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Targeted Consumer Information And Prices
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Book Synopsis Targeted Consumer Information and Prices by : David A. Reiffen
Download or read book Targeted Consumer Information and Prices written by David A. Reiffen and published by . This book was released on 2001 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Targeted Consumer Information and Prices by :
Download or read book Targeted Consumer Information and Prices written by and published by . This book was released on 2001 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Targeted Consumer Information and Prices the Private and Social Gains to Matching Consumers with Products by : Federal Trade Federal Trade Commission
Download or read book Targeted Consumer Information and Prices the Private and Social Gains to Matching Consumers with Products written by Federal Trade Federal Trade Commission and published by CreateSpace. This book was released on 2014-09-14 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is well known that product differentiation increases both prices and profits, other things equal. What is less well understood is how the distribution of consumer preferences affects firms' incentives to differentiate their products. This book focuses on the incentive of firms to reveal truthful information about product attributes. Because consumers' preferences differ, the revelation of this information differentiates products. The profitability of inducing this differentiation is shown to be related to three aspects of the information; the size of the "targeted" group (i.e., the group who finds these attributes desirable), the magnitude of the perceived change in attributes induced by the information, and whether the information is "symmetric." In particular, I show that the profits associated with information increase more than proportionately with the size of the targeted group. This implies that information will tend to be provided for large groups, even if there are no economies of scale in producing that information. The analysis also shows that in some circumstances, the revelation of asymmetric information can actually reduce the firm's profit.
Book Synopsis Discrete Choice Theory of Product Differentiation by : Simon P. Anderson
Download or read book Discrete Choice Theory of Product Differentiation written by Simon P. Anderson and published by MIT Press. This book was released on 1992 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The discrete choice approach provides an ideal framework for describing the demands for differentiated products and can be used for studying most product differentiation models in the literature. By introducing extra dimensions of product heterogeneity, the framework also provides richer models of firm location and product selection."--BOOK JACKET.
Book Synopsis Superior Customer Value by : Art Weinstein
Download or read book Superior Customer Value written by Art Weinstein and published by Routledge. This book was released on 2018-12-07 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: Superior Customer Value is a state-of-the-art guide to designing, implementing and evaluating a customer value strategy in service, technology and information-based organizations. A customer-centric culture provides focus and direction for an organization, driving and enhancing market performance. By benchmarking the best companies in the world, Weinstein shows students and marketers what it really means to create exceptional value for customers in the Now Economy. Learn how to transform companies by competing via the 5-S framework – speed, service, selection, solutions and sociability. Other valuable tools such as the Customer Value Funnel, Service-Quality-Image-Price (SQIP) framework, SERVQUAL, and the Customer Value/Retention Model frame the reader’s thinking on how to improve marketing operations to create customer-centered organizations. This edition features a stronger emphasis on marketing thinking, planning and strategy, as well as new material on the Now Economy, millennials, customer obsession, business models, segmentation and personalized marketing, customer experience management and customer journey mapping, value pricing, customer engagement, relationship marketing and technology, marketing metrics and customer loyalty and retention. Built on a solid research basis, this practical and action-oriented book will give students and managers an edge in improving their marketing operations to create superior customer experiences.
Book Synopsis Consumer Privacy and Targeted Pricing with Stochastic Valuations by : Shreemoy Mishra
Download or read book Consumer Privacy and Targeted Pricing with Stochastic Valuations written by Shreemoy Mishra and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: I study the market for consumer information. Firms cannot commit to privacy, so buyers anticipate disclosure of purchase history for targeted pricing. In the literature, strategic rejections of informative offers make purchase data worthless, which is paradoxical given the large investments in data analytics. I show that buyers' uncertainty regarding future preferences allows full separation of types, leading to valuable purchase data. Buyers of any given type are assumed to share similar expectations about the evolution of future valuations. Preference uncertainty generates consumer-to-consumer externalities, which is why strategic consumers are sometimes better off when they remain unaware of targeted pricing. When preferences are transitory, firms have an incentive to raise consumer awareness about targeted pricing.
Book Synopsis The Effects of Consumer Information and Cost-sharing on Healthcare Prices by : Christopher Whaley
Download or read book The Effects of Consumer Information and Cost-sharing on Healthcare Prices written by Christopher Whaley and published by . This book was released on 2015 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: Non-transparent information about prices is a key piece of many economic models. George Stigler's seminal work first formulated how 'search costs' lead to price dispersion in provider prices. For several decades, refining the relationship between search costs and prices was a key component of the economics literature. With growth of the internet, consumer information about prices has increased substantially. The growth of online retailers has led to substantial decreases in search costs by providing an easy mechanism to compare prices. Recent technologies have expanded the internet's search-cost reducing powers to the healthcare sector. Compared to other markets, healthcare prices exhibit an enormous amount of price variation and have traditionally been among the most non-transparent of any market. The lack of meaningful price transparency has traditionally made price shopping for healthcare services nearly impossible. As consumer cost-sharing increases, led by the growth in high-deductible health plans, there is a strong imperative to provide the tools necessary for consumers to shop for care. Without accurate price information, increases in consumer cost-sharing will simply shift expenses from employers and insurers to consumers. While the hope is that 'price transparency' information will encourage consumers to shop for care, little is known about how consumers actually use price information. The first chapter of this dissertation uses detailed data from a leading online price transparency firm to examine the consumer effects of price transparency. Large price effects are found for commodity-like services as consumers shift demand from expensive to less-expensive providers. For physician office visits, which entail a more personal relationship, the largest effects are for non-price information, such as provider gender and length of practice. Even less is known about how providers will respond to consumers using price transparency information to shop for care. Healthcare providers have not traditionally had to account for consumers making decisions based on price and have simply negotiated prices with insures. With the growth of consumer cost-sharing and price transparency, this paradigm will undoubtedly change. The second chapter uses the same data to estimate an initial look at how providers respond to consumer price transparency. Following the consumer analysis, large effects are found for non-differentiated products. Consistent with Stigler's observations, reducing consumer search costs leads to both reductions in consumer prices and the prices that providers charge. The third chapter of this dissertation examines a similar topic as the second, how providers respond to increases in consumer-cost sharing. This chapter leverages the implementation of a Reference-Based Benefit (RBB) design by the California Public Employees Retirement System (CalPERS) that capped reimbursements for certain procedures. Previous work has documented large consumer effects to the RBB program but how providers respond has not been studied in detail. The results show large price reductions by providers who have the largest exposure to the CalPERS population. As a means to reduce the growth in healthcare spending, employers and insurers have implemented innovative benefit designs and technologies. These changes are largely driven by the recognition that the current healthcare ecosystem has evolved into a market with substantial price variation and no link between price and quality. Consumer cost-sharing and price transparency provide both the incentive and the means to steer patients away from high-cost providers. As these innovations have their desired effects, this dissertation shows how providers respond accordingly. These tandem consumer and provider responses to price transparency and target cost-sharing result in general equilibrium effects that lead to less expensive healthcare and a more efficient healthcare market.
Book Synopsis Digital and Social Media Marketing by : Nripendra P. Rana
Download or read book Digital and Social Media Marketing written by Nripendra P. Rana and published by Springer Nature. This book was released on 2019-11-11 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines issues and implications of digital and social media marketing for emerging markets. These markets necessitate substantial adaptations of developed theories and approaches employed in the Western world. The book investigates problems specific to emerging markets, while identifying new theoretical constructs and practical applications of digital marketing. It addresses topics such as electronic word of mouth (eWOM), demographic differences in digital marketing, mobile marketing, search engine advertising, among others. A radical increase in both temporal and geographical reach is empowering consumers to exert influence on brands, products, and services. Information and Communication Technologies (ICTs) and digital media are having a significant impact on the way people communicate and fulfil their socio-economic, emotional and material needs. These technologies are also being harnessed by businesses for various purposes including distribution and selling of goods, retailing of consumer services, customer relationship management, and influencing consumer behaviour by employing digital marketing practices. This book considers this, as it examines the practice and research related to digital and social media marketing.
Book Synopsis The Impact of Pricing, and Targeting on Consumer Choice by : Ran Zhang
Download or read book The Impact of Pricing, and Targeting on Consumer Choice written by Ran Zhang and published by . This book was released on 2017 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Firms offer products or services through different strategies. How to optimally price and bundle products is one of the most fundamental questions facing firms when consumers in the market are heterogeneous in their valuations for products. The pricing and bundling problems become more complicated when competition exists or the product is offered through different platforms. Chapter 1 of my dissertation focuses on the quality-differentiated firms' bundling strategy for their core and add-on products. Motivated by firms' distinct bundling practices, I build an analytical model to explain the firms' optimal strategy. I find the critical role of competition and cost-to-quality ratio in driving the asymmetric firm's bundling and pricing strategy. When there is more competition from the inferior firm, the superior firm has stronger incentive to bundle its add-on, even when the add-on product is costly.Further in this direction, to study the firm's pricing and bundling strategy when the product is offered through different mediums, chapter 2 of my dissertation focuses on the content publisher's optimal strategy when the content can be offered in digital, physical, or a bundle of mediums. I develop an analytical model and find that offering digital medium only or offering bundle and digital medium can be optimal under different market conditions. Surprisingly, I find consumer surplus and social welfare may decrease as the proportion of digital-savvy consumers increases.To further study the complementarity and substitutability of platforms, chapter 3 of my dissertation studies how firms should run their targeted advertising on different online platforms, i.e. social media and traditional platform. Specifically, I measure the effectiveness of targeted advertising on social media, relative to that on a traditional platform, on consumers' ultimate conversions. I measure the interaction effects of the two platforms by using case-control design and post-regularized choice models. I find that targeting across platforms is positively associated with the ultimate conversion for the lower funnel, but there is no measurable synergistic effect for the upper funnel consumers.
Author :National Academies of Sciences, Engineering, and Medicine Publisher : ISBN 13 :9780309286985 Total Pages :0 pages Book Rating :4.2/5 (869 download)
Book Synopsis Modernizing the Consumer Price Index for the 21st Century by : National Academies of Sciences, Engineering, and Medicine
Download or read book Modernizing the Consumer Price Index for the 21st Century written by National Academies of Sciences, Engineering, and Medicine and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Consumer Price Index (CPI), produced by the Bureau of Labor Statistics (BLS), is the most widely used measure of inflation in the U.S. It is used to determine cost-of-living allowances and, among many other important private- and public-sector applications, influences monetary policy. The CPI has traditionally relied on field-generated data, such as prices observed in person at grocery stores or retailers. However, as these data have become more challenging and expensive to collect in a way that reflects an increasingly dynamic marketplace, statistical agencies and researchers have begun turning to opportunities created by the vast digital sources of consumer price data that have emerged. The enormous economic disruption of the COVID-19 pandemic, including major shifts in consumers' shopping patterns, presents a perfect case study for the need to rapidly employ new data sources for the CPI. Modernizing the Consumer Price Index presents guidance to BLS as the agency embarks on a strategy of accelerating and enhancing the use of scanner, web-scraped, and digital data directly from retailers in compiling the CPI. The report also recommends strategies for BLS to more accurately estimate the composition of households' expenditures - or market basket shares - by updating this information more frequently and using innovative survey techniques and alternative data sources where possible. The report provides targeted guidance for integrating new data sources to improve the CPI's estimation of changes in the prices of housing and medical care, two consumer expenditure categories that are traditionally difficult to measure. Because of the urgency of issues related to income and wealth inequality, the report also recommends that BLS identify data sources that would allow it to estimate price indexes defined by income quintile or decile.
Book Synopsis Basic Marketing by : Mccarthy E. Jerome
Download or read book Basic Marketing written by Mccarthy E. Jerome and published by McGraw-Hill/Irwin. This book was released on 1987-02-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Identifying Target Customers by : Alexander Chernev
Download or read book Identifying Target Customers written by Alexander Chernev and published by Cerebellum Press. This book was released on with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The cornerstone of developing a viable marketing strategy is deciding which customers to target and how to reach these customers in an effective and cost-efficient manner. Failure to identify the right target customers is one of the most common and at the same time most dangerous marketing mistakes. Indeed, it is virtually impossible to develop a meaningful value proposition without clearly identifying customers whose needs the company aims to fulfill with its offering. The concept of targeting and the process of identifying the right target customers are the focus of this note. The discussion of the key targeting concepts is complemented by an in-depth overview of three targeting concepts: occasion-based versus user-based targeting, data-driven targeting, and the long tail phenomenon. This note is an excerpt (Chapter 6) from Strategic Marketing Management: Theory and Practice by Alexander Chernev (Cerebellum Press, 2019).
Book Synopsis Competitive Personalized Pricing by : Zhijun Chen
Download or read book Competitive Personalized Pricing written by Zhijun Chen and published by . This book was released on 2018 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study a duopoly model where each firm chooses personalized prices for its targeted consumers, who can be active or passive in identity management. Active consumers can bypass price discrimination and have access to the price offered to non-targeted consumers, which passive consumers cannot. When all consumers are passive, personalized pricing leads to intense competition and total industry profit lower than that under the Hoteling equilibrium. But market is always fully covered. Active consumers raise the firm's cost of serving non-targeted consumers, which softens competition. When firms have sufficiently large and non-overlapping target segments, active consumers enable firms to extract full surplus from their targeted consumers through perfect price discrimination. With active consumers, firms also choose not to serve the entire market when the commonly non-targeted market segment is small. Thus active identity management can lead to lower consumer surplus and lower social welfare. We also discuss the regulatory implications for the use of consumer information by firms as well as the implications for management.
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 The Psychology of Price by : Leigh Caldwell
Download or read book The Psychology of Price written by Leigh Caldwell and published by Jaico Publishing House. This book was released on 2015-12-07 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Antitrust Paradox by : Robert Bork
Download or read book The Antitrust Paradox written by Robert Bork and published by . This book was released on 2021-02-22 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.
Book Synopsis Big Data by : Executive Office of the President
Download or read book Big Data written by Executive Office of the President and published by CreateSpace. This book was released on 2014-10-29 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the first censuses were taken and crop yields recorded in ancient times, data collection and analysis have been essential to improving the functioning of society. Foundational work in calculus, probability theory, and statistics in the 17th and 18th centuries provided an array of new tools used by scientists to more precisely predict the movements of the sun and stars and determine population-wide rates of crime, marriage, and suicide. These tools often led to stunning advances. In the 1800s, Dr. John Snow used early modern data science to map cholera “clusters” in London. By tracing to a contaminated public well a disease that was widely thought to be caused by “miasmatic” air, Snow helped lay the foundation for the germ theory of disease.Gleaning insights from data to boost economic activity also took hold in American industry. Frederick Winslow Taylor's use of a stopwatch and a clipboard to analyze productivity at Midvale Steel Works in Pennsylvania increased output on the shop floor and fueled his belief that data science could revolutionize every aspect of life.2 In 1911, Taylor wrote The Principles of Scientific Management to answer President Theodore Roosevelt's call for increasing “national efficiency”: Today, data is more deeply woven into the fabric of our lives than ever before. We aspire to use data to solve problems, improve well-being, and generate economic prosperity. The collection, storage, and analysis of data is on an upward and seemingly unbounded trajectory, fueled by increases in processing power, the cratering costs of computation and storage, and the growing number of sensor technologies embedded in devices of all kinds. In 2011, some estimated the amount of information created and replicated would surpass 1.8 zettabytes. In 2013, estimates reached 4 zettabytes of data generated worldwide.