Managerial Communication
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This document summarizes an article about understanding the psychology of new product adoption. It discusses how consumers irrationally overvalue old products and companies irrationally overvalue new innovations. It presents a behavioral framework involving new products/technologies, consumers who must adopt them, and the companies designing them. It also discusses balancing product improvements with required behavior changes, accepting resistance to change, and ways to minimize resistance such as seeking early adopters, making products compatible with existing behaviors, and continuously improving products.
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Can Product ReturnsMake You MoneyS P R I N G 2 0 1 0 .docx
Can Product Returns
Make You Money?
S P R I N G 2 0 1 0 V O L . 5 1 N O . 3
R E P R I N T N U M B E R 5 1 3 1 6
J. Andrew Petersen and V. Kumar
SLOANREVIEW.MIT.EDU SPRING 2010 MIT SLOAN MANAGEMENT REVIEW 85
After a certain threshold, a customer’s rate of product
returns actually correlates to an increase in the amount
of his or her future purchases.
C U S T O M E R S E R V I C E
MANY COMPANIES SEE customers’ product returns as a major inconvenience and an eroder
of profits. After all, product returns cost manufacturers and retailers more than $100 billion per
year, or an average loss per company of about 3.8% in profit.1 The electronics industry alone spends
some $14 billion annually on product returns through reboxing, restocking and reselling. And be-
cause only about 5% of products are returned as a result of defects, it appears that product returns
will remain an inevitable part of the customer-company relationship even as manufacturing con-
tinues to improve product quality.
For some companies, the solution has been to create product-return disincentives, such as lim-
ited time frames for returns (say, within 30 days after purchase), product customization that allows
returns only when the product is defective, and
nonrefundable purchase costs (shipping costs
or restocking fees, for example). But are these
practices, which reduce the costs and frequen-
cies of product returns, ideal for the bottom
line? Despite the company’s handling costs and
its revenues lost from refunds, the customer’s
ability to return products may have a positive
effect on his or her future purchases and actu-
ally increase long-term profits.
Several recent studies have in fact begun illu-
minating the potential benefits of allowing
customers to return products with impunity. This
research finds that when a company has a lenient
product-return policy, which allows customers to
return almost any product at any time, they are
more willing to make other purchases.2 The
knowledge that they can return a product reduces
the risk customers might perceive in purchas-
ing it in the first place. The studies also find that a
Marketers and sellers hate product returns, but smart
companies aren’t passively accepting them as bitter pills
to be swallowed. They’re managing product-return
policies to maximize future profits.
BY J. ANDREW PETERSEN AND V. KUMAR
Can Product Returns
Make You Money? THE LEADING QUESTION
How can
marketers
manage
product-return
policies to
maximize
future profits?
FINDINGS
Marketers can
target and manage
customers by taking
information about
both their purchase
and return behaviors
into account.
Lenient product-
return policies yield
more profits than
strict product-return
policies.
Managing product
returns in an optimal
way increases profits
even during tougher
economic times.
www.sloanreview.mit.edu
86 MIT SLOAN MANAGEMENT REVIEW SPRING 2010.
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Can Product ReturnsMake You MoneyS P R I N G 2 0 1 0 .docx
Can Product Returns
Make You Money?
S P R I N G 2 0 1 0 V O L . 5 1 N O . 3
R E P R I N T N U M B E R 5 1 3 1 6
J. Andrew Petersen and V. Kumar
SLOANREVIEW.MIT.EDU SPRING 2010 MIT SLOAN MANAGEMENT REVIEW 85
After a certain threshold, a customer’s rate of product
returns actually correlates to an increase in the amount
of his or her future purchases.
C U S T O M E R S E R V I C E
MANY COMPANIES SEE customers’ product returns as a major inconvenience and an eroder
of profits. After all, product returns cost manufacturers and retailers more than $100 billion per
year, or an average loss per company of about 3.8% in profit.1 The electronics industry alone spends
some $14 billion annually on product returns through reboxing, restocking and reselling. And be-
cause only about 5% of products are returned as a result of defects, it appears that product returns
will remain an inevitable part of the customer-company relationship even as manufacturing con-
tinues to improve product quality.
For some companies, the solution has been to create product-return disincentives, such as lim-
ited time frames for returns (say, within 30 days after purchase), product customization that allows
returns only when the product is defective, and
nonrefundable purchase costs (shipping costs
or restocking fees, for example). But are these
practices, which reduce the costs and frequen-
cies of product returns, ideal for the bottom
line? Despite the company’s handling costs and
its revenues lost from refunds, the customer’s
ability to return products may have a positive
effect on his or her future purchases and actu-
ally increase long-term profits.
Several recent studies have in fact begun illu-
minating the potential benefits of allowing
customers to return products with impunity. This
research finds that when a company has a lenient
product-return policy, which allows customers to
return almost any product at any time, they are
more willing to make other purchases.2 The
knowledge that they can return a product reduces
the risk customers might perceive in purchas-
ing it in the first place. The studies also find that a
Marketers and sellers hate product returns, but smart
companies aren’t passively accepting them as bitter pills
to be swallowed. They’re managing product-return
policies to maximize future profits.
BY J. ANDREW PETERSEN AND V. KUMAR
Can Product Returns
Make You Money? THE LEADING QUESTION
How can
marketers
manage
product-return
policies to
maximize
future profits?
FINDINGS
Marketers can
target and manage
customers by taking
information about
both their purchase
and return behaviors
into account.
Lenient product-
return policies yield
more profits than
strict product-return
policies.
Managing product
returns in an optimal
way increases profits
even during tougher
economic times.
www.sloanreview.mit.edu
86 MIT SLOAN MANAGEMENT REVIEW SPRING 2010.
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This document provides information about a project report on customer preferences for choosing Big Bazaar store located in RTC X Roads, Hyderabad. It includes chapters on introduction, methodology, company profile, data analysis and interpretation, findings, conclusions and suggestions. The methodology chapter describes the research design, objectives, scope, sources of data collection and limitations of the study. The company profile chapter provides details on the Indian retail industry, history of retailing in India and key players in the sector such as Big Bazaar, Cafe Coffee Day, Reliance Fresh etc. It also discusses the growth and future of organized retail in India.
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This is part 2 of my Java Learning Journey. This contains Hashing, ArrayList, LinkedList, Date and Time Classes, Calendar Class and more.
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Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
DRUGS AND ITS classification slide share
Any substance (other than food) that is used to prevent, diagnose, treat, or relieve symptoms of a
disease or abnormal condition
Chapter 4 - Islamic Financial Institutions in Malaysia.pptx
Chapter 4 - Islamic Financial Institutions in Malaysia.pptxMohd Adib Abd Muin, Senior Lecturer at Universiti Utara Malaysia
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
ANATOMY AND BIOMECHANICS OF HIP JOINT.pdf
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
BBR 2024 Summer Sessions Interview Training
Qualitative research interview training by Professor Katrina Pritchard and Dr Helen Williams
Digital Artifact 1 - 10VCD Environments Unit
Digital Artifact 1 - 10VCD Environments Unit - NGV Pavilion Concept Design
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
How to Setup Warehouse & Location in Odoo 17 Inventory
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
The History of Stoke Newington Street Names
Presented at the Stoke Newington Literary Festival on 9th June 2024
www.StokeNewingtonHistory.com
Pollock and Snow "DEIA in the Scholarly Landscape, Session One: Setting Expec...
Pollock and Snow "DEIA in the Scholarly Landscape, Session One: Setting Expec...National Information Standards Organization (NISO)
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.Azure Interview Questions and Answers PDF By ScholarHat
Azure Interview Questions and Answers PDF By ScholarHat
clinical examination of hip joint (1).pdf
described clinical examination all orthopeadic conditions .
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The simplified electron and muon model, Oscillating Spacetime: The Foundation...
The simplified electron and muon model, Oscillating Spacetime: The Foundation...
Liberal Approach to the Study of Indian Politics.pdf
Liberal Approach to the Study of Indian Politics.pdf
Chapter 4 - Islamic Financial Institutions in Malaysia.pptx
Chapter 4 - Islamic Financial Institutions in Malaysia.pptx
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Azure Interview Questions and Answers PDF By ScholarHat
Azure Interview Questions and Answers PDF By ScholarHat
Managerial Communication
- 1. NISHIDH VILAS LAD – 2013176 NITESH BERIWAL – 2013177 NITESH SINGH PATEL – 2013178 NITIN BORATWAR – 2013179 NITIN KUMAR SHUKLA – 2013180 NOOPUR MANDHYAN - 2013181 EAGER SELLERS STONY BUYERS: Understanding the Psychology of New-Product Adoption Many innovations fail because consumers irrationally overvalue the old and companies irrationally overvalue the new By JOHNT. GOURVILLE Text Reference: Source: Harvard Business Review
- 2. Learning Objectives Introduction Psychology of gains and losses Building a behavioural framework Balancing products and behaviour changes Accepting resistance Minimising resistance
- 3. Potentially Successful? Webvan Online Grocery business Segway Scooters Colgate’s kitchen entrees DIVX
- 4. Questions Consumer’s perspective Producer’s perspective
- 5. The Psychology of Gains and Losses Subjective or perceived value rather than objective Evaluation relative to a reference point Improvement as gains and shortcomings as losses Loss aversion
- 8. Building a behavioral framework It is built around 3 entities: BUILDING A BEHAVIOURAL FRAMEWORK NEW PRODUCT OR TECHNOLOGY CHANGE CONSUMER WHO MUST ADOPT IT COMPANY THAT DESIGNS IT
- 9. Innovation and behaviour change
- 10. BALANCING PRODUCT AND BEHAVIOR CHANGES 1.Easy Sells 2.Sure Failures 3.Long hauls 4.Smash hits
- 11. BALANCING PRODUCT AND BEHAVIOR CHANGES
- 12. Accepting Resistance Be Patient: Strive for 10x Improvement:
- 13. Contd. Eliminate the Old: Seek out the Unendowed:
- 14. MINIMIZING RESISTANCE Difficult to get 10X Improvements Make behaviorally compatible products Find believers
- 15. The Toyota Way of Minimizing Resistance
- 16. Apache RTR 180 & It’s Mudguard Innovation
- 17. Conclusion Businesses need to understand the psyche of consumers Quick response to consumer behavior Without it, the innovations will continue to fail