Price premium availability and preparation time

Posted by Filipa Silverio on Feb 26, 2020

Following on from last week we now take a look at questions of price premium availability and preparation time.

 

Last week we looked at some recent questions that usage expert Giles Quick in the UK had received.

These showed the importance of enjoyment and taste, followed by practicality and then health languishing behind.

This week we develop that theme by looking at the price premium available and preparation time.

Again some of the principles would apply to other industries.

 

 

  1. The more needs that are met at an occasion, the higher the price premium available – so taste plus function plus convenience plus health as an example
  2. With time shortage, new technology such as microwaves and new offerings such as cooking sauces, meal preparation times have reduced significantly over the long term. This has now stabilised and is perhaps now ‘short enough’ to provide the enjoyable, tasty occasion.
  3. The reduced need for speed is also shown in the available price premium. There is no premium now for ‘quick to prepare’ but there is for ‘easy to prepare’ – again potentially linked to the need for enjoyment both in the end result and the experience