Price Matching Strategy
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Price Matching Strategy
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Author : Arcan Nalca
language : en
Publisher:
Release Date : 2018
Price Matching Strategy written by Arcan Nalca and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Price matching has become a ubiquitous strategy for retailers both in product and service industries, especially with the growing ease of checking prices online. With this strategy, retailers promise not to be undersold and match competitor's lower price (if any). Price-sensitive consumers tend to be happy with this since they potentially can get the lowest price at their "favourite" retailer. A relatively under-researched topic in this context is the fact that this price convenience normally comes with a number of conditions.We analyze two of the most common ones - the product must be available at the lower priced retailer (availability condition) and the price match extends only to a competing retailer and not to a direct-to-consumer manufacturer (channel condition) - and investigate their implications for the channel and consumers. We show that if consumers consider the fact that they might be denied the price matching benefit based on verification of availability at the competitor's location while making a purchase decision, then they will benefit from a lower price by increasing the competition between the retailers; on the other hand, not considering this fact would allow the retailers to price discriminate and might harm consumers. As regards channel structure, we prove that if the upstream partner has the power to set the wholesale price, then it does not make sense for a retail channel to price match with a manufacturer selling directly to consumers. But, in sectors where there are dominant retailers who has a say in determination of the wholesale price, price matching can be an equilibrium strategy for the retail channel, even when manufacturers are directly selling to consumers. Furthermore, price matching is also the equilibrium strategy for upstream manufacturers as it redirects demand from the retail to their direct channel.
Channel Strategies And Marketing Mix In A Connected World
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Author : Saibal Ray
language : en
Publisher: Springer Nature
Release Date : 2019-12-14
Channel Strategies And Marketing Mix In A Connected World written by Saibal Ray and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-14 with Business & Economics categories.
This book aims to revisit the “traditional” interaction between channel strategies and the marketing mix in a connected world. In particular, it focuses on the following four dimensions in this context: Consumers, Products, Value Proposition and Sustainability. Keeping in mind the growing digitalization of business processes in the retail world and the move towards omni-channel retailing, the book introduces the state-of-the-art academic and practitioner studies along these dimensions that could enhance the understanding of the potential impact that new technologies and strategies can have on practice in the near future. When launching a new product/service to market, firms usually consider various components of the marketing mix to influence consumers’ purchase behaviors, such as product design, convenience, value proposition, promotions, sustainability initiatives, etc. This mix varies depending on the specific channel and consumer niche that the firm is targeting. But this book shows how channel strategy also influences the effectiveness in utilizing the marketing mix to attract potential customers.
Match Your Own Price
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Author : Pavel Kireyev
language : en
Publisher:
Release Date : 2015
Match Your Own Price written by Pavel Kireyev and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Multichannel retailing has created several new strategic choices for firms. With respect to pricing, an important decision is whether to offer a "self-matching policy." Self-matching allows a multichannel retailer to offer the lowest of its online and in-store prices to consumers. In practice, we observe considerable heterogeneity in self-matching policies: there are firms that offer to self-match and firms that explicitly state they will not match prices across channels. Using a game-theoretic model, we investigate the strategic forces behind the adoption (or non-adoption) of self-matching across a range of competitive scenarios, including a monopolist, a mixed duopoly comprised of a multichannel retailer competing with a pure e-tailer, as well as two competing multichannel retailers. Even though self price matching is likely to reduce a retailer's profits, with some consumers paying the lower price, we uncover two novel mechanisms that can make self-matching profitable in a duopoly setting. Specifically, self-matching can dampen competition, both online and in-store, and its effectiveness in this respect depends on the decision-making stage of various consumers and the heterogeneity of their preference for the online vs. store channels. Surprisingly, self-matching strategies can also be profitable when stores face consumers using smartphones to discover online prices. Our findings provide insights for managers on how and when self-matching can be an effective pricing strategy to embrace.
Competitive Strategies For Brick And Mortar Stores To Counter Showrooming
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Author : Amit Mehra
language : en
Publisher:
Release Date : 2017
Competitive Strategies For Brick And Mortar Stores To Counter Showrooming written by Amit Mehra and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Customers often evaluate products at brick-and-mortar stores to identify their “best fit” product but buy it for a lower price at a competing online retailer. This free-riding behavior by customers is referred to as “showrooming” and we show that this is detrimental to the profits of the brick-and-mortar stores. We first analyze price matching as a short-term strategy to counter showrooming. Since customers purchase from the store at lower than store posted price when they ask for price-matching, one would expect the price matching strategy to be less effective as the fraction of customers who seek the matching increases. However, our results show that with an increase in the fraction of customers who seek price matching, the stores profits initially decrease and then increase. While price-matching could be used even when customers do not exhibit showrooming behavior, we find that it is more effective when customers do showrooming. We then study exclusivity of product assortments as a long-term strategy to counter showrooming. This strategy can be implemented in two different ways. One, by arranging for exclusivity of known brands (e.g. Macy's has such an arrangement with Tommy Hilfiger), or, two, through creation of store brands at the brick-and-mortar store (T.J.Maxx uses a large number of store brands). Our analysis suggests that implementing exclusivity through store brands is better than exclusivity through known brands when the product category has few digital attributes. However, when customers do not showroom, the known brand strategy dominates the store brand strategy.
Price Matching Guarantees As Signals Of Low Prices
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Author : Joydeep Srivastava
language : en
Publisher:
Release Date : 2007
Price Matching Guarantees As Signals Of Low Prices written by Joydeep Srivastava and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Many retailers offer a price-matching guarantee that promises to pay consumers the difference if they find a lower price elsewhere. This article proposes that the effectiveness of a price-matching guarantee as a signal of low store prices depends on individuals' beliefs about the degree to which other consumers in the market engage in price search, enforce price-matching guarantees, or both. Consistent with signaling theory, results of a survey and two experimental studies demonstrate that market level factors affect consumer beliefs about the extent to which others engage in price search and thereby the effectiveness of price-matching guarantees in lowering perceptions of store prices. The implications of the findings for retail strategy are discussed along with directions for future research.
The Strategy And Tactics Of Pricing
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Author : Thomas T. Nagle
language : en
Publisher: Taylor & Francis
Release Date : 2023-07-31
The Strategy And Tactics Of Pricing written by Thomas T. Nagle and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-31 with Business & Economics categories.
The Strategy and Tactics of Pricing is the most well-established and influential strategic pricing text available, relied on by practitioners and students globally as a core guide for value-based pricing. The book explains how to balance the ability to create and extract value through from markets by managing pricing decisions in a more strategic and profitable manner. Rather than calculating prices to cover costs or to achieve sales goals, readers will learn to frame more strategic choices that proactively influence customer perceptions of value, manage internal costs, and profitably shift demand curves. This edition features new discussions on harnessing concepts from behavioral economics as well as a refined "value cascade" to help organize the topics covered in this book. Readers will also benefit from: Major revisions to more than a third of the chapters, including an expanded discussion of the role of artificial intelligence and machine learning analytics tools to assist in the evaluation of new pricing opportunities Discussion of many of the new pricing and revenue-recognition models such as consumption-based pricing, outcomes-based pricing, and others An expanded discussion on "Special Topics in Pricing" that cover many of the transformative pricing moves successful companies have made in the past few years in response to major disruptive forces such as the pandemic as well as re-emergent inflation In-chapter textboxes and call-out to highlight different "pricing concepts in action" using actual examples of companies addressing market challenges Chapter summaries and visual aids to help the reader better understand the ideas and concepts presented throughout this book This comprehensive, managerially-focused text is a must-read for students and professionals with an interest in strategic price management and achieving commercial excellence for their organizations. Additional online resources include PowerPoint slides and an instructor’s manual, including exercises, mini-cases, and examination questions.
Optimal Pricing Strategies With Forward Looking Buyers
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Author : Smadar Afriat Kalifa
language : en
Publisher:
Release Date : 2021
Optimal Pricing Strategies With Forward Looking Buyers written by Smadar Afriat Kalifa and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
In this work, we examine the optimal pricing policy of a seller who offers a product to strategic buyers and characterize the buyersí behavior. We first examine whether using a price discrimination policy based on the buyersí purchase history is a profitable strategy for the seller in an e nvironment in which the buyersí valuations for the product change over time. Then we examine whether offering a partial refund to buyers who purchase early if the price goes down is a profitable strategy for the seller.
Are Low Prices Compromises Collusion Guarantees An Experimental Analysis Of Price Matching Policies
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Author : Enrique Fatas
language : en
Publisher:
Release Date : 2002
Are Low Prices Compromises Collusion Guarantees An Experimental Analysis Of Price Matching Policies written by Enrique Fatas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
In this paper we experimentally test the ability of Price-Matching Guarantees (PMG) to rise prices above the competitive level. We implement three different treatments of symmetric duopolies to check the effect of PMG both as a market institution and as a business strategy. In the absence of any low-price guarantee, prices get close to the Bertrand-Nash equilibrium although in the 50 rounds of the experiment no full convergence is obtained. The existence of PMG as an institution in a market where firms decide only about prices results in a clear collusive outcome as all markets quickly and fully converge to the collusive prediction. If we allow subjects to decide whether they adopt price matching or not we observe that almost all subjects decide to adopt PMG; prices significantly increases over the first treatment observed prices and are very close to the collusive ones.
Price Matching Strategies And Oligopoly
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Author : C. Doyle
language : en
Publisher:
Release Date : 1985
Price Matching Strategies And Oligopoly written by C. Doyle and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Economics categories.
Economics Of Strategy
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Author : David Besanko
language : en
Publisher: John Wiley & Sons
Release Date : 2009-09-22
Economics Of Strategy written by David Besanko and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-09-22 with Business & Economics categories.
In today's global recession, strong management of firms and organizations are of the utmost importance. Best-selling Economics of Strategy focuses on the key economic concepts students must master in order to develop a sound business strategy. Bringing economic theory and strategic analysis to life in an engaging and uniquely modern way, Besanko et al. have collaborated for over 15 years to build an introductory business course that combines basic concepts from economic theory of the firm and industrial organization with ideas from modern strategy literature. The newly revised 5th edition offers more real-world applications to make materials studied in undergraduate Managerial Economics, Business Strategy, and Industrial Organization courses relevant. Armed with general principles, today's students—tomorrow's future managers—will be prepared to adjust their firms' business strategies to the demands of the ever-changing environment.