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In the wake of recent literature on revenue management with strategic consumer behavior, we report the results of a new experimental study. The experiment considers the strategic and bargain-hunting behavior of decision makers faced with buy-now vs. wait decisions, in a retail markdown pricing context. We test whether the consumer behavior is consistent with the discounted expected utility model (DEU), or with its modified version that accounts for the individual perception of risk associated with the wait option. After controlling for risk perceptions, we find that 77% of subjects are forward-looking, and 36% of them correctly perceive the future availability risk. In addition, more subjects adopt the forward-looking strategy if they are explicitly given the probability of obtaining the item in the wait option. However, if only a proxy for the probability of availability is provided, 26% of subjects underestimate the risk. Such bargain-hunting behavior can hinder efficiency of price discrimination and adversely impact retailers' revenue. The impact can be mitigated by providing consumers with the future item availability information. We estimate the benefit of such efforts to be approximately 2.6% of revenue.
The Handbook of Behavioral Operations Management provides easy-to-access insights into why associated behavioral phenomena exist in specific production and service settings, illustrated through ready-to-play games and activities that allow instructors to demonstrate the phenomena in class settings along with applicable prescriptions for practice. By design the text serves a dual role as a desk/training reference to those practitioners already in the field and presents a comprehensive framework for viewing behavioral operations from a systems perspective. As an interdisciplinary book relating the dynamics of human behavior to operations management, this handbook is an essential resource for practitioners seeking to develop greater system understanding among their workers, as well as for instructors interested in emphasizing the practical relevance of behavior in operational settings.
This book examines issues and implications of digital and social media marketing for emerging markets. These markets necessitate substantial adaptations of developed theories and approaches employed in the Western world. The book investigates problems specific to emerging markets, while identifying new theoretical constructs and practical applications of digital marketing. It addresses topics such as electronic word of mouth (eWOM), demographic differences in digital marketing, mobile marketing, search engine advertising, among others. A radical increase in both temporal and geographical reach is empowering consumers to exert influence on brands, products, and services. Information and Communication Technologies (ICTs) and digital media are having a significant impact on the way people communicate and fulfil their socio-economic, emotional and material needs. These technologies are also being harnessed by businesses for various purposes including distribution and selling of goods, retailing of consumer services, customer relationship management, and influencing consumer behaviour by employing digital marketing practices. This book considers this, as it examines the practice and research related to digital and social media marketing.
Applying Social Cognition to Consumer-Focused Strategy, a book in the Advertising and Consumer Psychology series sponsored by the Society for Consumer Psychology, focuses on the most important recent developments at the interface of social cognition and marketing, and develops integrative theoretical frameworks with rich practical implications. More specifically, the chapters offer a novel and thought-provoking perspective on consumer-focused strategy--or the effects of marketing stimuli and activities on an integrated system of consumer processes and responses. Divided into four parts, this book: *offers new perspectives on consumer information processing, selective or one sided information processing, and attribution theory; *discusses how asking questions in focus groups, surveys, and experiments leads consumers to create opinions that would not have occurred to them otherwise; *advances a new approach for modeling uncertainty and a new framework for thinking about uncertainty; *summarizes recent developments concerning the Implicit Association Test and their implications for branding strategy; *develops a new approach for analyzing the effects of intention on behavior and unplanned purchase behaviors; *discusses the devaluation effect and shows both how implementation intentions can be used to increase new product consumption and also how promotion versus prevention regulatory focus influences consumer preferences; and *focuses on consumer information processing and persuasion. The text is intended for advanced graduate students, academics, and practitioners who embrace cutting-edge paradigms and methodologies in social-cognitive consumer research.
"This book presents a collection of research associated with the emerging e-business technologies and applications, attempting to stimulate the advancement of various e-business frameworks and applications, and to provide future research directions"--Provided by publisher.
Consumers in most parts of the world now have global access to products beyond those offered in their countries and cultures. This new space for comparison defined by globalization can result in very different purchasing behaviors, including those influenced by the 'country of origin'. This book investigates this effect, one of the most controversial fields of consumer literature, from a company perspective. In particular, it demonstrates the strategic relevance of the country of origin in creating and making use of the value in foreign markets. It also addresses the challenges connected with utilizing the value of the country of origin by considering different entry modes and international marketing channels. Further, it considers the role of international importers and international retailers’ assortment strategies in terms of value creation in foreign markets. Combining theory and practice, the book features diverse company perspectives and interviews with importers and retailers.
Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions—both big and small—have become increasingly complex due to the overwhelming abundance of choice with which we are presented. As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression. In The Paradox of Choice, Barry Schwartz explains at what point choice—the hallmark of individual freedom and self-determination that we so cherish—becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice—from the mundane to the profound challenges of balancing career, family, and individual needs—has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse. By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make.
Key decisions determine the success of big data strategy Dynamic Customer Strategy: Big Profits from Big Data is a comprehensive guide to exploiting big data for both business-to-consumer and business-to-business marketing. This complete guide provides a process for rigorous decision making in navigating the data-driven industry shift, informing marketing practice, and aiding businesses in early adoption. Using data from a five-year study to illustrate important concepts and scenarios along the way, the author speaks directly to marketing and operations professionals who may not necessarily be big data savvy. With expert insight and clear analysis, the book helps eliminate paralysis-by-analysis and optimize decision making for marketing performance. Nearly seventy-five percent of marketers plan to adopt a big data analytics solution within two years, but many are likely to fail. Despite intensive planning, generous spending, and the best intentions, these initiatives will not succeed without a manager at the helm who is capable of handling the nuances of big data projects. This requires a new way of marketing, and a new approach to data. It means applying new models and metrics to brand new consumer behaviors. Dynamic Customer Strategy clarifies the situation, and highlights the key decisions that have the greatest impact on a company's big data plan. Topics include: Applying the elements of Dynamic Customer Strategy Acquiring, mining, and analyzing data Metrics and models for big data utilization Shifting perspective from model to customer Big data is a tremendous opportunity for marketers and may just be the only factor that will allow marketers to keep pace with the changing consumer and thus keep brands relevant at a time of unprecedented choice. But like any tool, it must be wielded with skill and precision. Dynamic Customer Strategy: Big Profits from Big Data helps marketers shape a strategy that works.
Abstract: In order to understand how the market system provides information to buyers, the effect of information on consumer and market behavior is examined from the perspectives of economics, consumer psychology, and public policy. Economic analyses of information transmission and advertising are presented. Effects of different types of information on the behavior of firms, and information search strategies which consumers use to extract information from mass media advertisements are evaluated. Theories of information encoding and storage are described in terms of their implications for consumer research. The causes of information imperfections in local consumer markets (markets where different prices are charged for the same quality) are reviewed. Advertising regulation policy considerations are also examined. Consumer information systems for local services are discussed from the viewpoint of information needs and consumer patterns of information avoidance. (nm).
After the IPS2 conferences in Cranfield and Linköping in 2009 and 2010 the 3rd CIRP International Conference on Industrial Product Service Systems (IPS2) 2011 takes place in Braunschweig, Germany. IPS2 itself is defined as “an integrated industrial product and service offering that delivers value in use”. The customers expect comprehensive solutions, which are adapted to their individual needs. IPS2 offers the possibility to stand out from competition and for long-term customer loyalty. Particularly in times of economic crisis it becomes apparent which producing companies understand to satisfy the needs and requirements of their customers. Especially in this relatively new domain IPS2 it will be important to keep track of the whole context and to seek cooperation with other research fields and disciplines. The 3rd CIRP International Conference on Industrial Product Service Systems (IPS2) 2011 serves as a platform for such collaborations and the discussion of new scientific ideas.