psm_plot {pricesensitivitymeter}

Plot of the van Westendorp Price Sensitivity Meter Analysis (PSM)

Description

psm_plot() uses ggplot() to show the standard van Westendorp Price Sensitivity Meter plot that allows to see the acceptance for each price on each of the four variables.

It takes the object created by psm_analysis() or psm_analysis_weighted() as an input.

Usage

psm_plot(psm_result,
         shade_pricerange = TRUE,
         line_toocheap = TRUE,
         line_tooexpensive = TRUE,
         line_notcheap = TRUE,
         line_notexpensive = TRUE,
         point_idp = TRUE,
         point_color_idp = "#009E73",
         label_idp = TRUE,
         point_opp = TRUE,
         point_color_opp = "#009E73",
         label_opp= TRUE,
         pricerange_color = "grey50",
         pricerange_alpha = 0.3,
         line_color = c("too cheap" = "#009E73",
                        "not cheap" = "#009E73",
                        "not expensive" = "#D55E00",
                        "too expensive" = "#D55E00"),
         line_type = c("too cheap" = "dotted",
                       "not cheap" = "solid",
                       "not expensive" = "solid",
                       "too expensive" = "dotted"))

Arguments

psm_result

Result of a Price Sensitivity Meter analysis, created by running psm_analysis() or psm_analysis_weighted(). (Object of class "psm")

shade_pricerange

logical value. Determines if the acceptable price range is shown as a shaded area or not.

line_toocheap

logical value. Determines if the line for the "too cheap" price curve is shown or not.

line_tooexpensive

logical value. Determines if the line for the "too expensive" price curve is shown or not.

line_notcheap

logical value. Determines if the line for the "not cheap" price curve is shown or not.

line_notexpensive

logical value. Determines if the line for the "not expensive" price curve is shown or not.

point_idp

logical value. Determines if the Indifference Price Point is shown or not.

point_color_idp

character vector, specifying the color of the Optimal Price Point. Can be a hex color (e.g. "#7f7f7f") or one of R's built-in colors (e.g. "grey50").

label_idp

logical value. Determines if the label for the Indifference Price Point is shown or not.

point_opp

logical value. Determines if the Optimal Price Point is shown or not.

point_color_opp

character vector, specifying the color of the Optimal Price Point. Can be a hex color (e.g. "#7f7f7f") or one of R's built-in colors (e.g. "grey50").

label_opp

logical value. Determines if the label for the Optimal Price Point is shown or not.

pricerange_color

character, specifying the background color for the accepted price range. Can be a hex color (e.g. "#7f7f7f") or one of R's built-in colors (e.g. "grey50"). You can see all of R's built-in colors with the function colors(). Is only applied if shade_pricerange = TRUE

pricerange_alpha

numeric between 0 and 1, specifying the alpha transparency for the shaded area of the the accepted price range. Is only applied if shade_pricerange = TRUE

line_color

character vector, specifying the line color for each of the price curves shown. Color definitions must match the lines you have defined via line_toocheap, line_tooexpensive, line_notcheap and line_notexpensive. Can be a hex color (e.g. "#7f7f7f") or one of R's built-in colors (e.g. "grey50").

line_type

vector, specifying the line type for each of the price curves shown. Definitions must match the lines you have defined via line_toocheap, line_tooexpensive, line_notcheap and line_notexpensive. Values must match ggplot2's expectations for line types: An integer (0:8), a name (blank, solid, dashed, dotted, dotdash, longdash, twodash), or a string with an even number (up to eight) of hexadecimal digits which give the lengths in consecutive positions in the string.

Value

The function output is a ggplot2 object.

References

Van Westendorp, P (1976) "NSS-Price Sensitivity Meter (PSM) – A new approach to study consumer perception of price" Proceedings of the ESOMAR 29th Congress, 139–167. Online available at https://archive.researchworld.com/a-new-approach-to-study-consumer-perception-of-price/.

See Also

The vignette "Visualizing PSM Results" shows a similar way and more custom way to plot the data.

Examples

# set up example data and run psm_analysis()

tch <- round(rnorm(n = 250, mean = 5, sd = 0.5), digits = 2)
ch <- round(rnorm(n = 250, mean = 8.5, sd = 0.5), digits = 2)
ex <- round(rnorm(n = 250, mean = 13, sd = 0.75), digits = 2)
tex <- round(rnorm(n = 250, mean = 17, sd = 1), digits = 2)

output_psm_demo <- psm_analysis(toocheap = tch,
  cheap = ch,
  expensive = ex,
  tooexpensive = tex)

# create the plot (note that ggplot's convention
# is to *not* show it by default)
## Not run: psm_result_plot <- psm_plot(output_psm_demo)

# to show the plot, call the object (and maybe
# additional ggplot functions if you like)
psm_result_plot + ggplot2::theme_minimal()
## End(Not run)