Beyond classical van Westendorp: Assessing price sensitivity for variants of algae-based meat substitutes |
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| Affiliation: | 1. University of Hohenheim, Department of Consumer Behaviour in the Bioeconomy, Wollgrasweg 49, 70599, Stuttgart, Germany;2. Georg-August-University of Goettingen, Department of Agricultural Economies and Rural Development, Platz der Göttinger Sieben 5, 37073, Goettingen, Germany;3. Justus-Liebig-University Giessen, Institute for Agricultural and Food Market Analysis, Senckenbergstraße 3, 35390, Giessen, Germany;1. Strukton Immersion Projects, Netherlands;2. MHPoly, Netherlands;3. Tyréns AB, Sweden;1. Department of Economics, Management and Business Law, University of Bari Aldo Moro, Largo Abbazia Santa Scolastica 53, 70124, Bari, Italy;2. Department of Engineering, University of Perugia, Via G. Duranti 93, 06125, Perugia, Italy;3. Department of Management, Kozminski University, Jagiellonska 57/59 Warsaw, Poland;4. Department of Management, Università di Bologna – Alma Mater Studiorum, Via Capo di Lucca 34, 40126, Bologna, Italy;5. HEC Montreal, Canada |
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| Abstract: | Food product innovations are characterized by high flop rates. In an early development stage, manifold product formulations seem feasible. To determine the most promising product option, market research can help, but is frequently considered too costly and complex. We assess the applicability of the van Westendorp approach, an inexpensive and simple method, for guiding early product design and pricing decisions for novel foods. Findings from a between-subject experiment for meat substitutes consisting of different shares of micro-algae indicate that micro-algae, while a cost driver, has little effect on price preferences. Implications for novel food product design, market research, and retailing are discussed. |
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| Keywords: | Willingness to pay (WTP) Sustainable food choices Food product innovations |
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