Dr. Gurumurthy Kalyanaram is a well-known professor and academic leader, and an experienced business consultant and advisorDr. Gurumurthy Kalyanaramh as lectured in various universities including The London School of Economics, The University of Texas at Dallas (UTD), Jiang Xi University of Finance and Frankfurt School of Finance and Management.
Understanding the effect of customer relationship management effors on custom...Wesley Pinheiro
The document discusses a study investigating the differential effects of customer relationship perceptions (CRPs) and relationship marketing instruments (RMIs) on customer retention and customer share development over time. The author develops a conceptual model examining how affective commitment, satisfaction, payment equity, loyalty programs, and direct mailings impact both customer retention and customer share development. The author hypothesizes that affective commitment and loyalty programs positively impact both outcomes, while direct mailings primarily influence customer share development. The study uses longitudinal data from a financial services company to test these hypotheses.
The document discusses a study investigating the differential effects of customer relationship perceptions (CRPs) and relationship marketing instruments (RMIs) on customer retention and customer share development over time. The author develops a conceptual model examining how affective commitment, satisfaction, payment equity, loyalty programs, and direct mailings impact both customer retention and customer share development. The author hypothesizes that affective commitment and loyalty programs positively impact both outcomes, while direct mailings primarily influence customer share development. The study uses longitudinal data from a financial services company to test these hypotheses.
A Model of Manufacturer-Driven Governing Mechanisms and Distributor PerformanceRuss Merz, Ph.D.
Drawing from relational exchange, dependence, and agency theories the authors explain that it is not only the type of governing mechanisms but also the proper sequencing of them that improves a manufacturer-distributor relationship and performance. Dependence affected relationship continuity positively. Monitoring affected the second order relational norm construct, comprising information sharing and flexibility, positively. Relational norm positively affected relationship continuity. Dependence, relationship continuity, monitoring, and relational norm affected distributor performance positively.
- The document reviews past research on the effects of advertising through meta-analyses and adds new results from a meta-analysis of 397 studies from 2001-2010 on CPG and beauty products.
- Prior research found average short-term advertising elasticities of 0.1-0.15 but results varied by product category and maturity. Long-term elasticities were estimated at 0.24-0.41.
- The new meta-analysis found average incremental profits from all media of €120-200 million and that returns were highest when TV or print spending was over 30% but not both. TV elasticity increased with higher spending levels.
- The conclusions were that more data access is needed rather than more meta
This document summarizes a research paper that analyzes supermarket pricing strategies. The paper uses a unique store-level dataset to estimate a discrete choice model of pricing strategy selection as a static game. The model addresses three questions: 1) How do local demographics influence strategy choice? 2) Do some chains have advantages for certain strategies? 3) How do firms react to rival strategies? The key finding is that firms tend to choose strategies that match their rivals rather than differentiate, contradicting theories viewing pricing strategy as differentiation.
This document examines how different price promotion methods affect consumer perceptions and purchase intentions. It hypothesizes that unbundled promotions, which separate discounts, will be viewed more favorably than bundled promotions providing the same total discount. It also hypothesizes that framing promotions as "free options" will be perceived most positively, followed by conventional discounts, with rebates viewed least favorably due to the time and effort required to redeem them. The document reviews relevant literature on prospect theory and framing to provide a framework for understanding how bundling and framing of discounts impact transaction value, reference prices, and consumer evaluations.
C3 impact of target marketing on advertising attitudes[1]SNSPA, Bucharest
This study examines the impact of target marketing on both the intended target audience and unintended "nontarget" audience. Three experiments show that target marketing can have unfavorable effects on nondistinctive groups in the nontarget market, such as Caucasian or heterosexual individuals, whereas distinctive groups in the target market, such as African American or homosexual individuals, respond more favorably. Experiment 2 demonstrates that feelings of similarity or targetedness influence these effects differently for distinctive versus nondistinctive groups. Experiment 3 shows these feelings are associated with the psychological processes of identification and internalization. The findings have implications for understanding the effects of distinctiveness in persuasion and potential social impacts of target marketing.
This document summarizes a research paper that analyzes decentralized supply chains with competing retailers under demand uncertainty. It investigates what types of contractual arrangements between suppliers and retailers are needed for the decentralized chain to perform as well as a centralized one. The document outlines models of supply chains with single and multiple non-competing retailers, and indicates that coordination can be achieved through linear price discount sharing schemes between the supplier and retailers. It also discusses models of supply chains with competing retailers and the additional complexities around coordination that arise from retailers' prices impacting each other's demands and profits.
Understanding the effect of customer relationship management effors on custom...Wesley Pinheiro
The document discusses a study investigating the differential effects of customer relationship perceptions (CRPs) and relationship marketing instruments (RMIs) on customer retention and customer share development over time. The author develops a conceptual model examining how affective commitment, satisfaction, payment equity, loyalty programs, and direct mailings impact both customer retention and customer share development. The author hypothesizes that affective commitment and loyalty programs positively impact both outcomes, while direct mailings primarily influence customer share development. The study uses longitudinal data from a financial services company to test these hypotheses.
The document discusses a study investigating the differential effects of customer relationship perceptions (CRPs) and relationship marketing instruments (RMIs) on customer retention and customer share development over time. The author develops a conceptual model examining how affective commitment, satisfaction, payment equity, loyalty programs, and direct mailings impact both customer retention and customer share development. The author hypothesizes that affective commitment and loyalty programs positively impact both outcomes, while direct mailings primarily influence customer share development. The study uses longitudinal data from a financial services company to test these hypotheses.
A Model of Manufacturer-Driven Governing Mechanisms and Distributor PerformanceRuss Merz, Ph.D.
Drawing from relational exchange, dependence, and agency theories the authors explain that it is not only the type of governing mechanisms but also the proper sequencing of them that improves a manufacturer-distributor relationship and performance. Dependence affected relationship continuity positively. Monitoring affected the second order relational norm construct, comprising information sharing and flexibility, positively. Relational norm positively affected relationship continuity. Dependence, relationship continuity, monitoring, and relational norm affected distributor performance positively.
- The document reviews past research on the effects of advertising through meta-analyses and adds new results from a meta-analysis of 397 studies from 2001-2010 on CPG and beauty products.
- Prior research found average short-term advertising elasticities of 0.1-0.15 but results varied by product category and maturity. Long-term elasticities were estimated at 0.24-0.41.
- The new meta-analysis found average incremental profits from all media of €120-200 million and that returns were highest when TV or print spending was over 30% but not both. TV elasticity increased with higher spending levels.
- The conclusions were that more data access is needed rather than more meta
This document summarizes a research paper that analyzes supermarket pricing strategies. The paper uses a unique store-level dataset to estimate a discrete choice model of pricing strategy selection as a static game. The model addresses three questions: 1) How do local demographics influence strategy choice? 2) Do some chains have advantages for certain strategies? 3) How do firms react to rival strategies? The key finding is that firms tend to choose strategies that match their rivals rather than differentiate, contradicting theories viewing pricing strategy as differentiation.
This document examines how different price promotion methods affect consumer perceptions and purchase intentions. It hypothesizes that unbundled promotions, which separate discounts, will be viewed more favorably than bundled promotions providing the same total discount. It also hypothesizes that framing promotions as "free options" will be perceived most positively, followed by conventional discounts, with rebates viewed least favorably due to the time and effort required to redeem them. The document reviews relevant literature on prospect theory and framing to provide a framework for understanding how bundling and framing of discounts impact transaction value, reference prices, and consumer evaluations.
C3 impact of target marketing on advertising attitudes[1]SNSPA, Bucharest
This study examines the impact of target marketing on both the intended target audience and unintended "nontarget" audience. Three experiments show that target marketing can have unfavorable effects on nondistinctive groups in the nontarget market, such as Caucasian or heterosexual individuals, whereas distinctive groups in the target market, such as African American or homosexual individuals, respond more favorably. Experiment 2 demonstrates that feelings of similarity or targetedness influence these effects differently for distinctive versus nondistinctive groups. Experiment 3 shows these feelings are associated with the psychological processes of identification and internalization. The findings have implications for understanding the effects of distinctiveness in persuasion and potential social impacts of target marketing.
This document summarizes a research paper that analyzes decentralized supply chains with competing retailers under demand uncertainty. It investigates what types of contractual arrangements between suppliers and retailers are needed for the decentralized chain to perform as well as a centralized one. The document outlines models of supply chains with single and multiple non-competing retailers, and indicates that coordination can be achieved through linear price discount sharing schemes between the supplier and retailers. It also discusses models of supply chains with competing retailers and the additional complexities around coordination that arise from retailers' prices impacting each other's demands and profits.
The document summarizes a meta-analysis of over 1,000 estimates of short-term and long-term advertising elasticity from 56 studies published between 1960 and 2008. Some of the key findings include: the average short-term advertising elasticity is 0.12, lower than the prior estimate of 0.22; advertising elasticity has declined over time; and elasticity is higher for durable goods, early in a product's lifecycle, when using yearly vs. quarterly data, and when measured in gross rating points vs. monetary terms. The average long-term elasticity is 0.24, lower than the prior implied average of 0.41. The study provides new generalizations about how advertising effectiveness has changed over
This document summarizes key findings from research on how sales promotions work. It identifies three main empirical generalizations supported by multiple studies:
1) Temporary retail price reductions substantially increase short-term sales.
2) Higher market share brands are less responsive to promotions and have lower "deal elasticities".
3) Deeper price cuts and more frequent promotions generate greater sales responses than shallow discounts or infrequent deals.
The document also discusses topics that have generated inconsistent findings and important areas in need of further research. It aims to synthesize what is known about how promotions impact consumer purchase behavior based on existing academic literature.
Probabilistic selling is a marketing strategy that multi-item vendors provide to consumers, presenting
discounted options through acceptance of uncertain risks with random selections from sets of multiple distinct
items. However, past studies of this strategy assume a no return policy since returned items shift part of the
mentioned uncertain risk to the retailer. Because returns are a common business practice and an important
coordination tool in supply chains, this research identifies the impacts of a return policy on the efficacy of
probabilistic selling models
This document discusses world market segmentation and brand positioning strategies. It examines the relationship between bases of segmentation (e.g. macro-level like geography and economics or micro-level like lifestyle) and strategic brand positioning options. The research included two studies - a survey of segmentation decision makers and a panel of international marketing experts who evaluated top global brands. The results showed that hybrid segmentation bases are related to global positioning, micro-level bases relate to multi-local positioning, and macro-level bases do not relate significantly to positioning strategies. Perceived similarities in targeting world segments were also associated with perceived harmonization in brand positioning strategies.
This document discusses measuring the upselling potential of life insurance customers using a stochastic frontier model. It proposes that upselling potential should account for the insurer's selling inefficiency, not just changes to customer demographics. The model is applied to data from 5,000 customers of a life insurer. Key findings include:
- The model estimates the maximum premium each customer could provide (the frontier) and the inefficiency of the insurer's selling efforts (ui).
- Upselling scores are calculated based on how much more each customer could potentially purchase compared to their actual premium.
- The analysis found the insurer could have sold an additional 25% in premiums for over half of its customers by reducing selling inefficiency.
This document discusses three types of preference vectors that can be derived from preference data: aggregate, segment-specific, and differential. Aggregate vectors represent overall preferences, segment-specific vectors represent preferences of particular customer segments, and differential vectors indicate areas of greatest difference in preferences between customer segments. These three vectors correspond to strategies of undifferentiated marketing, differentiated/concentrated marketing, and product-oriented selling, respectively. The document illustrates these concepts using data from a study of preferences for jazz musicians among radio listeners, analyzing preference patterns and deriving preference vectors to provide strategic insights for a jazz radio station's programming decisions.
Behavioral based segmentation and marketing successAlexander Decker
This document discusses behavioral-based segmentation and its relationship to marketing success. It examines segmenting markets based on benefits sought, usage rates, and loyalty status. The author develops hypotheses that segmenting based on these behavioral dimensions will positively impact marketing success measures like customer satisfaction, sales growth, and profitability. Demo-psychographic factors like social class and family lifecycle are also hypothesized to moderate the effects of behavioral segmentation on marketing success. The study aims to test these hypotheses regarding behavioral segmentation strategies in the fast food industry.
A conceptual framework for customer value within a distribution systemfredrickaila
This document provides a conceptual framework for understanding customer value within a distribution system. It proposes that customer value in a distribution system can be conceptualized as the interactions among several key factors: customer service, order cycle time, inventory levels, warehouse locations, transportation methods, and customer complaints. The framework suggests linear relationships between these factors and hypothesizes that higher levels of customer service, shorter order cycle times, and fewer complaints will lead to higher perceived customer value. The conceptual model is intended to help managers design distribution strategies focused on maximizing customer value.
1. The Office of Fair Trading commissioned this study to determine if the UK competition authorities need a different approach when assessing competition issues in retailing.
2. The study finds that competition problems are likely more prevalent in retailing due to its economic characteristics, but that the differences are a matter of degree rather than exclusive to retailing. As such, general competition methodologies can still be applied to retailing with some modifications.
3. The report recommends that competition inquiries in retailing start with identifying the key issues, examine demand and supply factors, ensure market definition clarifies the competition issue and separately identifies the retailer market, and refine approaches to vertical restraints regarding retailers' role in establishing them.
The document discusses market concentration and concentration ratios. It defines a concentration ratio as the proportion of market share accounted for by the top X number of firms. For example, a 5 firm concentration ratio of 80% means the top 5 firms account for 80% of the market share. A 3 firm concentration ratio of 72% means the top 3 firms account for 72% of the market share. The document also lists background readings and learning objectives for students to interpret the meaning of concentration ratios.
1999 marketing models of consumer jrnl of econ[1]Eman Abbas
This document discusses approaches to modeling consumer heterogeneity in marketing applications. It summarizes 1) the importance of understanding heterogeneity in consumer preferences for marketing activities like pricing and product design, 2) differences between marketing and econometrics approaches to modeling heterogeneity, with marketing emphasizing individual differences and econometrics regarding heterogeneity as a nuisance, and 3) contrasts between discrete and continuous random coefficient models for capturing heterogeneity, with continuous models better representing the full extent of heterogeneity.
Brennan, Niamh M., Daly, Caroline A. and Harrington, Claire S. [2010] Rhetori...Prof Niamh M. Brennan
This exploratory study extends the analysis of narrative disclosures from routine reporting contexts such as annual reports and press releases to non-routine takeover documents where the financial consequences of narrative disclosures can be substantial. Rhetoric and argument in the form of impression management techniques in narrative disclosures are examined. Prior thematic content analysis methods for analysing good and bad news disclosures are adapted to the attacking and defensive themes in the defence documents of target companies subject to hostile takeover bids. The paper examines the incidence, extent and implications of impression management in ten hostile takeover defence documents issued by target companies listed on the London Stock Exchange between 1 January 2006 and 30 June 2008. Three impression management strategies – thematic, visual and rhetorical manipulation – are investigated using content analysis methodologies. The findings of the research indicate that thematic, visual and rhetorical manipulation is evident in hostile takeover defence documents. Attacking and defensive sentences were found to comprise the majority of the defence documents analysed. Such sentences exhibited varying degrees of visual and rhetorical emphasis, which served to award greater or lesser degrees of prominence to the information conveyed by target company management.
While exploratory in nature, this paper concludes with suggestions for future more systematic research allowing for greater generalisations from the findings.
This document provides an introduction and overview of price discrimination. It discusses three main reasons why competition policy may be concerned with price discrimination: 1) it can exploit consumers if used by a dominant firm, 2) it can prevent a single market from forming across regions, and 3) it can be used to exclude actual or potential rivals. The document outlines different forms of price discrimination, including third-degree, first-degree, quantity discounts, and bundling discounts. It aims to explain the economic motives for price discrimination and when it has adverse or beneficial effects on consumers, rivals, and welfare.
This study examined how consumers perceive value from retail sale advertisements based on different price presentation formats. A large experiment tested how the size of sale discounts and the method of presenting sale information (e.g. showing regular price and sale price vs just sale price) influenced consumers' perceptions of savings, value, and offer acceptability. The size of discounts significantly impacted perceptions, with larger discounts resulting in greater perceived savings and value. The method of presenting information also significantly influenced perceptions, with formats including regular price and dollar amount off producing the highest responses.
Marketing Experiment - Part II: Analysis Minha Hwang
This document outlines an experiment conducted for a marketing research class. It discusses different types of experimental designs, including between-subjects and within-subjects designs. It also covers the trade-offs between field and lab experiments. Finally, it provides an overview of statistical analysis techniques like ANOVA and regression that can be used to analyze experimental data, including an example experiment involving different advertising themes and price levels.
This document discusses cross-subsidization in regulated industries. It begins by providing context on the topic, noting a 1975 paper that was influential in establishing definitions and analyzing various aspects of cross-subsidies. The document then examines conditions that facilitate cross-subsidization, particularly regulated monopolies. It identifies incentives regulators and regulated firms have to allow cross-subsidies. Next, the document outlines two common tests - stand-alone cost and incremental cost tests - used to identify cross-subsidized prices. It concludes by discussing some inefficient consequences of cross-subsidization, including unfairness to consumers, allocative inefficiency in regulated markets, and potential productive inefficiency in unregulated markets.
The document discusses various tools for developing adaptive scenarios, including PESTEL analysis and value chain analysis. PESTEL analysis examines political, economic, social, technological, environmental, and legal factors that may impact a business. Value chain analysis breaks down a business into primary and support activities to identify areas for competitive advantage through cost leadership or differentiation. The document also discusses Porter's generic strategies of cost leadership, differentiation, and focus, which involve targeting the entire market with low prices, unique attributes, or specific segments respectively.
Poster: Re-intermediation and Pricing Strategies inTourism - Niche Strategies...Malgorzata Ogonowska
This document discusses re-intermediation and pricing strategies in the tourism industry. It analyzes niche strategies used by new market actors, including opaque selling models where service characteristics are concealed until payment. The methodology involves analyzing heterogeneous demand and information asymmetry between intermediaries and consumers. The analysis considers whether an intermediary can profitably implement both name-your-own-price and posted price opaque channels jointly. The anticipated results include support for dynamic pricing models and that jointly implementing both opaque channels may be best under moderate uncertainty levels.
Predicting future sales is intended to control the number of existing stock, so the lack or excess stock can be minimized. When the number of sales can be accurately predicted, then the fulfillment of consumer demand can be prepared in a timely and cooperation with the supplier company can be maintained properly so that the company can avoid losing sales and customers. This study aims to propose a model to predict the sales quantity (multi-products) by adopting the Recency-Frequency-Monetary (RFM) concept and Fuzzy Analytic Hierarchy Process (FAHP) method. The measurement of sales prediction accuracy in this study using a standard measurement of Mean Absolute Percentage Error (MAPE), which is the most important criteria in analyzing the accuracy of the prediction. The results indicate that the average MAPE value of the model was high (3.22%), so this model can be referred to as a sales prediction model.
This document summarizes a research paper that examines using fuzzy logic to reduce the bullwhip effect in supply chains caused by rationing and shortage gaming. It first defines the bullwhip effect and describes rationing and shortage gaming as a cause. It then discusses related work applying fuzzy logic to supply chain problems. Next, it examines the impact of rationing and shortage gaming on the bullwhip effect in more detail. It provides an overview of fuzzy logic and how it can be applied to model rationing and shortage gaming using a fuzzy logic-based approach. Finally, it proposes a fuzzy system model for resolving rationing and shortage gaming issues in the supply chain.
This study examines the long-term effects of promotion and advertising on consumer brand choice behavior over an 8.25 year period using panel data. The authors aim to address whether: (1) consumers' responses to marketing mix variables like price change over time; and (2) if so, are these changes associated with changes in manufacturers' advertising and retailers' promotional policies? The authors develop hypotheses about how advertising and different types of promotions may impact consumer price sensitivity and loyalty over the long run.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
The document summarizes a meta-analysis of over 1,000 estimates of short-term and long-term advertising elasticity from 56 studies published between 1960 and 2008. Some of the key findings include: the average short-term advertising elasticity is 0.12, lower than the prior estimate of 0.22; advertising elasticity has declined over time; and elasticity is higher for durable goods, early in a product's lifecycle, when using yearly vs. quarterly data, and when measured in gross rating points vs. monetary terms. The average long-term elasticity is 0.24, lower than the prior implied average of 0.41. The study provides new generalizations about how advertising effectiveness has changed over
This document summarizes key findings from research on how sales promotions work. It identifies three main empirical generalizations supported by multiple studies:
1) Temporary retail price reductions substantially increase short-term sales.
2) Higher market share brands are less responsive to promotions and have lower "deal elasticities".
3) Deeper price cuts and more frequent promotions generate greater sales responses than shallow discounts or infrequent deals.
The document also discusses topics that have generated inconsistent findings and important areas in need of further research. It aims to synthesize what is known about how promotions impact consumer purchase behavior based on existing academic literature.
Probabilistic selling is a marketing strategy that multi-item vendors provide to consumers, presenting
discounted options through acceptance of uncertain risks with random selections from sets of multiple distinct
items. However, past studies of this strategy assume a no return policy since returned items shift part of the
mentioned uncertain risk to the retailer. Because returns are a common business practice and an important
coordination tool in supply chains, this research identifies the impacts of a return policy on the efficacy of
probabilistic selling models
This document discusses world market segmentation and brand positioning strategies. It examines the relationship between bases of segmentation (e.g. macro-level like geography and economics or micro-level like lifestyle) and strategic brand positioning options. The research included two studies - a survey of segmentation decision makers and a panel of international marketing experts who evaluated top global brands. The results showed that hybrid segmentation bases are related to global positioning, micro-level bases relate to multi-local positioning, and macro-level bases do not relate significantly to positioning strategies. Perceived similarities in targeting world segments were also associated with perceived harmonization in brand positioning strategies.
This document discusses measuring the upselling potential of life insurance customers using a stochastic frontier model. It proposes that upselling potential should account for the insurer's selling inefficiency, not just changes to customer demographics. The model is applied to data from 5,000 customers of a life insurer. Key findings include:
- The model estimates the maximum premium each customer could provide (the frontier) and the inefficiency of the insurer's selling efforts (ui).
- Upselling scores are calculated based on how much more each customer could potentially purchase compared to their actual premium.
- The analysis found the insurer could have sold an additional 25% in premiums for over half of its customers by reducing selling inefficiency.
This document discusses three types of preference vectors that can be derived from preference data: aggregate, segment-specific, and differential. Aggregate vectors represent overall preferences, segment-specific vectors represent preferences of particular customer segments, and differential vectors indicate areas of greatest difference in preferences between customer segments. These three vectors correspond to strategies of undifferentiated marketing, differentiated/concentrated marketing, and product-oriented selling, respectively. The document illustrates these concepts using data from a study of preferences for jazz musicians among radio listeners, analyzing preference patterns and deriving preference vectors to provide strategic insights for a jazz radio station's programming decisions.
Behavioral based segmentation and marketing successAlexander Decker
This document discusses behavioral-based segmentation and its relationship to marketing success. It examines segmenting markets based on benefits sought, usage rates, and loyalty status. The author develops hypotheses that segmenting based on these behavioral dimensions will positively impact marketing success measures like customer satisfaction, sales growth, and profitability. Demo-psychographic factors like social class and family lifecycle are also hypothesized to moderate the effects of behavioral segmentation on marketing success. The study aims to test these hypotheses regarding behavioral segmentation strategies in the fast food industry.
A conceptual framework for customer value within a distribution systemfredrickaila
This document provides a conceptual framework for understanding customer value within a distribution system. It proposes that customer value in a distribution system can be conceptualized as the interactions among several key factors: customer service, order cycle time, inventory levels, warehouse locations, transportation methods, and customer complaints. The framework suggests linear relationships between these factors and hypothesizes that higher levels of customer service, shorter order cycle times, and fewer complaints will lead to higher perceived customer value. The conceptual model is intended to help managers design distribution strategies focused on maximizing customer value.
1. The Office of Fair Trading commissioned this study to determine if the UK competition authorities need a different approach when assessing competition issues in retailing.
2. The study finds that competition problems are likely more prevalent in retailing due to its economic characteristics, but that the differences are a matter of degree rather than exclusive to retailing. As such, general competition methodologies can still be applied to retailing with some modifications.
3. The report recommends that competition inquiries in retailing start with identifying the key issues, examine demand and supply factors, ensure market definition clarifies the competition issue and separately identifies the retailer market, and refine approaches to vertical restraints regarding retailers' role in establishing them.
The document discusses market concentration and concentration ratios. It defines a concentration ratio as the proportion of market share accounted for by the top X number of firms. For example, a 5 firm concentration ratio of 80% means the top 5 firms account for 80% of the market share. A 3 firm concentration ratio of 72% means the top 3 firms account for 72% of the market share. The document also lists background readings and learning objectives for students to interpret the meaning of concentration ratios.
1999 marketing models of consumer jrnl of econ[1]Eman Abbas
This document discusses approaches to modeling consumer heterogeneity in marketing applications. It summarizes 1) the importance of understanding heterogeneity in consumer preferences for marketing activities like pricing and product design, 2) differences between marketing and econometrics approaches to modeling heterogeneity, with marketing emphasizing individual differences and econometrics regarding heterogeneity as a nuisance, and 3) contrasts between discrete and continuous random coefficient models for capturing heterogeneity, with continuous models better representing the full extent of heterogeneity.
Brennan, Niamh M., Daly, Caroline A. and Harrington, Claire S. [2010] Rhetori...Prof Niamh M. Brennan
This exploratory study extends the analysis of narrative disclosures from routine reporting contexts such as annual reports and press releases to non-routine takeover documents where the financial consequences of narrative disclosures can be substantial. Rhetoric and argument in the form of impression management techniques in narrative disclosures are examined. Prior thematic content analysis methods for analysing good and bad news disclosures are adapted to the attacking and defensive themes in the defence documents of target companies subject to hostile takeover bids. The paper examines the incidence, extent and implications of impression management in ten hostile takeover defence documents issued by target companies listed on the London Stock Exchange between 1 January 2006 and 30 June 2008. Three impression management strategies – thematic, visual and rhetorical manipulation – are investigated using content analysis methodologies. The findings of the research indicate that thematic, visual and rhetorical manipulation is evident in hostile takeover defence documents. Attacking and defensive sentences were found to comprise the majority of the defence documents analysed. Such sentences exhibited varying degrees of visual and rhetorical emphasis, which served to award greater or lesser degrees of prominence to the information conveyed by target company management.
While exploratory in nature, this paper concludes with suggestions for future more systematic research allowing for greater generalisations from the findings.
This document provides an introduction and overview of price discrimination. It discusses three main reasons why competition policy may be concerned with price discrimination: 1) it can exploit consumers if used by a dominant firm, 2) it can prevent a single market from forming across regions, and 3) it can be used to exclude actual or potential rivals. The document outlines different forms of price discrimination, including third-degree, first-degree, quantity discounts, and bundling discounts. It aims to explain the economic motives for price discrimination and when it has adverse or beneficial effects on consumers, rivals, and welfare.
This study examined how consumers perceive value from retail sale advertisements based on different price presentation formats. A large experiment tested how the size of sale discounts and the method of presenting sale information (e.g. showing regular price and sale price vs just sale price) influenced consumers' perceptions of savings, value, and offer acceptability. The size of discounts significantly impacted perceptions, with larger discounts resulting in greater perceived savings and value. The method of presenting information also significantly influenced perceptions, with formats including regular price and dollar amount off producing the highest responses.
Marketing Experiment - Part II: Analysis Minha Hwang
This document outlines an experiment conducted for a marketing research class. It discusses different types of experimental designs, including between-subjects and within-subjects designs. It also covers the trade-offs between field and lab experiments. Finally, it provides an overview of statistical analysis techniques like ANOVA and regression that can be used to analyze experimental data, including an example experiment involving different advertising themes and price levels.
This document discusses cross-subsidization in regulated industries. It begins by providing context on the topic, noting a 1975 paper that was influential in establishing definitions and analyzing various aspects of cross-subsidies. The document then examines conditions that facilitate cross-subsidization, particularly regulated monopolies. It identifies incentives regulators and regulated firms have to allow cross-subsidies. Next, the document outlines two common tests - stand-alone cost and incremental cost tests - used to identify cross-subsidized prices. It concludes by discussing some inefficient consequences of cross-subsidization, including unfairness to consumers, allocative inefficiency in regulated markets, and potential productive inefficiency in unregulated markets.
The document discusses various tools for developing adaptive scenarios, including PESTEL analysis and value chain analysis. PESTEL analysis examines political, economic, social, technological, environmental, and legal factors that may impact a business. Value chain analysis breaks down a business into primary and support activities to identify areas for competitive advantage through cost leadership or differentiation. The document also discusses Porter's generic strategies of cost leadership, differentiation, and focus, which involve targeting the entire market with low prices, unique attributes, or specific segments respectively.
Poster: Re-intermediation and Pricing Strategies inTourism - Niche Strategies...Malgorzata Ogonowska
This document discusses re-intermediation and pricing strategies in the tourism industry. It analyzes niche strategies used by new market actors, including opaque selling models where service characteristics are concealed until payment. The methodology involves analyzing heterogeneous demand and information asymmetry between intermediaries and consumers. The analysis considers whether an intermediary can profitably implement both name-your-own-price and posted price opaque channels jointly. The anticipated results include support for dynamic pricing models and that jointly implementing both opaque channels may be best under moderate uncertainty levels.
Predicting future sales is intended to control the number of existing stock, so the lack or excess stock can be minimized. When the number of sales can be accurately predicted, then the fulfillment of consumer demand can be prepared in a timely and cooperation with the supplier company can be maintained properly so that the company can avoid losing sales and customers. This study aims to propose a model to predict the sales quantity (multi-products) by adopting the Recency-Frequency-Monetary (RFM) concept and Fuzzy Analytic Hierarchy Process (FAHP) method. The measurement of sales prediction accuracy in this study using a standard measurement of Mean Absolute Percentage Error (MAPE), which is the most important criteria in analyzing the accuracy of the prediction. The results indicate that the average MAPE value of the model was high (3.22%), so this model can be referred to as a sales prediction model.
This document summarizes a research paper that examines using fuzzy logic to reduce the bullwhip effect in supply chains caused by rationing and shortage gaming. It first defines the bullwhip effect and describes rationing and shortage gaming as a cause. It then discusses related work applying fuzzy logic to supply chain problems. Next, it examines the impact of rationing and shortage gaming on the bullwhip effect in more detail. It provides an overview of fuzzy logic and how it can be applied to model rationing and shortage gaming using a fuzzy logic-based approach. Finally, it proposes a fuzzy system model for resolving rationing and shortage gaming issues in the supply chain.
This study examines the long-term effects of promotion and advertising on consumer brand choice behavior over an 8.25 year period using panel data. The authors aim to address whether: (1) consumers' responses to marketing mix variables like price change over time; and (2) if so, are these changes associated with changes in manufacturers' advertising and retailers' promotional policies? The authors develop hypotheses about how advertising and different types of promotions may impact consumer price sensitivity and loyalty over the long run.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
DATA OUTPUT.docx
GRAPHS FOR QUESTION ONE
MONTHLY STOCK RETURNS
SCATTERPLOT PLUS REGRESSION LINE
TABLE FOR QUESTION TWO (REGRESSION OUTPUT FOR MODEL ONE)
GRAPHS FOR QUESTION THREE
TABLES AND FIGURES FOR QUESTION TWO WHICH REQUIRES USE OF DIAGNOSTIC TOOLS
1.TEST FOR NORMALITY
2.HETEROSKEDASTICTY TEST USING THE WHITE METHOD
3.TEST FOR SERIAL CORRELATION USING LM TEST
USING HAC METHOD TO CORRECT HETEROSKEDASTICITY AND SERIAL CORRELATION (FIXING THE ERRORS)
QUESTION 5-USING CHOW TEST TO TEST WHETHER THE FINANCIAL CRISIS AFFECTED THE RELATIONSHIP
QUESTION 6-REGRESSION OUTPUT FOR MODEL 2
QUESTION 7: WALD TEST FOR TESTING JOINT HYPOTHESIS
-.3
-.2
-.1
.0
.1
.2
.3
-.3
-.2
-.1
.0
.1
.2
.3
808284868890929496980002040608
ResidualActualFitted
0
20
40
60
80
100
808284868890929496980002040608
General Dynamics Corp S
0
4
8
12
16
20
808284868890929496980002040608
Federal Funds Rate (Effective) FED
-.3
-.2
-.1
.0
.1
.2
.3
808284868890929496980002040608
NRSt
PROFESSOR'S COMMENTS.docx
1. In question 2, the model requires you to use the monthly stock returns to do the regression. By contrast, it is evident that you have used nominal stock prices instead of returns. This is totally wrong. You have not even made reference to the Discounted Cash flow model
2. In question 3 you are required to plot the actual values, the fitted values (predicted values) and the residuals and comment on model fitting. I am afraid that it apparently appears that you have not done so
3. You have not answered question four
4. You have not answered question five
5. Where is the answers for questions 6 and 7. To be precise the test for joint hypothesis required in question 7 is not shown and the outcome and the conclusions there in.
ECONOMETRICS ASSIGNMENT.pdf
INSTRUCTIONS
Word Limit 2500 words (excluding appendix and reference list)
Refer to the Journal Article Attached in the email as a guide on how to report
the results of the data analysis.
E-VIEWS is the preferred software for data analysis but if you are not
conversant with it you can use STATA or SPSS.
The deadline for this assignment is midday 21
st
,November 2016.
1
You have been allocated monthly time-series data for the United States
over the period January 1980-December 2009. The data refer to the following
variables:
S :the nominal stock price of a given company;
FED :the nominal short-term interest rate, measured by the effective federal
funds ratea (yields in percentage per annum);
IP :the level of industrial production.
Let NSRt be the monthly stock returns of the assigned company. Consider
the following regression model:
NSRt = β1 + β2 · FEDt + ut, (1)
where FEDt is assumed to be a stationary series.
1. Report the time series plots of the series and the scatter plot. Comment
on the graphs. [10%]
2. Use Ordinary Least Squares (OLS) to estimat.
Does Current Advertising Cause Future Sales?Trieu Nguyen
findings from a large-scale field experiment that allows us to study whether
there is a causal relationship between current advertising and future sales. The
experimental design overcomes limitations that have affected previous investigations of
this issue. We find that current advertising does affect future sales but the sign of the
effect varies depending on the customers targeted. For the firm’s best customers the
long-run effect of increases in current advertising is actually negative, while for other
customers the effect is positive. We argue that these outcomes reflect two competing
effects: brand-switching and inter-temporal substitution. Furthermore, our data suggest a way to distinguish between the informative and persuasive roles of advertising, providing insight into the mechanism by which advertising differentially affects various customer subsets
- The document reviews past research on the effects of advertising through meta-analyses and adds new results from a meta-analysis of 397 studies from 2001-2010 on CPG and beauty products.
- Prior research found average short-term advertising elasticities of 0.1-0.15 but results varied by product category and maturity. Long-term elasticities were estimated at 0.24-0.41.
- The new meta-analysis found that returns to advertising were highest when TV or print spending was over 30% of the total but not both, and adding online spending over 10% improved returns when combined with TV over 30%.
This document provides an introduction to econometrics and how it can be used to measure the impact of marketing communications. Econometrics uses data and statistical techniques to separate out and quantify the effects of different factors, such as advertising, on sales. It can measure the short and medium-term impact of campaigns, compare effects of different campaigns, and evaluate efficiency. The document explains what econometrics is and its applications, how econometric models are developed, and provides guidance on commissioning, evaluating, and using econometric analysis.
Statistics applied to the interdisciplinary areas of marketingCarol Hargreaves
Optimising price and marketing mix.
Concept of learning. When an account/product has too little sales data, bayesian shrinkage allows us to borrow information from other accounts.
Deals with outliers, by shrinking estimates towards each other.
Allows one hierarchical model instead of multiple models.
More robust, stable estimates with significant regional and account variation in estimates that cannot be done in a classical linear model.
Provides price elasticity measure that shows the impact of price changes on volume
This document summarizes a system dynamics model that examines the profitability of "ready-to-eat" strategies in a fresh produce supply chain. The model integrates factors related to quality management, consumer science, and chain management to explore how positioning produce as ready-to-eat can create value for retailers, traders and growers. While quantitative, the model is intended to support strategic discussions by making implicit assumptions explicit. It shows how collaboration that addresses factors beyond price, such as ready-to-eat positioning and cost sharing, can optimize total chain profit and individual profits.
International Journal of Business and Management Invention (IJBMI)inventionjournals
The document discusses switching costs and their role in achieving sustained competitive advantage. It begins by defining switching costs and outlining the mainstream economic explanation for how switching costs affect firm strategies and market outcomes. However, the economic explanation is limited in fully explaining real-world phenomena. The document then proposes an alternative "competitive advantage theory" of switching costs. This theory posits that firms aim for value maximization rather than just profit maximization. It also distinguishes between high and low inertia consumers and allows for irrational consumer choice and cooperation between firms. The theory argues this framework better explains strategies like rewarding loyal customers and some firms' ability to achieve long-term competitive advantage.
A review on paper by Linli Xu, Kenneth C. Wilbur, S. Siddharth,
Jorge M. Silva-Risso,2014
Paper Link:
https://kennethcwilbur.github.io/website//xwss%20mns%202014%20price%20ads%20by%20manufacturers%20and%20dealers.pdf
This document presents a valuation model for money-back guarantees (MBG) using a real-options approach. It defines the perceived post-purchase product value as a stochastic process and values the MBG as a put option. A 2x2x2 factorial experiment is conducted to examine the effects of price, perceived risk, and consumer risk aversion on MBG value. The empirical results support the theoretical model. The study provides retailers a way to understand consumer value of MBGs in different situations and improve MBG pricing strategies.
This document summarizes Ford's process for developing international advertising strategies. Ford divides markets into segments by country and studies consumer preferences and perceptions in each country. They develop advertising strategies that emphasize key attributes for each market. Strategies are tested using a decision model to predict their effectiveness. The best performing strategies are selected for each country, allowing strategies to vary by market while maintaining common elements across countries. An example using Ford Granada launch data from several European countries illustrates how preferences and perceptions varied between markets, informing the development of customized strategies per country.
This document summarizes a theoretical analysis of defensive marketing strategy through customer complaint management. The analysis develops an economic model showing that maximizing customer complaints, subject to cost constraints, can increase market share and reduce expenditures on offensive marketing. It is shown that complaint management allows firms to lower the total cost of marketing by reducing the cost of advertising, even if complaint resolution costs exceed product profits. Effective complaint handling strengthens brand loyalty and improves customer retention compared to firms that do not encourage customer feedback.
Setting the boundaries for social LCA in comparison with environmental LCA, E...Vincent Lagarde
Social LCA can help decision makers compare the social impacts of product life cycles and make informed choices between options. However, traditional models for analyzing industries and value chains only consider direct vertical relationships and do not fully capture indirect impacts. To address this, the document proposes using the strategic arena concept combined with a cutoff criteria to establish boundaries. The strategic arena brings together competitors, suppliers, customers, and substitutes contributing to the same customer need. This allows analysis of interdependent firms and how their actions and reactions impact social value creation for stakeholders.
Over- or underestimating sales is detrimental to marketing and sales efforts as well as
inventories and cash flow management. Thus the purpose of this investigation is to evaluate the forecasting
accuracy of three competing multivariate time-series models that take into account existing
Multi-market models allow estimation of policy impacts through a system of supply and demand equations for closely linked markets. They capture direct effects as well as indirect effects through price and quantity changes in these markets. This provides a more accurate assessment than single-market models or general equilibrium models, which model all markets. The method requires data on income, prices, and consumption to parameterize demand and supply and model how policy changes propagate through the selected markets. It has been applied particularly to agricultural policies where food markets are linked. However, multi-market models only consider indirect effects in the modeled markets and ignore linkages elsewhere.
This document proposes a methodology for real-time evaluation of email marketing campaigns using a split-hazard model. The model uses a concept called "virtual time" to account for variations in customer responses throughout the day. The model is tested on data from 25 email campaigns sent by an entertainment company. The results show the model can produce accurate predictions of campaign performance within 90 minutes, much faster than traditional methods requiring 14 hours. The fast evaluation allows timely decisions on improving underperforming campaigns or cancelling those that do not meet response thresholds.
The structural model of the effects of marketing mix elements on brand equity is defined in line with the existing theoretical findings. Research hypotheses are defined according to the identified structural model. In order to test the defined structural model and research hypotheses empirical research was conducted on the sample of undergraduate students of the Faculty of Economics and Business in Zagreb. Research results indicate that the structural model has an acceptable level of fit to the empirical data. The estimated structural coefficients and indirect effect coefficients indicate the direction and intensity of effects of each analysed element of marketing mix on brand equity. Finally, implications of research results for the theory and practice of brand management are analysed and discussed.
This chapter discusses competitive rivalry and competitive dynamics. It presents a model of competitive rivalry that includes competitor analysis, drivers of competitive behavior, interim rivalry, and outcomes. Market commonality, which is the number of shared markets between competitors, and resource similarity are described as important factors for competitor analysis. The chapter also examines how competitive dynamics are affected by factors such as the likelihood of competitive actions and responses, organizational characteristics, and the type of market in terms of its cycle.
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