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The Impact Of Pricing And Targeting On Consumer Choice
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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.
Book Synopsis Essays in Modeling the Consumer Choice Process by : Taylor Baldwin Bentley
Download or read book Essays in Modeling the Consumer Choice Process written by Taylor Baldwin Bentley and published by . This book was released on 2015 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this dissertation, I utilize and develop empirical tools to help academics and practitioners model the consumer's choice process. This collection of three essays strives to answer three main research questions in this theme. In the first paper, I ask: how is the consumer's purchase decision impacted by the search for general product-category information prior to search for their match with a retailer or manufacturer ("sellers")? This paper studies the impact of informational organic keyword search results on the performance of sponsored search advertising. We show that, even though advertisers can target consumers who have specific needs and preferences, for many consumers this is not a sufficient condition for search advertising to work. By allowing consumers to access content that satisfies their information requirements, informational organic results can allow consumers to learn about the product category prior to making their purchase decision. We develop a model characterize the situation in which consumers can search for general information about the product category as well as for information about the individual sellers' offerings. We estimate this model using a unique dataset of search advertising in which commercial websites are restricted in the organic listing, allowing us to identify consumer clicks as informational (from organic links) or purchase oriented (from sponsored links). With the estimation results, we show that consumer welfare is improved by 29%, while advertisers generate 19% more sales, and search engines obtain 18% more paid clicks, as compared to the scenario without informational links. We conduct counterfactuals and find that consumers, advertisers, and the search engine are significantly better off when the search engine provides "free" general information about the product. When the search engine provides information about the advertisers' specific offerings, however, there are fewer paid clicks and advertisers at high ad positions will obtain lower sales. We further investigate the implications on the equilibrium advertiser bidding strategy. Results show that advertiser bids will remain constant in the former scenario. When the search engine provides advertiser information, advertisers will increase their bids because of the increased conversion rate; however, the search engine still loses revenue due to the decreased paid clicks. The findings shed important managerial insights on how to improve the effectiveness of search advertising. In the second paper, I ask: how is the consumer's search for information, during their choice process and in an advertising context, influenced by the signaling theory of advertising? Using a dataset of travel-related keywords obtained from a search engine, we test to what extent consumers are searching and advertisers are bidding in accordance with the signaling theory of advertising in literature. We find significant evidence that consumers are more likely to click on advertisers at higher positions because they infer that such advertisers are more likely to match with their needs. Further, consumers are more likely to find a match with advertisers who have paid more for higher positions. We also find strong evidence that advertisers increase their bids when there is an improvement in the likelihood that their offerings match with consumers' needs, and the improvement cannot be readily observed by consumers prior to searching advertisers' websites. These results are consistent with the predictions from the signaling theory. We test several alternative explanations and show that they cannot fully explain the results. Furthermore, through an extension we find that advertisers can generate more clicks when competing against advertisers with higher match value. We offer an explanation for this finding based on the signaling theory. In the third paper, I ask: can we model the consumer's choice of brand as a sequential elimination of alternatives based on shared or unique aspects while incorporating continuous variables, such as price? With aggregate scanner data, marketing researchers typically estimate the mixed logit model, which accounts for non-IIA substitution patterns among brands, which arise due to similarity and dominance effects in demand. Using numerical examples and analytical illustrations, this research shows that the mixed logit model, which is widely believed to be a highly flexible characterization of brand switching behavior, is not well designed to handle non-IIA substitution patterns. The probit allows only for pair-wise inter-brand similarities, and ignores third-order or higher dependencies. In the presence of similarity and dominance effects, the mixed logit model and the probit model yield systematically distorted marketing mix elasticities. This limits the usefulness of mixed logit and probit for marketing decision-making. We propose a more flexible demand model that is an extension of the elimination-by-aspects (EBA) model (Tversky 1972a, 1972b) to handle marketing variables. The model vastly expands the domain of applicability of the EBA model to aggregate scanner data. Using an analytical closed-form that nests the traditional logit model as a special case, the EBA demand model is estimated with marketing variables from aggregate scanner data in 9 different product categories. It is compared to the mixed logit and probit models on the same datasets. In terms of multiple fit and predictive metrics (LL, BIC, MSE, MAD), the EBA model outperforms the mixed logit and the probit in a majority of categories in terms of both in-sample fit and holdout predictions. The results show significant differences in the estimated price elasticity matrices between the EBA model and the comparison models. In addition, a simulation shows that the retailer can improve gross profits up to 34.4% from pricing based on the EBA model rather than the mixed logit model. Finally, the results suggest that empirical IO researchers, who routinely use mixed logit models as inputs to oligopolistic pricing models, should consider the EBA demand model as the appropriate model of demand for differentiated products.
Book Synopsis Consumer Behavior Analysis by : Donald A. Hantula
Download or read book Consumer Behavior Analysis written by Donald A. Hantula and published by Routledge. This book was released on 2014-01-21 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumption is the primary economic activity in our post-industrial society. We are consumers, not producers. Consumer behavior analysis is leading heterodox marketing scholarship and innovative applied behavioral work, with much to offer both constituencies. This volume shows how consumer behavior analysis fits within a larger-scale approach to marketing, consumer psychology, behavior analysis and organizational behavior management. Describing both theoretical analyses and empirical studies including laboratory experiments in e-commerce, in-store experiments in grocery shopping, and an analysis of the counterfeit goods market, this book is a working example of translational research. It contains tools and studies to help understand contemporary consumer behavior, particularly for those in marketing. Scholars will appreciate the theory and real-world applications evident in each chapter when considering their own research direction. All students of marketing theory, behavior analysis and consumer choice will find this collection a thought-provoking tool for further understanding of a new behavioral approach to marketing strategy, consumer decisions and marketing firms. This book comprises articles originally published in the Journal of Organizational Behavior Management.
Book Synopsis Consumer and Industrial Buying Behavior by : Arch G. Woodside
Download or read book Consumer and Industrial Buying Behavior written by Arch G. Woodside and published by North Holland. This book was released on 1977 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Business of Choice by : Matthew Willcox
Download or read book The Business of Choice written by Matthew Willcox and published by Pearson Education. This book was released on 2015-02-20 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: Winner of the 2016 Berry - AMA Book Prize for Best Book in Marketing from the American Marketing Association! Named Marketing Book of the Year for 2016 by Marketing & Sales Books! Reshape Consumer Behavior by Making Your Brand the Instinctive, Intuitive, Easy Choice • Discover powerful new ways to simplify and guide consumer decisions • Gain actionable insights into social influence, how people plan, and how they interpret the past • Leverage surprising advances in neuroscience, evolutionary biology, and the behavioral and social sciences Whatever your marketing or behavioral objective, you’ll be far more successful if you know how humans choose. Human intuitions and cognitive mechanisms have evolved over millions of years, but only now are marketers beginning to understand their impact on people’s decisions. The Business of Choice helps you apply new scientific insights to make your brand or target behavior the easiest, most instinctive choice. Matthew Willcox integrates the latest research advances with his own extensive enterprise marketing experience at FCB’s Institute of Decision Making. Willcox explains why we humans often seem so irrational, how marketers can leverage the same evolutionary factors that helped humans prosper as a species, how to make decisions simpler for your consumers, and how to make them feel good about their choices, so they keep coming back for more!
Book Synopsis Advertising and Price Competition Under Consumer Data Privacy Choices by : W. Jason Choi
Download or read book Advertising and Price Competition Under Consumer Data Privacy Choices written by W. Jason Choi and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent privacy regulations and firm policies endow consumers with the choice of whether to allow firms to use their personal data for marketing (and other) purposes. We investigate the impact of consumer data privacy choices on the advertising ecosystem. We consider a scenario with competing horizontally differentiated firms that advertise to heterogeneous consumers, through an ad platform, to be considered by the consumers. If a consumer opts in, she provides an imperfect signal of her type, based on which the ad platform can price ads, and the firms can target ads and prices. Consumers make privacy choices by considering their surplus utility from product consumption. In particular, they consider two countervailing effects of opting-in to allow firms to use their data: (i) opting-in, while weakly increasing the relevance of ads served, exacerbates price discrimination by firms; and (ii) opting-in facilitates firms' inferences about the consumers' types, which intensifies price competition. These effects depend crucially on the consumers' ad exposure histories, which in turn are determined endogenously by the ad platform's ad pricing strategy. Compared to a benchmark where all consumers are opted-in to data sharing, with privacy choices consumers' surpluses are weakly higher, the firms' profits are weakly lower, and the ad platform's profit is either lower or higher depending on the signal accuracy and extent of product differentiation. We examine the robustness and boundaries of our insights by considering extensions and alternative models.
Book Synopsis Electronic Commerce by : Richard T. Watson
Download or read book Electronic Commerce written by Richard T. Watson and published by Orange Grove Texts Plus. This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook provides a strategic marketing and managerial perspective of electronic commerce. The research of the four authors provides the basis for the book, allowing for first-hand experience, varied viewpoints, and relevance. Contents: 1) Electronic commerce: An introduction. 2) Electronic commerce technology. 3) Web strategy: Attracting and retaining visitors. 4) Promotion: Integrated Web communications. 5) Promotion & purchase: Measuring effectiveness. 6) Distribution. 7) Service. 8) Pricing. 9) Post-Modernism and the Web: Societal effects.
Book Synopsis Consumer Perception of Product Risks and Benefits by : Gerard Emilien
Download or read book Consumer Perception of Product Risks and Benefits written by Gerard Emilien and published by Springer. This book was released on 2017-03-14 with total page 600 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reflects the current thinking and research on how consumers’ perception of product risks and benefits affects their behavior. It provides the scientific, regulatory and industrial research community with a conceptual and methodological reference point for studies on consumer behavior and marketing. The contributions address various aspects of consumer psychology and behavior, risk perception and communication, marketing research strategies, as well as consumer product regulation. The book is divided into 4 parts: Product risks; Perception of product risks and benefits; Consumer behavior; Regulation and responsibility.
Book Synopsis An Investigation of the Allocative Role of Price in Consumer Choice by : Dogan Eroglu
Download or read book An Investigation of the Allocative Role of Price in Consumer Choice written by Dogan Eroglu and published by . This book was released on 1991 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Book Synopsis The 19th International Conference on Industrial Engineering and Engineering Management by : Ershi Qi
Download or read book The 19th International Conference on Industrial Engineering and Engineering Management written by Ershi Qi and published by Springer Science & Business Media. This book was released on 2013-06-03 with total page 1388 pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Conference on Industrial Engineering and Engineering Management is sponsored by the Chinese Industrial Engineering Institution, CMES, which is the only national-level academic society for Industrial Engineering. The conference is held annually as the major event in this arena. Being the largest and the most authoritative international academic conference held in China, it provides an academic platform for experts and entrepreneurs in the areas of international industrial engineering and management to exchange their research findings. Many experts in various fields from China and around the world gather together at the conference to review, exchange, summarize and promote their achievements in the fields of industrial engineering and engineering management. For example, some experts pay special attention to the current state of the application of related techniques in China as well as their future prospects, such as green product design, quality control and management, supply chain and logistics management to address the need for, amongst other things low-carbon, energy-saving and emission-reduction. They also offer opinions on the outlook for the development of related techniques. The proceedings offers impressive methods and concrete applications for experts from colleges and universities, research institutions and enterprises who are engaged in theoretical research into industrial engineering and engineering management and its applications. As all the papers are of great value from both an academic and a practical point of view, they also provide research data for international scholars who are investigating Chinese style enterprises and engineering management.
Book Synopsis Handbook of Pricing Research in Marketing by : Vithala R. Rao
Download or read book Handbook of Pricing Research in Marketing written by Vithala R. Rao and published by Edward Elgar Publishing. This book was released on 2009 with total page 617 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pricing is an essential aspect of the marketing mix for brands and products. Further, pricing research in marketing is interdisciplinary, utilizing economic and psychological concepts with special emphasis on measurement and estimation. This unique Handbook provides current knowledge of pricing in a single, authoritative volume and brings together new cutting-edge research by established marketing scholars on a range of topics in the area. The environment in which pricing decisions and transactions are implemented has changed dramatically, mainly due to the advent of the Internet and the practices of advance selling and yield management. Over the years, marketing scholars have incorporated developments in game theory and microeconomics, behavioral decision theory, psychological and social dimensions and newer market mechanisms of auctions in their contributions to pricing research. These chapters, specifically written for this Handbook, cover these various developments and concepts as applied to tackling pricing problems. Academics and doctoral students in marketing and applied economics, as well as pricing-focused business practitioners and consultants, will appreciate the state-of-the-art research herein.
Book Synopsis Adaptation-level Theory by : Harry Helson
Download or read book Adaptation-level Theory written by Harry Helson and published by . This book was released on 1964 with total page 758 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Social Networks and their Economics by : Daniel Birke
Download or read book Social Networks and their Economics written by Daniel Birke and published by John Wiley & Sons. This book was released on 2013-07-24 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reveals how consumer choice can be better understood and influenced using social networks analysis (SNA) Intuitively, we all appreciate that we can be influenced by our friends and peers in what we do, how we behave, and what products we consume. Until recently, it has been difficult to measure this interdependence, mainly because data on social networks was difficult to collect and not readily available. More and more companies such as mobile phone carriers or social networking sites such as Facebook are collecting such data electronically. Daniel Birke illustrates in compelling real-world case studies how companies use social networks for marketing purposes and which statistical analysis and unique datasets can be used. Social Networks and their Economics: Explores network effects and the analysis of social networks, whilst providing an overview of the state-of-the art research. Looks at consumption interdependences between friends and peers: Who is influencing who through which channels and to what degree? Presents statistical methods and research techniques that can be used in the analysis of social networks. Examines SNA and its practical application for marketing purposes. Features a supporting website www.wiley.com/go/social_networks featuring SNA visualizations and business case studies. Aimed at post-graduate students involved in social network analysis, industrial economics, innovation and consumer marketing, this book offers a unique perspective from both an academic and practitioner point of view on how social networks can help understand and influence consumer behaviour. This book will prove to be a useful resource for marketing practitioners from companies where social network data is available and for consulting companies who advise businesses on marketing and social media related issues.
Book Synopsis Consumer Behavior Analysis by : Donald A. Hantula
Download or read book Consumer Behavior Analysis written by Donald A. Hantula and published by Routledge. This book was released on 2014-01-21 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumption is the primary economic activity in our post-industrial society. We are consumers, not producers. Consumer behavior analysis is leading heterodox marketing scholarship and innovative applied behavioral work, with much to offer both constituencies. This volume shows how consumer behavior analysis fits within a larger-scale approach to marketing, consumer psychology, behavior analysis and organizational behavior management. Describing both theoretical analyses and empirical studies including laboratory experiments in e-commerce, in-store experiments in grocery shopping, and an analysis of the counterfeit goods market, this book is a working example of translational research. It contains tools and studies to help understand contemporary consumer behavior, particularly for those in marketing. Scholars will appreciate the theory and real-world applications evident in each chapter when considering their own research direction. All students of marketing theory, behavior analysis and consumer choice will find this collection a thought-provoking tool for further understanding of a new behavioral approach to marketing strategy, consumer decisions and marketing firms. This book comprises articles originally published in the Journal of Organizational Behavior Management.
Author : Publisher :Soffer Publishing ISBN 13 : Total Pages :117 pages Book Rating :4./5 ( download)
Download or read book written by and published by Soffer Publishing. This book was released on with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt:
