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Pricing With Quality Perception
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Book Synopsis Pricing with Quality Perception by : Wichinpong Park Sinchaisri
Download or read book Pricing with Quality Perception written by Wichinpong Park Sinchaisri and published by . This book was released on 2016 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: Quality is one of the most important factors behind a decision to purchase any product. Consumers have long assumed that price and quality are highly correlated, and that as the price of a product increases, its quality also increases ("you get what you pay for"). Several researchers have studied how consumers use price to infer quality, but very few have investigated the impact of pricing strategies, particularly price markdowns, on quality perception and how a retailer should react to such behavior. Our key research questions, viewed through both an empirical and a theoretical lens, concern how markdowns with different discount levels may induce different consumer behaviors and how the firm should incorporate them when optimizing its markdown policy. We empirically elicit the relationship between a consumer's quality perception and available price information, and refine a consumer demand model to capture these insights, together with other motives-reference dependence, loss aversion, patience, and optimism. For the retailer, we characterize the structure of the market segmentation and analyze its optimal markdown strategy when consumers are sensitive to quality. We present conditions in which it is optimal for the firm to apply a markdown to its products. When consumers are more sensitive to the product's original price than to the discount, or are impatient to wait for the future discounts, the retailer can earn the maximum revenue when applying a markdown strategy. Furthermore, we advocate that the firm should pre-announce the information about future markdowns in order to avoid the negative effect of the consumers' inaccurate estimates.
Book Synopsis Defining and Relating Price, Perceived Quality, and Perceived Value by : Valarie A. Zeithaml
Download or read book Defining and Relating Price, Perceived Quality, and Perceived Value written by Valarie A. Zeithaml and published by . This book was released on 1987 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Consumer Price Perception by : Mai Anttila
Download or read book Consumer Price Perception written by Mai Anttila and published by . This book was released on 1977 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Perception of Quality by : George N. Kenyon
Download or read book The Perception of Quality written by George N. Kenyon and published by Springer. This book was released on 2014-11-25 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exploring the concept of quality management from a new point of view, this book presents a holistic model of how consumers judge the quality of products. It links consumer perceptions of quality to the design and delivery of the final product, and presents models and methods for improving the quality of these products and services. It offers readers an improved understanding of how and why the design process must consider how the consumer will perceive a product or service. In order to facilitate the presentation and understanding of these concepts, illustrations and case examples are also provided throughout the book. This book provides an invaluable resource for managers, designers, manufacturers, professional practitioners and academics interested in quality management. It also offers a useful supplementary text for marketing and quality management courses.
Download or read book Price Management written by Hermann Simon and published by North-Holland. This book was released on 1989 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a completely updated translation of the German standard work "Preismanagement", a volume which was quoted in the International Journal of Research in Marketing as "a pioneering work in pricing" and was rated highest among eight international pricing books by a comparative survey in Die Betriebswirtschaft. An English language edition was thus more than warranted as underlined by some prepublication comments: "... The major contribution of the book is the fact that it introduces the English speaking reader to research on pricing from the German literature. It is for that reason alone that the book will appeal to many academicians in the USA and in other non-German speaking countries.............the book represents, in my opinion, the very best review of empirial work in the pricing area...............I also anticipate the book to be widely read by managers since pricing has become of the utmost concern to them. It provides them with a very useful conceptual framework and it also gives them useful advice on relevant topics such as pricing in inflationary times, the impact of taxation on pricing, and pricing under uncertainty." G. Assmus, The Amos Tuck School of Business Administration, Dartmouth College, Hanover, USA. "The book should become the text of choice at the best institutions." R. Schmalensee, Massachusetts Institute of Technology, Cambridge Institute of Technology, USA. Price Management attempts to bridge the gap between the theory and the practice of pricing. Emphasis is placed upon the problems of applying theoretical structures and detailed recommendations are given about when and how certain techniques should - and should not - be used. Particular attention is given to pricing strategy over the product life cycle and under changing competitive conditions. Both academics and professionals will find this book of value. The book is a 'must' for any business, management and economics library.
Download or read book Perceived Quality written by Jacob Jacoby and published by Lexington Books. This book was released on 1985 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Your Customers' Perception of Quality by : Baboo Kureemun
Download or read book Your Customers' Perception of Quality written by Baboo Kureemun and published by CRC Press. This book was released on 2011-06-13 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing the insight and tools needed to improve the perception your customers have about the quality of your product or service, Your Customers' Perception of Quality: What It Means to Your Bottom Line and How to Control It introduces a ground-breaking model for measuring the impact of quality perception on your bottom line. Allowing you to look at quality from an outside-in, truly customer-centric perspective, the authors pave a concrete connection between enhanced customer perception and increased profitability. The book introduces cutting-edge concepts in customer-centric quality—explaining exactly how to identify, plan, cost justify, manage, and deliver consistent improvements to the factors that matter most to your customers. Helping you harness the power of the universal set of tools, techniques, and methods at your disposal in the field of quality, the book: Unveils a model that provides quantifiable information for determining the impact of customer perception on your bottom line Details a strategic model for attaining long-term benefits—including the tools required to make the necessary tactical changes Includes a wealth of customizable tools to help kick-start implementation efforts The text clearly illustrates how to implement methods proven to improve operational efficiencies, foster customer loyalty, and drive increased revenue through positive word of mouth. Complete with helpful checklists, templates, tools, and detailed instructions on how to tailor them to your company, the authors guide you through the path of evaluating, analyzing, and implementing the value-adding adjustments needed to drive profits and boost customer loyalty.
Download or read book Unit Pricing written by Lena Himbert and published by Springer. This book was released on 2016-05-11 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: With a series of experiments, Lena Himbert highlights the influence of the unit price’s unit of measure on the consumer’s price-level perception and quality perception. Furthermore, this thesis shows that the unit price availability and prominence influences the consumer’s store price image. When shopping for pre-packaged products, consumers are offered a variety of product and price information at the point of purchase. The unit price represents price information given to the consumer for which the factor package size is removed and thereby lowers the information load for consumers in the shopping situation. However, retailers have considerable leeway concerning the unit price format. Aspects that can be varied are for example the unit of measure (e.g., price per kg vs price per 100 g) or font size. There is little to no previous research that gives advice to retailers how they should indicate the unit price on the price label.
Book Synopsis An Experiment to Examine the Relationship Between Price and Perceived Quality by : George Chu
Download or read book An Experiment to Examine the Relationship Between Price and Perceived Quality written by George Chu and published by . This book was released on 1972 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Consumers' Perception of Quality and Estimation of Retail Price Given the Information Cues of Country of Origin, Store Image and the Buy American Campaign by : Sue Ann Kern
Download or read book Consumers' Perception of Quality and Estimation of Retail Price Given the Information Cues of Country of Origin, Store Image and the Buy American Campaign written by Sue Ann Kern and published by . This book was released on 1986 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Introduction to Business by : Lawrence J. Gitman
Download or read book Introduction to Business written by Lawrence J. Gitman and published by . This book was released on 2024-09-16 with total page 1455 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction to Business covers the scope and sequence of most introductory business courses. The book provides detailed explanations in the context of core themes such as customer satisfaction, ethics, entrepreneurship, global business, and managing change. Introduction to Business includes hundreds of current business examples from a range of industries and geographic locations, which feature a variety of individuals. The outcome is a balanced approach to the theory and application of business concepts, with attention to the knowledge and skills necessary for student success in this course and beyond. This is an adaptation of Introduction to Business by OpenStax. You can access the textbook as pdf for free at openstax.org. Minor editorial changes were made to ensure a better ebook reading experience. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution 4.0 International License.
Book Synopsis Markdown Pricing with Quality Perception by : Rim Hariss
Download or read book Markdown Pricing with Quality Perception written by Rim Hariss and published by . This book was released on 2020 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Problem Definition: Consumers often perceive higher-priced products to have higher quality. Less is known on how quality perception is affected by price markdowns. In addition, it is an open question whether and how consumers' ex-ante expectation on a future markdown affects their quality perception as well as purchase decisions. We answer these questions in a markdown setting under a fixed inventory.Academic/Practical Relevance: This paper adds to the growing literature that incorporates consumers' behavioral regularities in revenue management by studying the new dimension of quality perception and generates new insights absent in the current literature. Our results offer insights on how retailers should adapt their markdown strategy in the presence of price-based quality perception.Methodology: We develop a consumer model that incorporates quality perception and emotional loss when the expected markdown is too optimistic as compared to the actual markdown. We embed this model into the retailer's markdown optimization and examine the impact of consumers' behavioral factors on the retailer's optimal strategy. Finally, we design and conduct a consumer study to calibrate our model and validate the functional relationships among key factors. Results: Consumers' quality perception increases with the products full price while it decreases with the (expected) markdown. We show that the retailer's optimal markdown is nonmonotone in these quality perception parameters. The nonmonotonicity is driven by the nontrivial tradeoff of trying to maintain a higher perceived quality by the consumers while controlling potential loss emotion that could arise if consumers observe a smaller-than-expected markdown, particularly when total market demand is not very large. Furthermore, we find that it is beneficial for the retailer to pre-announce and commit to a markdown strategy to prevent a mismatch between consumers' expectation and the actual markdown. This approach benefits the retailer by eliminating the negative effect on sales of the consumers' loss emotion due to an optimistic expectation.Managerial Implications: Ignoring these behavioral factors can substantially hurt the retailer's payoff. When inventory is tight, it is critical to correctly capture consumers quality perception (38% average loss in payoff if ignored). When instead inventory is sufficient, the retailer should be mindful of the potential emotional loss that its markdown could create among its consumers.
Book Synopsis The Role of Price in Perception of Product Quality by : Jyrki Tapio Penttinen
Download or read book The Role of Price in Perception of Product Quality written by Jyrki Tapio Penttinen and published by . This book was released on 1976 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Role of Price Cues in Product Quality Perception by : Prem C. Purwar
Download or read book The Role of Price Cues in Product Quality Perception written by Prem C. Purwar and published by . This book was released on 1981 with total page 808 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of Price, Brand and Product Composition Upon Consumers Perception of Quality by : Tamra Minor
Download or read book The Effects of Price, Brand and Product Composition Upon Consumers Perception of Quality written by Tamra Minor and published by . This book was released on 1985 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Consumer Mind by : Pepe Martínez
Download or read book The Consumer Mind written by Pepe Martínez and published by Kogan Page Publishers. This book was released on 2012-06-03 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Consumer Mind explores the relationship between consumers and brands, analysing the types of communication and their perception of brands. Based on research from Millward Brown, one of the world's leading research agencies, it provides expert advice for marketing practitioners on how brands, products, services and communications reach the mind of the consumer. With insights based on the latest advances in neuroscience and psychology, it analyses the daily mental functions of consumers, in relation to others and their environment, and the implications for brands. The Consumer Mind encourages marketers to think about people and their everyday lives, enabling them to influence the way that their brands are perceived and to encourage trial and repeat purchases.
Book Synopsis Consumer price perception by : Mai Anttila
Download or read book Consumer price perception written by Mai Anttila and published by . This book was released on 1977 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt:
