at Neurensics. In addition to predicting the effectiveness of campaigns and being able to measure unconscious brand effects and associations on a scientific basis, Neurensics is now also able to advise companies on their pricing and pricing strategy.

Further investigation
Neuropricing, as this study is called and registered as such, has been developed in Germany and has already been applied regularly, including for Starbucks, Lays and some major pharmaceutical companies. Under the leadership of Neurensics’ Science Officer, Drs. Andries van der Leij and Professor Muller, further research is being done to maximize the predictive power of the algorithm.

For more information or the white paper with sample cases, you can mail to vladimir@neurensics.com