A systematic framework has been developed to determine the optimal price of a completely new (or existing but improved) chemical product that is being launched (or relaunched) in the presence of a competing product. It has four elements. The first is a pricing model derived from a utility function with constant elasticity of substitution. It accounts for consumers' awareness of the product under consideration and consumer preferences. The second is a set of relationships relating the consumer preferences and the relevant sales data available to a relaunched product to the parameters of the pricing model. In the absence of sales data for a completely new product, the third element is a set of heuristics for choosing a pricing strategy and estimates of the pricing model parameters. The optimal price is finally determined in a profit maximization problem subject to the market size as well as any other constraints. This pricing framework allows simultaneous optimization of product quality and price using product specifications as design variables. It is illustrated with an example on energy drinks. © 2018 American Institute of Chemical Engineers AIChE J, 64: 2462–2471, 2018

中文翻译：

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产品设计：一个定价框架，该框架考虑了产品质量和消费者意识

已经开发出系统的框架来确定在存在竞争产品的情况下正在推出（或重新推出）的全新（或现有但经过改进）的化工产品的最优价格。它有四个要素。第一个是从效用函数派生的具有恒定替代弹性的定价模型。它说明了消费者对所考虑产品和消费者偏好的了解。第二个是一组关系，这些关系将消费者的偏好和可用于重新发布的产品的相关销售数据与定价模型的参数相关联。在没有针对全新产品的销售数据的情况下，第三个要素是一组用于选择定价策略和定价模型参数估计的试探法。最终，在取决于市场规模以及任何其他约束的利润最大化问题中确定最优价格。该定价框架允许使用产品规格作为设计变量来同时优化产品质量和价格。以能量饮料为例进行说明。©2018美国化学工程师学会AIChE J，64：2462–2471，2018