Product Assortment And Consumer Choice

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Product Assortment and Consumer Choice

Author : Alexander Chernev
Publisher : Now Pub
ISBN 13 : 9781601985347
Total Pages : 74 pages
Book Rating : 4.9/5 (853 download)

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Book Synopsis Product Assortment and Consumer Choice by : Alexander Chernev

Download or read book Product Assortment and Consumer Choice written by Alexander Chernev and published by Now Pub. This book was released on 2012 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Product Assortment and Consumer Choice: An Interdisciplinary Review examines existing literature and builds on the current theoretical developments across different research domains to develop a set of research propositions delineating the impact of product assortment on consumer choice. Taking a consumer's perspective to examine how product assortment influences decision making and choice, this monograph defines the consumer aspect of assortment research to answer three key questions. First, how do consumers perceive the variety of items in an assortment? The first part of this review examines factors that influence consumer perceptions of the variety of an assortment. In particular, it investigates how factors such as assortment size, the degree of distinctiveness of assortment options, the dispersion of option frequencies, and the organization of the assortment influence consumer perceptions of assortment variety. Second, how do consumers choose an item from a given assortment? The second part discusses factors that influence consumer choice of an item from a given assortment. It examines the impact of assortment size on the purchase likelihood from a given assortment, the number of options purchased, and the particular options chosen from the assortment. Third, how do consumers choose among assortments? The third part examines factors that influence consumer choice among assortments. In particular, it investigates how assortment size, assortment structure, and purchase quantity influence consumers' choice of an assortment. Conceptual analysis of the existing research in each of these three areas is summarized in a series of research propositions that integrate current findings and offer directions for future research. Product Assortment and Consumer Choice: An Interdisciplinary Review concludes with a discussion of the theoretical contributions and managerial implications of existing product assortment research and identify venues for further investigation.

Consumer Choice Behavior Among Wide Assortments

Author : John Timothy Gourville
Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (41 download)

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Book Synopsis Consumer Choice Behavior Among Wide Assortments by : John Timothy Gourville

Download or read book Consumer Choice Behavior Among Wide Assortments written by John Timothy Gourville and published by . This book was released on 1999 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Manufacturers often expand product assortments in an attempt to increase brand share within a category. While the positive impact of such a strategy on brand share is not guaranteed, the rational choice principle of "regularity" dictates that a manufacturer should not lose brand share to a competitor by offering an increase in product assortment (Luce 1959). In the present research, we introduce the concept of assortment type and argue that the effect of assortment size on brand share will be moderated by assortment type. In particular, we define an "ordinal" assortment to be a set of brand variants that differ along a single continuous attribute (e.g., microwave ovens that vary on capacity) and provide evidence that increases in ordinal assortment translate to increases in brand share. In contrast, we define a "nominal" assortment to be a set of brand variants that simultaneously vary along non-comparable or discrete attributes (e.g., options on a car) and provide evidence that increases in nominal assortment can and do translate to systematic decreases in brand share.

Consumer-Driven Demand and Operations Management Models

Author : Serguei Netessine
Publisher : Springer Science & Business Media
ISBN 13 : 0387980261
Total Pages : 488 pages
Book Rating : 4.3/5 (879 download)

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Book Synopsis Consumer-Driven Demand and Operations Management Models by : Serguei Netessine

Download or read book Consumer-Driven Demand and Operations Management Models written by Serguei Netessine and published by Springer Science & Business Media. This book was released on 2009-06-02 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important book is by top scholars in supply chain management, revenue management, and e-commerce, all of which are grounded in information technologies and consumer demand research. The book looks at new selling techniques designed to reach the consumer.

Product Assortment and Price Competition Under Multinomial Logit Demand

Author : Omar Besbes
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Product Assortment and Price Competition Under Multinomial Logit Demand by : Omar Besbes

Download or read book Product Assortment and Price Competition Under Multinomial Logit Demand written by Omar Besbes and published by . This book was released on 2015 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of assortment planning and pricing in shaping sales and profits of retailers is well documented and studied in monopolistic settings. However, such a role remains relatively unexplored in competitive environments. In this paper, we study equilibrium behavior of competing retailers in two settings: i.) when prices are exogenously fixed, and retailers compete in assortments only; and ii.) when retailers compete jointly in assortment and prices. For this, we model consumer choice using a multinomial Logit, and assume that each retailer selects products from a predefined set, and faces a display constraint. We show that when the sets of products available to retailers do not overlap, there always exists one equilibrium that pareto-dominates all others, and that such an outcome can be reached through an iterative process of best responses. A direct corollary of our results is that competition leads a firm to offer a broader set of products compared to when it is operating as a monopolist, and to broader offerings in the market compared to a centralized planner. When some products are available to all retailers, i.e., assortments might overlap, we show that display constraints drive equilibrium existence properties.

The Paradox of Choice

Author : Barry Schwartz
Publisher : Harper Collins
ISBN 13 : 0061748994
Total Pages : 308 pages
Book Rating : 4.0/5 (617 download)

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Book Synopsis The Paradox of Choice by : Barry Schwartz

Download or read book The Paradox of Choice written by Barry Schwartz and published by Harper Collins. This book was released on 2009-10-13 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions—both big and small—have become increasingly complex due to the overwhelming abundance of choice with which we are presented. As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression. In The Paradox of Choice, Barry Schwartz explains at what point choice—the hallmark of individual freedom and self-determination that we so cherish—becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice—from the mundane to the profound challenges of balancing career, family, and individual needs—has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse. By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make.

Assortment Planning of Vertically Differentiated Products Under Consumer Choice

Author : Mrinmay Deb
Publisher :
ISBN 13 :
Total Pages : 172 pages
Book Rating : 4.:/5 (855 download)

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Book Synopsis Assortment Planning of Vertically Differentiated Products Under Consumer Choice by : Mrinmay Deb

Download or read book Assortment Planning of Vertically Differentiated Products Under Consumer Choice written by Mrinmay Deb and published by . This book was released on 2013 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays in Consumer Choice Driven Assortment Planning

Author : Denis R. Saure
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (867 download)

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Book Synopsis Essays in Consumer Choice Driven Assortment Planning by : Denis R. Saure

Download or read book Essays in Consumer Choice Driven Assortment Planning written by Denis R. Saure and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In particular, we study competition among retailers when they have access to common products, i.e., products that are available to the competition, and where consumers have full information about the retailers' offerings. Our results shed light on equilibrium properties in such settings and the effect common products have on this behavior.

When Prospect Theory Meets Consumer Choice Models

Author : Ruxian Wang
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis When Prospect Theory Meets Consumer Choice Models by : Ruxian Wang

Download or read book When Prospect Theory Meets Consumer Choice Models written by Ruxian Wang and published by . This book was released on 2018 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Problem Definition: Reference prices arise as price expectations against which consumers evaluate products in their purchase scenarios. We investigate what will happen when prospect theory (e.g., reference prices) meets consumer choice models from the perspectives of both the consumers and the firm.Academic/Practical Relevance: Consumers see multiple relevant products on a particular purchase occasion, and often compare their prices to form the willingness to pay when considering whether to purchase a particular product. Reference prices, which are not included in many choice models, may impact consumer choice behavior, so we incorporate reference prices into consumer choice models and investigate the operations management problems.Methodology: We take the widely used multi-nomial logit model as a showcase to examine the effects of reference prices through analytical and empirical study. We consider the optimization problems on assortment planning and pricing under consumer choice models with a variety of reference prices, including the lowest price and the assortment variety.Results: Our empirical study on a real data set demonstrates that incorporating reference prices into choice models can significantly improve goodness-of-fit and prediction accuracy of consumer choice behavior. Furthermore, we characterize the optimal policies for the assortment planning and pricing problems under the consumer choice models with various reference prices. In particular for the pricing problems under the reference prices defined by either the lowest price or assortment variety, we show that the optimal pricing policy has the following structure: products can be grouped into several categories based on their costs; the products in the same category charge either the same profit markup or the same price.Managerial Implications: In practice, reference prices should be taken into account in model estimation and operations management. Ignoring reference prices may lead to substantial losses.

Consumer Choice

Author : Iris Van Hees
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (824 download)

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Book Synopsis Consumer Choice by : Iris Van Hees

Download or read book Consumer Choice written by Iris Van Hees and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Impact of Consumer Search Cost on Assortment Planning and Pricing

Author : Ruxian Wang
Publisher :
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Impact of Consumer Search Cost on Assortment Planning and Pricing by : Ruxian Wang

Download or read book The Impact of Consumer Search Cost on Assortment Planning and Pricing written by Ruxian Wang and published by . This book was released on 2017 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumers search for product information to resolve valuation uncertainties before purchase. We incorporate search cost into consumer choice models and study the two-stage consider-then-choose policy. In the first stage, a consumer forms her consideration set by balancing utility uncertainty and search cost; in the second stage, she evaluates all products in her consideration set and chooses the one with the highest net utility. We show that the revenue-ordered assortment (i.e., the offer set that includes products in the revenue-decreasing order) fails to be optimal, although it can obtain at least half the optimal revenue. We propose a k-quasi attractiveness-ordered assortment and show that it can be arbitrarily near-optimal for the market share maximization problem. The assortment problems with search cost are generally NP-hard, so we develop efficient approximation or relatively fast exact algorithms for a variety of assortment problems under the consider-then-choose models with search cost. For the joint assortment planning and pricing problem with homogeneous consumers, we show that the intrinsic-utility-ordered assortment and the quasi-same-price policy, which charges the same price for all products except at most one, are optimal.

Quantitative Models for Supply Chain Management

Author : Sridhar Tayur
Publisher : Springer Science & Business Media
ISBN 13 : 1461549493
Total Pages : 851 pages
Book Rating : 4.4/5 (615 download)

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Book Synopsis Quantitative Models for Supply Chain Management by : Sridhar Tayur

Download or read book Quantitative Models for Supply Chain Management written by Sridhar Tayur and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 851 pages. Available in PDF, EPUB and Kindle. Book excerpt: Quantitative models and computer-based tools are essential for making decisions in today's business environment. These tools are of particular importance in the rapidly growing area of supply chain management. This volume is a unified effort to provide a systematic summary of the large variety of new issues being considered, the new set of models being developed, the new techniques for analysis, and the computational methods that have become available recently. The volume's objective is to provide a self-contained, sophisticated research summary - a snapshot at this point of time - in the area of Quantitative Models for Supply Chain Management. While there are some multi-disciplinary aspects of supply chain management not covered here, the Editors and their contributors have captured many important developments in this rapidly expanding field. The 26 chapters can be divided into six categories. Basic Concepts and Technical Material (Chapters 1-6). The chapters in this category focus on introducing basic concepts, providing mathematical background and validating algorithmic tools to solve operational problems in supply chains. Supply Contracts (Chapters 7-10). In this category, the primary focus is on design and evaluation of supply contracts between independent agents in the supply chain. Value of Information (Chapters 11-13). The chapters in this category explicitly model the effect of information on decision-making and on supply chain performance. Managing Product Variety (Chapters 16-19). The chapters in this category analyze the effects of product variety and the different strategies to manage it. International Operations (Chapters 20-22). The three chapters in this category provide an overview of research in the emerging area of International Operations. Conceptual Issues and New Challenges (Chapters 23-27). These chapters outline a variety of frameworks that can be explored and used in future research efforts. This volume can serve as a graduate text, as a reference for researchers and as a guide for further development of this field.

Operations Management Under Consumer Choice Models with Multiple Purchases

Author : Shujie Luan
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Operations Management Under Consumer Choice Models with Multiple Purchases by : Shujie Luan

Download or read book Operations Management Under Consumer Choice Models with Multiple Purchases written by Shujie Luan and published by . This book was released on 2020 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the effects of multiple purchases that arise in the retailing of consumer goods, in which the product choice and consumer surplus depend not only on what to purchase but also on how many units to purchase. We incorporate the multiple purchases into consumer choice behavior and study a series of associated operational problems. Most of the discrete choice models in the current literature often assume that a customer chooses exactly one unit of a product. The assumption of “one purchase” is too restrictive in some practical scenarios (e.g., consumer goods) because customers often purchase multiple units of a product. We take the widely-used multinomial logit (MNL) model as a showcase and incorporate the effects of multiple purchases into the classic discrete choice model. In the new choice framework, consumers first form a consideration set, then select one product from consideration set and determine the purchase quantity of the selected product. In the absence of fixed cost, we characterize the structure of the optimal policy for the assortment optimization problem; whereas in the presence of product-differentiated fixed costs, the assortment problem becomes NP-complete, so we propose an efficient heuristic. We further develop a polynomial time algorithm for the assortment problem with identical fixed cost for each product. For the joint assortment and pricing problem, we show it can be decoupled into multiple multi-product pricing problems with different assortment sizes, each of which can be transformed into a single-variable problem. For the price competition problem, we characterize the existence and uniqueness of the Nash equilibrium. We combine the alternating optimization algorithm with the expectation maximization algorithm to overcome the non-concavity and missing data issues in estimation. An empirical study on JD.com data shows that incorporating the effects of multiple purchases into discrete choice models can improve model fitting and prediction accuracy, while ignoring the effects of multiple purchases may lead substantial losses.

Retail Category Management

Author : Alexander Hübner
Publisher : Springer Science & Business Media
ISBN 13 : 3642224776
Total Pages : 172 pages
Book Rating : 4.6/5 (422 download)

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Book Synopsis Retail Category Management by : Alexander Hübner

Download or read book Retail Category Management written by Alexander Hübner and published by Springer Science & Business Media. This book was released on 2011-08-30 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: Retail shelf management means cost-efficiently aligning retail operations with consumer demand. As consumers expect high product availability and low prices, and retailers are constantly increasing product variety and striving towards high service levels, the complexity of managing retail business and its operations is growing enormously. Retailers need to match consumer demand with shelf supply by balancing variety (number of products) and service levels (number of items of a product), and by optimizing demand and profit through carefully calibrated prices. As a result the core strategic decisions a retailer must make involve assortment sizes, shelf space assignment and pricing levels. Rigorous quantitative methods have emerged as the most promising solution to this problem. The individual chapters in this book therefore focus on three areas: (1) combining assortment and shelf space planning, (2) providing efficient decision support systems for practically relevant problem sizes, and (3) integrating inventory and price optimization into shelf management.

Explaining Consumers' Reactions to Assortment Size

Author : Lissa Matyas
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (11 download)

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Book Synopsis Explaining Consumers' Reactions to Assortment Size by : Lissa Matyas

Download or read book Explaining Consumers' Reactions to Assortment Size written by Lissa Matyas and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis we propose that the impact of assortment size on choice is moderated by goals (regulatory focus). We argue that if the choice is approached with a prevention focus, a consumer who lacks articulated preferences will concentrate on avoiding regret, and in needing to evaluate every option to correctly reject all but the one best alternative, will find it easier to process a small assortment. Conversely, a promotion-focused individual will stop at the choice that meets all of his/her requirements, so we predict a preference for a large assortment, as more options means more 'hits'. Prior research has shown that product category can trigger a consumer's prevention or promotion focus. We further suggest that product category will influence the ideal assortment size. When buying a 'prevention product', comparing many options increases the difficulty of making correct rejections, and we predict a preference for a small assortment. When buying a 'promotion product', the priority is to have as many 'hits' as possible, so we expect a preference for a large assortment. Understanding how goals are activated, given the purchasing decision, and how they moderate the assortment size/consumer response relationship will provide guidance to both manufacturers and retailers in terms of editing the assortment size to increase consumers' purchasing likelihood.

Assortment Rotation and the Value of Concealment

Author : Kris Johnson Ferreira
Publisher :
ISBN 13 :
Total Pages : 51 pages
Book Rating : 4.:/5 (12 download)

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Book Synopsis Assortment Rotation and the Value of Concealment by : Kris Johnson Ferreira

Download or read book Assortment Rotation and the Value of Concealment written by Kris Johnson Ferreira and published by . This book was released on 2018 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assortment rotation – the retailing practice of changing the assortment of products offered to customers – has recently been used as a competitive advantage for both brick-and-mortar and online retailers. We focus on product categories where consumers may purchase multiple products during a season and investigate a new reason why frequent assortment rotations can be valuable to a retailer. Namely, by distributing its seasonal catalog of products over multiple assortments rotated throughout the season – as opposed to selling all products in a single assortment – the retailer effectively conceals a portion of its full product catalog from consumers, injecting uncertainty into the consumer's relative product valuations. Rationally-acting consumers may respond to this additional uncertainty by purchasing more products, thereby generating additional sales for the retailer. We refer to this phenomenon as the value of concealment. We develop a consumer choice model and finite-horizon stochastic dynamic program to study the value of concealment. We show that when consumers are myopic, the value of concealment is generally positive. In contrast, we show that when consumers are strategic, the value of concealment is context-dependent; we present insights and discuss intuition regarding which product categories likely lead to positive vs. negative values of concealment.

Product Variety Management

Author : Teck-Hua Ho
Publisher : Springer Science & Business Media
ISBN 13 : 0792382269
Total Pages : 258 pages
Book Rating : 4.7/5 (923 download)

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Book Synopsis Product Variety Management by : Teck-Hua Ho

Download or read book Product Variety Management written by Teck-Hua Ho and published by Springer Science & Business Media. This book was released on 1998-09-30 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: Product proliferation has become a common phenomenon. Most companies now offer hundreds, if not thousands, of stock keeping units (SKUs) in order to compete in the market place. Companies with expanding product and service varieties face with problems of obtaining accurate demand forecasts, controlling production and inventory costs, and providing high quality and good delivery performance for the customers. Marketing managers often advocate widening product lines for increasing revenue and market share. However, the breadth of product line can also decrease the efficiency of manufacturing processes and distribution systems. Thus firms must weigh the benefits of product variety against its cost in order to determine the optimal level of product variety to offer to their customers. Academics and practitioners are interested in several fundamental questions about product variety. For instance, why do companies extend their product lines? Do consumers care about product variety? Will a brand with more variety enjoy higher market share? How should product variety be measured? How can a company exploit its product and process design to deliver a higher level of product variety quickly and cheaply? What should the level of product variety be and what should the price of each of the product variants be? What kind of 'challenges would a company face in offering a high level of product variety and how can these obstacles be overcome? The solutions to these questions span multiple functions and disciplines.

Optimizing Consumer-centric Assortment Planning Under Cross-selling Effects

Author : Ameera Ibrahim
Publisher :
ISBN 13 :
Total Pages : 75 pages
Book Rating : 4.:/5 (93 download)

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Book Synopsis Optimizing Consumer-centric Assortment Planning Under Cross-selling Effects by : Ameera Ibrahim

Download or read book Optimizing Consumer-centric Assortment Planning Under Cross-selling Effects written by Ameera Ibrahim and published by . This book was released on 2014 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central to modern-time, consumer-focused retailing is the ability to provide attractive and reasonably-priced product assortments for different customer profiles. To this end, retailers can benefit from the use of data analytics in order to identify distinct customer segments, each characterized by their buying power, shopping behavior, and preferences. Further, retailers can also benefit from a careful examination of alternative procurement options and cost levers associated with products that are considered for inclusion in the assortment. Issues of assortment planning lie at the interface of operations and marketing. Profitable planning trade-os can be identified using an optimization methodology and are simultaneously driven by consumer preferences and supply cost considerations. This dissertation proposes and investigates novel, integrated optimization models for assortment planning with the following overarching objectives: (i) To reveal insights into assortment decisions under product substitutability or complementarity and multiple customer segments; (ii) to improve the computational tractability of (nonlinear discrete) optimization models that arise in such contexts and to demonstrate their efficacy for large-scale data instances. In the first essay, we investigate the joint optimization of assortment and pricing decisions for complementary retail categories with relatively popular products having high and stable sales volumes, such as fast-moving consumer goods. Each category comprises substitutable items (e.g., different coffee brands) and the categories are related by cross-selling considerations that are empirically observed in marketing studies to be asymmetric in nature. That is, a subset of customers who purchase a product from a primary category (e.g., coffee) can typically opt to also buy from one or several complementary categories (e.g., sugar and/or coffee creamer). We propose a mixed-integer nonlinear program that maximizes the retailer's profit by jointly optimizing assortment and pricing decisions for multiple categories using a deterministic maximum-surplus consumer choice model. A linear mixed-integer reformulation is developed, which effectively enables an exact solution to large, industry-sized problem instances using commercial optimization solvers. Our computational study indicates that overlooking cross-selling between retail categories can result in substantial profit losses, suboptimal (narrower) assortments, and inadequate prices. The demonstrated tractability of the proposed model paves the way for "store-wide" optimization of categories that exhibit significant complementarity, which retailers can infer from market basket analysis. The second essay addresses an assortment packing problem where a decision maker optimizes the assortment and release times of products that belong to different categories over a multi-period planning horizon. Products in a same category are substitutable, whereas products across categories may exhibit complementarity relationships. All products have a longevity over which their attractiveness gradually decays (e.g., electronics or fashion products), while being positively or negatively impacted by the specific mix of substitutable or complementary products that the retailer has introduced. Our proposed 0-1 fractional program employs an attraction demand model and subsumes recent assortment packing models in the literature. We highlight the effect of overlooking cross-selling and cannibalization on the profit using an illustrative example. We develop linearized reformulation that afford exact solutions to small-sized problem instances. Furthermore, a linear programming-based heuristic approach is devised and is demonstrated to yield near-optimal solutions for large-scale computationally challenging problem instances in manageable times. Model extensions are discussed, especially in the context of the movie industry where exhibitors have to decide on the assortment of movies to display and their optimal display times.