Emerald
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Economics and marketing on pricing: how and why do they differ? Purpose The purpose of this general review paper is to provide a comparison and evaluation of the treatment of pricing by the disciplines of economics and marketing. Design/methodology/approach It is from three perspectives that the marketing and economics approaches to pricing are reviewed, namely, buyers' response to price, firm's determination of price, and industry‐ or economy‐wide role of price. Findings A comparative review of the relevant marketing and economics literature shows that there are important differences between the two disciplines in their treatment of pricing. Marketing demonstrates a richer and more empirically based treatment of the pricing issue from the buyer's perspective, while economics is unchallenged from the economy‐wide perspective. The differences found between the marketing and economics approaches to pricing are mostly due to their different historical origins, primary concerns and doctrinal evolution. In contrast, interdisciplinary loans especially from behavioral science have made possible considerable advances in marketing, particularly in the understanding of the buyer's perspective. Originality/value Previous reviews of the pricing literature do not attempt to provide a direct comparison and evaluation and offer no explanation for the observed differences among the economics and the marketing disciplines regarding their treatment of the pricing issue. The value and originality of the current paper lies in the fact that it represents the first attempt to provide such a comparison and evaluation.
Emerald - Tập 14 Số 6 - Trang 362-374 - 2005
Interactions between price and price deal Purpose The purpose of this study is to examine the interactive effect of price and price deal. Specifically, it desires to measure how consumers' behavioral intentions toward the brand are affected for a high‐priced brand and a low‐priced brand when a price deal is offered. Design/methodology/approach A two (price level: high versus low; between) by two (price deal: absent versus 40 percent off; between) experimental design was used. Study 1 tested the hypotheses for two existing brands, whereas Study 2 did so for a fictitious brand. Findings The analysis confirmed a strong interactive effect between price and price deal: price deals do not have a uniform effect across brands but a different effect depending on the price level of the brand. Specifically, for a high‐priced brand, a negative effect of price deals on behavioral intentions (brand equity, brand loyalty, and purchase intention) was found. On the contrary, for a low‐priced brand, a positive effect of price deals on each of the same behavioral intention variables was found. Research limitations/implications Future research needs to study different types of products and samples to enhance the external validity of the findings. Real market data that recorded price changes and price deal offerings over time need to be examined to confirm the findings of the study. Practical implications A managerial implication is that high‐priced brands should avoid price deals, whereas low‐priced brands could benefit from price deals. Social implications When the findings are extended to the public‐sector or governmental services, providing costly services at a discounted price (e.g. universal healthcare) may not be welcome, as that policy is likely to make fellow citizens underestimate the value of the services and doubt the quality. Originality/value The study is very original because it does not repeat any past research, but taps into a problem not previously investigated. The value of the study is very straightforward for brand and promotional managers.
Emerald - Tập 19 Số 2 - Trang 143-152 - 2010
Characteristics‐based innovation adoption: scale and model validation Purpose The aim of this paper is to develop a measurement scale that encompasses a wide array of product characteristics. In addition, a comprehensive model is developed and tested illustrating the relationship among product characteristics and with adoption. Design/methodology/approach Utilizing 628 respondents, a measurement scale is developed and a structural equation model is tested through a multi‐stage series of surveys. The scope of the research is consumer durable products. Findings This paper is successful in developing a 43‐item scale that measures 15 unique innovation characteristics. This scale is then used to test a second order model illustrating the relationships innovation characteristics have with each other and ultimately innovation adoption. Research limitations/implications The major limitation this research suffers from is its lack of variety in products under analysis. For the four consumer durable products studied, the research finds significant results. However, these findings would have greater impact if they reflected a broader array of products and product classes. Originality/value To date there have been very few attempts to model and test in an exhaustive fashion the role innovation characteristics play during the adoption process. This current research advances Holak and Lehmann and empirically tests first and second order characteristics within the context of a structural equation model.
Emerald - Tập 20 Số 5 - Trang 343-355 - 2011
The product development process: three misconceptions which can derail even the “best‐laid” plans An enormous volume of literature has evolved which promises
remedies for any organization′s new product development woes.
Unfortunately, new product development is an inherently uncertain and
complex process which is generally not amenable to standardized
solutions. Based on extensive consulting experience, addresses three
commonly held misconceptions regarding the new product development
process. Provides examples to illustrate each of the misconceptions and
presents the lesson to be learned from each. Finally, discusses
recommendations for management.
Emerald - - 1995
Moving from service dominant to solution dominant brand innovation Purpose The paper aims to track the development of service dominant logic (SDL) applied to brand management and highlights its essential elements. The paper attempts to extend the application of SDL to a form that makes the consumer part of the development process, a solution dominant approach. Design/methodology/approach The paper reviews the literature and suggests how brand managers can use service concepts, based on service‐dominance logic, to develop their new and differentiated products. The key is the relationship that customers develop with products, not the providers of those products, and how technology contributes to these linkages. This view, termed solution dominant, extends service dominant thinking. The paper also elaborates on the events and developments that have moved product development more firmly in the direction of relationships. Finally, it re‐examines some of the techniques that product developers use from a relationship perspective. Findings The relationship is the most important element in brand management. Relationships can take many forms based on the partners. While brand managers have traditionally focused on the relationship of the consumer with the brand, other relationships exist and are important. The internet has made it possible for consumer‐to‐consumer relationships to flourish. That presents both a challenge and opportunity for brand managers. Finally, an impending technological change reveals the potential importance of another relationship, consumer to thing (like a software application) which can build a bond, a relationship, between the consumer and a brand. The last logical possibility, thing‐to‐thing relationships already exist and their importance to brand managers is covered. Practical implications Service dominant logic and a focus on relationships has already been applied to brand management with success. It helps to refine the practice of branding. Consideration of a solution dominant logic, may help refine the practice further. Originality/value While service dominant logic has been applied to brand management, solution dominant logic, in which the consumer is part of the product/service design process has not been.
Emerald - Tập 20 Số 5 - Trang 394-401 - 2011
Hyperchoice and high prices: an unfair combination Purpose The purpose of the paper is to investigate the effect of the number of choices on judged fairness and willingness to purchase. Design/methodology/approach A survey‐based study was conducted with a between‐subject, two×five design having two levels of price ranges (high/low) and five levels of complexity (1, 3, 7, 11, and 21 choices). A total of 519 surveys were completed with a minimum of 42 respondents per cell. Findings Greater choice initially has a positive effect on consumers' likelihood of purchase and their judgments of the fairness of the price. But too much choice has a negative effect, thereby creating an inverted “U” response curve. The effect of choice set size, however, is only triggered when combined with a high price. When the price is low, the number of choices has no effect on the judged fairness of the price and likelihood of purchase. Practical implications The practical implication is that, although consumers like to have choices, there is no increased benefit to increasing the number of choices as long as the price is low. And there is a declining benefit from increasing the number when the price is high. Since there is a managerial cost to providing choices, it appears prudent to only provide between three and seven. Originality/value The value of the paper is in demonstrating that, although some choice is beneficial in overcoming the negative impact of a higher price, too many choices can be detrimental in causing confusion.
Emerald - Tập 14 Số 7 - Trang 448-454 - 2005
Measuring brand power: validating a model for optimizing brand equity Rather than taking the more traditional approach of measuring brand equity for accounting or strategic reasons, the approach taken here is concerned with optimizing brand equity through parsimonious manipulation of the marketing mix. To this end a macro‐model is first developed; this model is then operationalized and tested (in terms of predicted versus actual brand share) in three Korean markets. The contribution of the paper lies in the development of a methodology through which management can efficiently build brand power in their markets. The statistical methods (factor analysis and preference regression) are commonly used in commercial research and the research requirements to build such a model are quite modest – the proposed model makes a theoretical contribution but can also be used as a practical managerial tool.
Emerald - Tập 8 Số 3 - Trang 170-184 - 1999
Price‐tier competition: an integrative review The nature of competition between different tiers (e.g. high‐tier vs low‐tier brands) has become an important research domain for academic researchers and marketing managers. Although research on inter‐tier competition is growing at an increasing rate, there has not been a comprehensive attempt to summarize the research in this stream. The objective of this article is to synthesize the research on inter‐tier competition, extract the key findings, discuss managerial implications, and offer future research directions.
Emerald - Tập 9 Số 5 - Trang 276-297 - 2000
Perceptions of food “quality” and the power of marketing communication: results of consumer research on a branded‐egg concept Despite the long term decline in per capita consumption, eggs remain an important staple in the British diet. Having recovered from the salmonella scare in 1989, the image of eggs has suffered in recent years due to the growing awareness of (and concern over) diet and health, and bird welfare. Finds evidence drawn from a consumer market research study which highlights the importance of effective marketing communication and the potential for adding value to the basic British egg.
Emerald - Tập 5 Số 2 - Trang 29-42 - 1996
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