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Quality And Price Personalization Under Customer Recognition
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Book Synopsis Quality and Price Personalization Under Customer Recognition by : Didier Laussel
Download or read book Quality and Price Personalization Under Customer Recognition written by Didier Laussel and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present a model of market hyper-segmentation, where a monopolist acquires within a short time all information about the preferences of consumers who purchase its vertically differentiated products within a given period. The firrm offers a new price/quality schedule after each commitment period. Lower consumer types may have an incentive to delay their purchases until next period to obtain a better introductory offer to new customers. The monopolist counters this incentive by offering higher informational rents. Considering the dynamic game played by the monopolist and its customers, we find that there is always a Markov perfect equilibrium (MPE) in which the firm immediately sells the good to all its customers, offering the Mussa-Rosen static equilibrium schedule to first time customers (and getting full commitment profits). However, if the commitment period between two offers is long enough, there is another MPE, where the number of customers that are served expands only gradually. Contrary to the Coasian result for a durable-good monopoly, we find that in both equilibria the profit of the monopolist increases (and the consumers' expected surplus decreases) as the interval of commitment shrinks. The model yields policy implications for regulation on information collection and commitment period.
Book Synopsis Personalized Pricing with Imperfect Customer Recognition by : Stefano Colombo
Download or read book Personalized Pricing with Imperfect Customer Recognition written by Stefano Colombo and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider a duopoly model where firms can identify only a share of consumers, which is positively correlated with the consumer' preferences. Firms charge personalized prices to the consumers they can recognize and a uniform price to the rest of consumers. The firms' available information is given by the combination of two factors: the intensive margin, which determines the share of consumers the firms can recognize in each single location, and the extensive margin, which determines how many locations the firms can identify. Different market configurations emerge according to the size of these margins. We characterize the values of the intensive and extensive margins that maximize firms' profits, and we show that profits are non-monotonic. We also show that the composition, in addition to the size, of the available information - i.e., the mix of these margins - affects firms' profits significantly. Implications for regulatory policies concerning the protection of consumers' information are finally discussed.
Book Synopsis Quality and Price Personalization Under Customer Recognition by :
Download or read book Quality and Price Personalization Under Customer Recognition written by and published by . This book was released on 2019 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Personalized Pricing and Quality Customization by : Anindya Ghose
Download or read book Personalized Pricing and Quality Customization written by Anindya Ghose and published by . This book was released on 2008 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: We embed the principal-agent model in a model of spatial differentiation with correlated consumer preferences to investigate the competitive implications of personalized pricing and quality allocation (PPQ), whereby duopoly firms charge different prices and offer different qualities to different consumers, based on their willingness-to-pay. Our model sheds light on the equilibrium product-line pricing and quality schedules offered by firms, given that none, one, or both firms implement PPQ. The adoption of PPQ has three effects in our model: it enables firms to extract higher rents from loyal customers, intensifies price competition for non-loyal customers, and eliminates cannibalization from customer self-selection. Contrary to prior literature on one-to-one marketing and price discrimination, we show that even symmetric firms can avoid the well-known Prisoner's Dilemma problem when they engage in personalized pricing and quality customization. When both firms have PPQ, consumer surplus is non-monotonic in valuations such that some low valuation consumers get higher surplus than high valuation consumers. The adoption of PPQ can reduce information asymmetry, and therefore sellers offer higher quality products after the adoption of PPQ. Overall, we find that while the simultaneous adoption of PPQ generally improves total social welfare and firm profits, it decreases total consumer surplus.
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 230 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 Behavior Based Price Personalization Under Vertical Product Dfferentiation by : Paolo G. Garella
Download or read book Behavior Based Price Personalization Under Vertical Product Dfferentiation written by Paolo G. Garella and published by . This book was released on 2020 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study price personalization in a two period duopoly with vertically differentiated products. In the second period a firm knows the purchase history of all customers, as in the standard Behavior Based Price Discrimination models. However in the second period it also has detailed personal information on its own customers, enabling it to quote personalized prices. The analysis reveals that there exists a natural market (nm) for each firm, defined as the set of customers that cannot be poached by the rival in period two. Since in equilibrium all contestable consumers belong to the largest nm, poaching will only be one way. The firm with the largest nm, has highest profits, but not necessarily the largest market share. All consumers gain from price personalization..Profits are lower than under uniform pricing. Quality choice is well defined for the low quality and a quality dfferential arises, though the exact choice for the high quality depends upon the cost specification.
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 Personalized Pricing and Consumer Welfare by : Jean-Pierre Dubé
Download or read book Personalized Pricing and Consumer Welfare written by Jean-Pierre Dubé and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the welfare implications of personalized pricing, an extreme form of third-degree price discrimination implemented with machine learning for a large, digital firm. Using data from a unique randomized controlled pricing field experiment we train a demand model and conduct inference about the effects of personalized pricing on firm and consumer surplus. In a second experiment, we validate our predictions in the field. The initial experiment reveals unexercised market power that allows the firm to raise its price optimally, generating a 55% increase in profits. Personalized pricing improves the firm's expected posterior profits by an additional 19%, relative to the optimized uniform price, and by 86%, relative to the firm's unoptimized status quo price. Turning to welfare effects on the demand side, total consumer surplus declines 23% under personalized pricing relative to uniform pricing, and 47% relative to the firm's unoptimized status quo price. However, over 60% of consumers benefit from lower prices under personalization and total welfare can increase under standard inequity-averse welfare functions. Simulations with our demand estimates reveal a non-monotonic relationship between the granularity of the segmentation data and the total consumer surplus under personalization. These findings indicate a need for caution in the current public policy debate regarding data privacy and personalized pricing insofar as some data restrictions may not per se improve consumer welfare.
Book Synopsis Data-Driven Innovation Big Data for Growth and Well-Being by : OECD
Download or read book Data-Driven Innovation Big Data for Growth and Well-Being written by OECD and published by OECD Publishing. This book was released on 2015-10-06 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report improves the evidence base on the role of Data Driven Innovation for promoting growth and well-being, and provide policy guidance on how to maximise the benefits of DDI and mitigate the associated economic and societal risks.
Book Synopsis Personalized Pricing and Quality Differentiation by : Anindya Ghose
Download or read book Personalized Pricing and Quality Differentiation written by Anindya Ghose and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop an analytical framework to investigate the competitive implications of personalized pricing technologies (PP). These technologies enable first-degree price discrimination: firms charge different prices to different consumers, based on their willingness to pay. We first show that, even though a monopolist makes a higher profit with PP, its optimal quality is the same with or without PP. Next, we show that in a duopoly setting, personalized pricing adds value only if it is associated with product differentiation. We then consider a model of vertical product differentiation, and show how personalized pricing on the Internet affects firms' choices of quality differentiation in a competitive scenario. There are two equilibria. We find that, when the PP firm has a high quality both firms raise their qualities, relative to the uniform pricing case. Conversely, when the PP firm has low quality, both firms lower their qualities. While it is optimal for the firm adopting PP to increase product differentiation, the non-PP firm seeks to reduce differentiation by moving in closer in the quality space. Our model also points out firms' optimal pricing strategies with PP, which may be non-monotonic in consumer valuations. Depending on the convexity of the marginal cost function, we outline the incentives of firms to deploy such technologies. Our model shows it is an optimal strategy for the low quality firm to adopt PP, if the other firm does not. Regardless of whether the low quality firm has PP, the high quality firm should adopt PP only if the cost function is not too convex. Next, if both firms acquire PP, then both firms earn lower profits than in the case where neither firm has PP. Essentially, they are trapped in a prisoner's dilemma. Finally, we show that, consumer surplus is highest when both firms adopt PP. Thus, despite the threat of first degree price discrimination, personalized pricing with competing firms can lead to an overall increase in consumer welfare.
Book Synopsis Research in Mass Customization and Personalization by : Mitchell
Download or read book Research in Mass Customization and Personalization written by Mitchell and published by World Scientific. This book was released on 2009-12-01 with total page 602 pages. Available in PDF, EPUB and Kindle. Book excerpt: A growing heterogeneity of demand, the advent of ';long tail markets';, exploding product complexities, and the rise of creative consumers are challenging companies in all industries to find new strategies to address these trends. Mass customization (MC) has emerged in the last decade as the premier strategy for companies in all branches of industry to profit from heterogeneity of demand and a broad scope of other customer demands.The research and practical experience collected in this book presents the latest thinking on how to make mass customization work. More than 50 authors from academia and management debate on what is viable now, what did not work in the past, and what lurks just below the radar in mass customization, personalization, and related fields.Edited by two leading authorities in the field of mass customization, both volumes of the book discuss, among many other themes, the latest research and insights on customization strategies, product design for mass customization, virtual models, co-design toolkits, customization value measurement, open source architecture, customization communities, and MC supply chains. Through a number of detailed case studies, prominent examples of mass customization are explained and evaluated in larger context and perspective.
Book Synopsis The Future of Competition by : C. K. Prahalad
Download or read book The Future of Competition written by C. K. Prahalad and published by Harvard Business Press. This book was released on 2004-02-18 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this visionary book, C. K. Prahalad and Venkat Ramaswamy explore why, despite unbounded opportunities for innovation, companies still can't satisfy customers and sustain profitable growth. The explanation for this apparent paradox lies in recognizing the structural changes brought about by the convergence of industries and technologies; ubiquitous connectivity and globalization; and, as a consequence, the evolving role of the consumer from passive recipient to active co-creator of value. Managers need a new framework for value creation. Increasingly, individual customers interact with a network of firms and consumer communities to co-create value. No longer can firms autonomously create value. Neither is value embedded in products and services per se. Products are but an artifact around which compelling individual experiences are created. As a result, the focus of innovation will shift from products and services to experience environments that individuals can interact with to co-construct their own experiences. These personalized co-creation experiences are the source of unique value for consumers and companies alike. In this emerging opportunity space, companies must build new strategic capital—a new theory on how to compete. This book presents a detailed view of the new functional, organizational, infrastructure, and governance capabilities that will be required for competing on experiences and co-creating unique value.
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 Effortless Experience by : Matthew Dixon
Download or read book The Effortless Experience written by Matthew Dixon and published by Penguin. This book was released on 2013-09-12 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: Everyone knows that the best way to create customer loyalty is with service so good, so over the top, that it surprises and delights. But what if everyone is wrong? In their acclaimed bestseller The Challenger Sale, Matthew Dixon and his colleagues at CEB busted many longstanding myths about sales. Now they’ve turned their research and analysis to a new vital business subject—customer loyalty—with a new book that turns the conventional wisdom on its head. The idea that companies must delight customers by exceeding service expectations is so entrenched that managers rarely even question it. They devote untold time, energy, and resources to trying to dazzle people and inspire their undying loyalty. Yet CEB’s careful research over five years and tens of thousands of respondents proves that the “dazzle factor” is wildly overrated—it simply doesn’t predict repeat sales, share of wallet, or positive wordof-mouth. The reality: Loyalty is driven by how well a company delivers on its basic promises and solves day-to-day problems, not on how spectacular its service experience might be. Most customers don’t want to be “wowed”; they want an effortless experience. And they are far more likely to punish you for bad service than to reward you for good service. If you put on your customer hat rather than your manager or marketer hat, this makes a lot of sense. What do you really want from your cable company, a free month of HBO when it screws up or a fast, painless restoration of your connection? What about your bank—do you want free cookies and a cheerful smile, even a personal relationship with your teller? Or just a quick in-and-out transaction and an easy way to get a refund when it accidentally overcharges on fees? The Effortless Experience takes readers on a fascinating journey deep inside the customer experience to reveal what really makes customers loyal—and disloyal. The authors lay out the four key pillars of a low-effort customer experience, along the way delivering robust data, shocking insights and profiles of companies that are already using the principles revealed by CEB’s research, with great results. And they include many tools and templates you can start applying right away to improve service, reduce costs, decrease customer churn, and ultimately generate the elusive loyalty that the “dazzle factor” fails to deliver. The rewards are there for the taking, and the pathway to achieving them is now clearly marked.
Book Synopsis The Customer Centric Enterprise by : Mitchell M. Tseng
Download or read book The Customer Centric Enterprise written by Mitchell M. Tseng and published by Springer Science & Business Media. This book was released on 2011-06-27 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: Companies are being forced to react to the growing individualization of demand. At the same time, cost management remains of paramount importance due to the competitive pressure in global markets. Thus, making enterprises more customer centric efficiently is a top management priority in most industries. Mass customization and personalization are key strategies to meet this challenge. Companies like Procter&Gamble, Lego, Nike, Adidas, Land's End, BMW, or Levi Strauss, among others, have started large-scale mass customization programs. This book provides insight into the different aspects of building a customer centric enterprise. Following an interdisciplinary approach, leading scientists and practitioners share their findings, concepts, and strategies from the perspective of design, production engineering, logistics, technology and innovation management, customer behavior, as well as marketing.
Author :Organisation for Economic Co-operation and Development Publisher :Organisation for Economic Co-operation and Development; Washington, D.C. : OECD Publications and Information Centre ISBN 13 : Total Pages :112 pages Book Rating :4.F/5 ( download)
Book Synopsis Glossary of Industrial Organisation Economics and Competition Law by : Organisation for Economic Co-operation and Development
Download or read book Glossary of Industrial Organisation Economics and Competition Law written by Organisation for Economic Co-operation and Development and published by Organisation for Economic Co-operation and Development; Washington, D.C. : OECD Publications and Information Centre. This book was released on 1993 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook of Research in Mass Customization and Personalization by : Frank T. Piller
Download or read book Handbook of Research in Mass Customization and Personalization written by Frank T. Piller and published by World Scientific. This book was released on 2010 with total page 1147 pages. Available in PDF, EPUB and Kindle. Book excerpt: A growing heterogeneity of demand, the advent of "long tail markets", exploding product complexities, and the rise of creative consumers are challenging companies in all industries to find new strategies to address these trends. Mass customization (MC) has emerged in the last decade as the premier strategy for companies in all branches of industry to profit from heterogeneity of demand and a broad scope of other customer demands. The research and practical experience collected in this book presents the latest thinking on how to make mass customization work. More than 50 authors from academia and management debate on what is viable now, what did not work in the past, and what lurks just below the radar in mass customization, personalization, and related fields. Edited by two leading authorities in the field of mass customization, both volumes of the book discuss, among many other themes, the latest research and insights on customization strategies, product design for mass customization, virtual models, co-design toolkits, customization value measurement, open source architecture, customization communities, and MC supply chains. Through a number of detailed case studies, prominent examples of mass customization are explained and evaluated in larger context and perspective.
