Price and Service Competition with Consumer Behavior PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Price and Service Competition with Consumer Behavior PDF full book. Access full book title Price and Service Competition with Consumer Behavior by Song Zheng. Download full books in PDF and EPUB format.
Author: Song Zheng
Publisher:
ISBN:
Category : Competition
Languages : en
Pages : 74
Get Book Here
Book Description
Author: Song Zheng
Publisher:
ISBN:
Category : Competition
Languages : en
Pages : 74
Get Book Here
Book Description
Author: Leigh Caldwell
Publisher: Jaico Publishing House
ISBN: 8184957688
Category : Business & Economics
Languages : en
Pages : 170
Get Book Here
Book Description
How to Use Price to Increase Demand, Profit and Customer Satisfaction HOW SMART IS YOUR PRICING? For any business, deciding how much to charge for a product or service is crucial. By gaining an insight into the way consumers think and purchase, you can generate more demand, more customer value – and more profit. MAXIMISE REVENUE • How do unwanted products Influence what customers expect to pay? • How does offering extras for free dramatically increases Perceived Value? • Why does changing the timing of a payment make people pay 50% More? TRIED AND TESTED TECHNIQUES Written by the founder of Inon, a leading pricing consultancy, whose clients range from the BBC and Grant’s Whisky to Alzheimer’s Disease International and HM Treasury, The Psychology of Price provides an insight into the strategies used by multinational corporations. Leigh Caldwell is a pricing expert and leading researcher in behavioural economics, writing the UK’s most popular behavioural blog (www.knowingandmaking.com) and appearing as a frequent guest on BBC News. By background a mathematician and economist, he is the founder and chief executive of Inon, the UK’s leading pricing consultancy.
Author: Wenbo Cai
Publisher:
ISBN:
Category :
Languages : en
Pages : 140
Get Book Here
Book Description
My dissertation explores the interaction between consumer behaviors and the design, pricing and management of products and services. The dissertation is comprised of four chapters. The first chapter studies how a seller's pricing strategy can be affected by behaviors of non-fully rational consumers. These consumers are dynamically inconsistent and exhibit probabilistic decision making behaviors, which have been documented in experimental studies in economics and marketing literature. I show that consumers' dynamic inconsistency can explain why flexible pricing plans are offered by service providers. Moreover, when fully rational consumers and non-fully rational consumers co-exist, a single pricing scheme is optimal. Such a result complements existing literature in mechanism design, as classic models suggest the seller should use a menu of pricing plans to differentiate the consumers. Numerical results are provided to demonstrate that the same result hold when both types of consumers non-fully rational and under mild conditions. The second chapter examines how a seller should design the prices and qualities of products sold through his direct and indirect channels. I show that under the revenue sharing scheme, the seller's optimal design depends on consumers' sensitivities to price and quality. If the consumers are sufficiently sensitive, the seller should provide the product exclusively in the direct channel. If the consumers are sufficiently insensitive, the seller is better off providing a high quality product at a premium price in the direct channel while offering a low quality product in the indirect channel. Such quality differentiation can be eliminated in a profit sharing scheme. I also demonstrate that even when consumers are heterogeneous with privately observed sensitivities, offering a menu to induce self-selection may not be optimal for the seller's profit. In the third chapter, I use a two-period model to show that demand uncertainty can be the sole driver for the common practice of intertemporal pricing in the travel industry. Moreover, both increasing and decreasing pricing patterns can emerge as optimal strategies. I also identify the intrinsic incentive for service providers to deliberately create capacity shortage to induce early purchases. In the extended model, new arrivals are permitted in the second period enhance the competition. Contrary to intuition, the service provider's expected profit is hurt since the additional arrival exacerbates his price commitment issue and results consumers strategically delay their purchases. The last chapter investigates the effect of consumers' limited knowledge of products on their purchasing behavior. Though online retailers put intense effort in improving web functionalities over the years, some product attributes (product quality, user friendliness, fit to consumers' taste) cannot be communicated using the internet and must be examined physically by the consumers. Thus, their product valuations are not fully revealed until after they make the purchase. I show that when consumers are subject to both valuation uncertainty and future price uncertainty, their purchasing decisions are largely influenced by the return policies. A generous refund policy induces high-valued consumers to purchase early. However, it also invites some consumers to wait for the returns. This suggests that capacity rationing can be dampened. On the other hand, since neither the seller nor consumers can predict how many products will be returned, allowing consumer returns strengthens the seller's credibility in not committing to pre-announced prices. This implies that the additional source of valuation uncertainty can be desirable for the seller when dealing with forward-looking consumers. A rationale for retailers do not actively engage in recertifying or remanufacturing returned products is also provided: when returns are perceived as low-quality products, the retailers can facilitate market segmentation without creating new product lines.
Author: G. Viglia
Publisher: Springer
ISBN: 1137413263
Category : Business & Economics
Languages : en
Pages : 176
Get Book Here
Book Description
Over the past few decades marketing practices have shifted with the sudden growth of social media and the proliferation of devices, platforms, and applications. This rapidly changing environment presents new opportunities and challenges for marketers, who need to stay up to date with the development of e-marketing. Viglia instructs readers in the theories and practices of online marketing;, detailing the characteristics, consumer behaviors, and differences between platforms, analytics, and pricing strategies of new media. Pricing, Online Marketing Behavior, and Analytics covers many different aspects of how online marketing works and its continuous evolution. Case studies and examples are used throughout the book to outline theories and explain e-marketing characteristics in a practical way.
Author: Bill Dodds
Publisher: University Press of America
ISBN: 9780761826316
Category : Business & Economics
Languages : en
Pages : 356
Get Book Here
Book Description
Providing the right combination of product quality, customer service and price is good business. Unless a business does something that creates value for their customer, then the chances of business success are nil.
Author: David Prakash
Publisher: BoD – Books on Demand
ISBN: 3754359932
Category : Business & Economics
Languages : en
Pages : 156
Get Book Here
Book Description
Digital technologies are driving the application of dynamic pricing. Today, this pricing strategy is used not only for perishable products such as flights or hotel rooms, but for almost any product or service category. With dynamic pricing, retailers frequently adjust their prices over time to respond to factors such as demand, their supply and that of competitors, or the time of sale. Additionally, dynamic pricing allows retailers to take advantage of a large share of consumers' willingness to pay while avoiding losses from unsold products. Ultimately, this can lead to an increase in revenue and profit. However, the application of dynamic pricing comes with great challenges. In addition to the technological implementation, companies have to take into account that dynamic pricing can cause complex and unintended behavioral consequences on the consumer side. The key objective of this dissertation is to provide a deeper understanding of the impact of dynamic pricing on consumer behavior. To this end, this dissertation presents insights from four perspectives. First, how reference prices as a critical component in purchase decisions are operationalized. Second, how customers search for products priced dynamically, differentiated by business and private customers, as well as by different devices used for the search. Third, whether and how dynamic pricing influences the impact of internal reference prices on purchase decisions. Finally, this dissertation demonstrates that consumers perceive price changes as personalized in different purchase contexts, leading to reduced perceptions of fairness and undesirable behavioral consequences.
Author: United States. Federal Communications Commission
Publisher:
ISBN:
Category : Telecommunication
Languages : en
Pages : 908
Get Book Here
Book Description
Author: LiBook
Publisher: LiBook
ISBN: 8834160517
Category : Business & Economics
Languages : en
Pages : 73
Get Book Here
Book Description
Do you want your sales to grow steadily? Are you looking to know the right price for your product or service? or maybe Do you want to know strategies for big sales? In "Sales Improvement" you will find the necessary instructions so that your business has an exponential increase in your sales, following the price control strategies in a simple way. In this book you will learn: Price summary -Pricing with Regard to Competition -Premium Products Sell at Premium Prices -Increase Sales by Presenting Choices -Rewards for Customers Equal More Cash in your Pocket -Trials & Lead Generation - Etc ... Summary of Value Added -Adding Value Explained -Cut Off Dates -Limited Numbers Done Right -Etc ... And more. The sale price is the value that your product or service will have on the market for the consumer in a common relationship with the exchange of monetary value. With this book you will know how to determine the right price for your sales to grow. You will have the independence you need. Let's start with this!
Author: Johnny Ch LOK
Publisher:
ISBN: 9781661964627
Category :
Languages : en
Pages : 244
Get Book Here
Book Description
England NHS public hospital patient price structure of marketing strategy case study1.What do you understand by the concept of a pricing model? Critically discuss their relevance to a public sector service ,such as the NHS? Does its medical charge service price raising will influence patients' choice?Behavioral economy analysis, UK NHS public hospital needs to consider car park location and parking charge because there are many patient visitors drive their cars to visit their patients. If it can not provide reasonable parking fees and extend parking time, then it will influence their patients choose to go to this hospitals or their patient visiting time. So, hospital's parking service is one important issue. Moreover, it needs have free phone calls service to patient visitors, it does not charge phone call fee to patient visitors when they need to pay phone call to use public phone facilities. Public phone facilities ought to be used by public ( non-patient visitors) only. Because it also cause patient visitors feel it is unreasonable to charge them when they feel need to phone call anyone in hospital.A price model reflects the fact that companies can generate revenue through a variety of combination of the basic price and prices charged for optional additional items. Some price models may be sustainable by giving away a product at very low price initially, but then charge higher prices for essential items that are needed to make the product function. Sometimes, the dominant pricing model in a market is challenged by a new entrant, with the result that consumers' expectations are changed. The price model can occur in perfectly competitive market or non perfectly competitive market. A perfectly competitive market characteristics include there are many producers supplying the market, each with similar cost structures and each producing an identical product. No single supplier on its own influence the market price because it is not monopoly, water and electricity is managed by government to control the public utility company which can not charge high fee to every householder user at the reasonable price ; both buyers and sellers are free to enter or leave the market and there are no barriers to entry or exit and there is a ready of information for buyers and sellers, for example about competing alternatives, e.g. oil products and stock markets where shares are bought and sold are exist in perfectly competitive market. In perfectly competitive markets, firms are price taker and their ability to set prices is limited by the level of demand and supply within the market they serve. If the total demand go up, all other things being equal, the going rate of prices in the market for their product will rise. Likewise, if there is a drop in total supply for whatever reason ( e.g. because of bad weather, there will be further pressure for prices in the market to rise. The final price paid in the market will reflect the balance between supply side and demand side factors.The model of perfect competition presented the forces of competition may be ideal for consumers because the tendency of market forces to minimize prices and/or maximize firms' outputs. But in such markets, suppliers are forced to be price takers rather than price makers. in a perfectly competitive market, firms are unable to use marketing strategies to affect the price at which they sell. At a higher price, buyers will immediately substitute identical products from other suppliers. Lower prices would be unsustainable in an industry where all firms had similar cost structures. Otherwise, an non perfectly competitive market, firms are able to use marketing strategies to affect the price at which they sell.
Author: Fouad Sabry
Publisher: One Billion Knowledgeable
ISBN:
Category : Business & Economics
Languages : en
Pages : 401
Get Book Here
Book Description
What is Price Skimming Price skimming is a price setting strategy that a firm can employ when launching a product or service for the first time. By following this price skimming method and capturing the extra profit a firm is able to recoup its sunk costs quicker as well as profit off of a higher price in the market before new competition enters and lowers the market price. It has become a relatively common practice for managers in new and growing market, introducing prices high and dropping them over time. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Price skimming Chapter 2: Monopoly Chapter 3: Monopolistic competition Chapter 4: Marketing Chapter 5: Price discrimination Chapter 6: Elasticity (economics) Chapter 7: Cross elasticity of demand Chapter 8: Pricing Chapter 9: Market segmentation Chapter 10: Penetration pricing Chapter 11: Substitute good Chapter 12: Market penetration Chapter 13: Market power Chapter 14: Non-price competition Chapter 15: Pricing strategies Chapter 16: Demand Chapter 17: Two-sided market Chapter 18: Two-part tariff Chapter 19: Premium pricing Chapter 20: Target market Chapter 21: Customer cost (II) Answering the public top questions about price skimming. (III) Real world examples for the usage of price skimming in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Price Skimming.
