Pricing Of Consumer Innovations
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Pricing Of Consumer Innovations
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Author : Tobias Ebbing
language : en
Publisher:
Release Date : 2022-06-09
Pricing Of Consumer Innovations written by Tobias Ebbing and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-06-09 with categories.
Consumers are an important source of innovation. They primarily innovate out of non-monetary motivations, such as use interest, learning and social rewards. Nonetheless, increasing numbers of such consumer and user innovators recently began diffusing their creations on online marketplaces, where they price and commercialize them. This empirical work reveals that, compared to firms, consumers' different motivations to innovate affect their pricing decisions systematically in terms of cost, customer quality and competition considerations. Furthermore, it shows that customers' price evaluations differ consistently when a product is marketed as created by consumers. Two empirical, sequential mixed methods studies were conducted for testing a series of hypotheses derived from fusing pricing research with consumer and user innovation theory. The empirical work was executed in the field of indie video games. Its core quantitative analyses were carried out with data scraped from the Steam computer game marketplace. Interviews and experiments with commercializing consumer innovators and their customers scaffold the findings from the market data analyses. The generated knowledge helps (a) consumer and user innovators to shape and validate their marketing strategies, (b) business administrators to respond to an influx of consumer innovators as competitors, and (c) economists in understanding the market impacts of commercial consumer innovation diffusion.
Innovation In Pricing
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Author : Andreas Hinterhuber
language : en
Publisher: Routledge
Release Date : 2013-05-07
Innovation In Pricing written by Andreas Hinterhuber and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-07 with Business & Economics categories.
Pricing has a substantial and immediate impact on profitability. Most companies, however, still use costs or competition as a main basis for setting prices. Product or business model innovation has a high priority for many companies whereas innovation in pricing has received scant attention. This book examines how innovation in pricing can drive profits. The text examines innovation in pricing from four complementary perspectives. Innovation in Pricing Strategy illustrates how companies implement innovative pricing strategies, such as customer value-based pricing. Innovation in Pricing Tactics deals with innovative tools to measure and increase customer willingness to pay and to communicate value to B2B and B2C customers. Innovation in Organizing the Pricing Function looks at state-of-the art approaches to embed the pricing function in the organization. Psychological Aspects of Pricing illustrates how companies can influence customer perceptions of value and price in their question to implement innovation in pricing. This edited volume brings together 26 articles from academics, business practitioners and consultants. Authors are from the world’s largest companies, leading research-based universities and consulting companies specialized in pricing. This book is the only book dedicated to innovation in pricing and an essential read for business executives and pricing managers wishing to treat innovation in pricing as seriously as they treat product or business model innovation.
Monetizing Innovation
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Author : Madhavan Ramanujam
language : en
Publisher: John Wiley & Sons
Release Date : 2016-05-02
Monetizing Innovation written by Madhavan Ramanujam 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 2016-05-02 with Business & Economics categories.
Surprising rules for successful monetization Innovation is the most important driver of growth. Today, more than ever, companies need to innovate to survive. But successful innovation—measured in dollars and cents—is a very hard target to hit. Companies obsess over being creative and innovative and spend significant time and expense in designing and building products, yet struggle to monetize them: 72% of innovations fail to meet their financial targets—or fail entirely. Many companies have come to accept that a high failure rate, and the billions of dollars lost annually, is just the cost of doing business. Monetizing Innovations argues that this is tragic, wasteful, and wrong. Radically improving the odds that your innovation will succeed is just a matter of removing the guesswork. That happens when you put customer demand and willingness to pay in the driver seat—when you design the product around the price. It’s a new paradigm, and that opens the door to true game change: You can stop hoping to monetize, and start knowing that you will. The authors at Simon Kucher know what they’re talking about. As the world’s premier pricing and monetization consulting services company, with 800 professionals in 30 cities around the globe, they have helped clients ranging from massive pharmaceuticals to fast-growing startups find success. In Monetizing Innovation, they distil the lessons of thirty years and over 10,000 projects into a practical, nine-step approach. Whether you are a CEO, executive leadership, or part of the team responsible for innovation and new product development, this book is for you, with special sections and checklist-driven summaries to make monetizing innovation part of your company’s DNA. Illustrative case studies show how some of the world’s best innovative companies like LinkedIn, Uber, Porsche, Optimizely, Draeger, Swarovski and big pharmaceutical companies have used principles outlined in this book. A direct challenge to the status quo “spray and pray” style of innovation, Monetizing Innovation presents a practical approach that can be adopted by any organization, in any industry. Most monetizing innovation failure point home. Now more than ever, companies must rethink the practices that have lost countless billions of dollars. Monetizing Innovation presents a new way forward, and a clear promise: Go from hope to certainty.
Optimal Pricing For The Growth Of Innovations With Direct Network Externalities
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Author : Mohammad G. Nejad
language : en
Publisher:
Release Date : 2013
Optimal Pricing For The Growth Of Innovations With Direct Network Externalities written by Mohammad G. Nejad and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Purpose - This study explores optimal pricing strategies for innovations with direct network externalities. The utility of these innovations increases with the number of adopters and thus the innovation takeoff requires a certain number of adopters. Design/methodology/approach - Agent-based Modeling and Simulation.Findings - The relationship between price and NPV of revenue resembles an asymmetric inverse U-shape. Low-pricing strategy outperforms high-pricing, while a moderate pricing strategy outperforms both low- and high-pricing strategies. Moreover, heterogeneity of consumer price sensitivity positively affects NPV of sales.Practical implications - Pricing durable new products with network externalities are more challenging than other types of innovations. The price pattern of most new durable products are out of the control of firms and historical data indicates that the price of such innovations drops over time which further highlights the importance of their introductory pricing. The results indicate that firms can maximize their NPV by adopting a moderate pricing strategy. Moreover, firms must consider heterogeneity of consumer price sensitivity along with the market price elasticity when making pricing decisions. Detailed strategic implications and recommendations are discussed.Originality/value - Several recent studies have called for studying pricing strategies for new products with network externalities. The study findings challenge the common wisdom that a penetration pricing strategy is an optimal approach for durable products with network externalities. Moreover, while other studies have highlighted the importance of market price elasticity, extensive simulation experiments conducted in this study shows that heterogeneity of consumer price sensitivity is an important factor that must be considered. Finally, the study presents an agent-based modeling approach for exploring optimal pricing innovations with network externalities.
Multi Product Pricing Models In The Presence Of Competition Innovation And Consumer Memory
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Author : Kyrylo Shmatov
language : en
Publisher:
Release Date : 2007
Multi Product Pricing Models In The Presence Of Competition Innovation And Consumer Memory written by Kyrylo Shmatov 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.
Smart Pricing
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Author : Jagmohan Raju
language : en
Publisher: FT Press
Release Date : 2010-03
Smart Pricing written by Jagmohan Raju and has been published by FT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03 with Business & Economics categories.
In Smart Pricing, Wharton professors and renowned pricing experts Jagmohan Raju and John Zhang offer a powerful alternative to traditional pricing models. The authors focusing on a new set of influencers in pricing strategy: consumer psychology, economics, and marketing. To do so, they draw on their own breakthrough pricing research, as well as their most recent work helping enterprises rethink their approaches to pricing. Raju and Zhang make pricing more tangible and concrete by revealing innovative strategies that are helping companies create and capture more value and more new customers. Readers will discover restaurants where customers set the price... how Google and other high-tech companies have used pricing to remake whole industries... how executives in China have made an art of initiating and fighting price wars, in spite of the conventional Western wisdom that price wars are risky. Replete with examples from contemporary business, this book heralds a revolution in how companies establish pricing and measure its effectiveness.
Key Success Factors Of New Products Product Innovations
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Author : Raffaele Aledda
language : en
Publisher: GRIN Verlag
Release Date : 2010-10-20
Key Success Factors Of New Products Product Innovations written by Raffaele Aledda and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-10-20 with Business & Economics categories.
Bachelor Thesis from the year 2007 in the subject Business economics - Offline Marketing and Online Marketing, grade: 1,7, International University of Applied Sciences, language: English, abstract: The new information age has seen an impressive shift to global markets and cross-border competition, resulting in customers increased expectations for higher quality products, competitive prices and better and faster services. Hence, companies aiming at striving success are focussing more and more on generating fast, innovative, and efficient solutions to satisfy customers’ expectations and to create value for shareholder. In view of that, the quest for new products capable to bestow the company with the differential advantage to position itself against its competitors has never been more critical than ever before. However, although innovations are generally seen as the engine of growth, only a small number survive the first year and generate significant value for shareholders. Thus, managers all around the world are keen to identify key factors of success to reduce uncertainty in the new product development process. Yet, history teaches us that product innovation is a complex and dynamic process whose success is difficult to measure, to forecast and which call for talented managers capable to identify and harmonize an array of exogenous, endogenous and consumer perception factors of success simultaneously. Most notably, consumers perception is difficult to map and far more complex to manage. Only new products and innovations that timely offer superior and unique benefits that are perceived as such by customers are marketable and sustainable in the long run and thus generate value for shareholders.
Price Management
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Author : Hermann Simon
language : en
Publisher: Springer
Release Date : 2018-12-11
Price Management written by Hermann Simon and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-11 with Business & Economics categories.
In this book, the world’s foremost experts on pricing integrate theoretical rigor and practical application to present a comprehensive resource that covers all areas of the field. This volume brings together quantitative and qualitative approaches and highlights the most current innovations in theory and practice. Going beyond the traditional constraints of “price theory” and “price policy,” the authors coined the term “price management” to represent a holistic approach to pricing strategy and tactical implementation. They remind us that the Ancient Romans used one word, pretium, to mean both price and value. This is the fundamental philosophy that drives successful price management where producer and customer meet. Featuring dozens of examples and case studies drawn from their extensive research, consulting, and teaching around the world, Simon and Fassnacht cover all aspects of pricing following the price management process with its four phases: strategy, analysis, decision, and implementation. Thereby, the authors take into account the nuances across industry sectors, including consumer goods, industrial products, services, and trade/distribution. In particular, they address the implications of technological advancements, such as the Internet and new measurement and sensor technologies that have led to a wealth of price management innovations, such as flat rates, freemium, pay-per-use, or pay-what-you-want. They also address the emergence of new price metrics, Big Data applications, two-sided price systems, negative prices, and the sharing economy, as well as emerging payment systems such as bitcoin. The result is a “bible” for leaders who recognize that price is not only a means to drive profit in the short term, but a tool to generate sustained growth in shareholder value over the longer term, and a primer for researchers, instructors, and students alike. Praise for Price Management “This book is truly state of the art and the most comprehensive work in price management.” - Prof. Philip Kotler, Kellogg School of Management, Northwestern University “This very important book builds an outstanding bridge between science and practice.“ - Kasper Rorsted, CEO, Adidas “This book provides practical guidelines on value creation, communication and management, which is an imperative for businesses to survive in the coming era of uncertainty.” - Dr. Chang-Gyu Hwang, Chairman and CEO, KT Corporation (Korea Telecom)
Costovation
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Author : Stephen Wunker
language : en
Publisher: AMACOM
Release Date : 2018-08-14
Costovation written by Stephen Wunker and has been published by AMACOM this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-14 with Business & Economics categories.
Wow your customers . . . with "less." Cut costs-it's a common corporate refrain. But if you constantly slash expenditures, what happens to innovation? How can you stay competitive and satisfy customers? Costovation solves the dilemma of how to spend less and innovate more. The book's revolutionary approach broadens the definition of innovation beyond products to the business model itself. With costovation, you let go of assumptions, take a fresh look at the market, and relentlessly focus on what customers really want. Consider Planet Fitness-it grew to 7.3 million members by concentrating on casual exercisers. Those folks don't care about frills. They want easy, low-cost access to good equipment. Although it's inexpensive to run, Planet Fitness ranks highest in gym satisfaction. Gourmet grocer, Picard, sells only frozen food. With less perishable inventory, they compress costs while delighting a discerning but busy clientele. Packed with examples and interactive exercises, the book explores cost innovation strategies that work for big and small companies alike. From open innovation and cost-sharing to simplifying products and turning waste into new offerings-readers learn how rivals are carving out niches, protecting positions, and dominating industries. Innovation and cost-cutting are not opposites. Combined, they expose untapped opportunities to outsmart and underspend competitors.
Digital Pricing Strategy
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Author : Stephan M. Liozu
language : en
Publisher: Taylor & Francis
Release Date : 2023-06-27
Digital Pricing Strategy written by Stephan M. Liozu and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-06-27 with Business & Economics categories.
Digital Pricing Strategy provides a best-practice overview of how companies design, analyze, and execute digital pricing strategies. Bringing together insights from academic and professional experts globally, the text covers essential areas of the value and pricing of data, platform pricing, pricing of subscriptions and monetization of the global environment. Case studies, examples and interviews from leading organizations, including Zuora, Honeywell, Relayr, Alcatel Lucent, ABB, Thales, and General Electric, illustrate key concepts in practice. To aid student learning, chapter objectives, summaries, and key questions feature in every chapter, alongside PowerPoint slides and a test bank available online for lecturers. Comprehensive and applied in its approach, this text provides postgraduate, MBA, and Executive Education students with an understanding of the capabilities, processes, and tools that enable executives to effectively implement digital transformations and capture value from digital innovations.
