Application of hedonic price modeling to consumer packaged goods using store scanner data

This paper contributes to the marketing research literature by proposing an application of hedonic modeling to consumer packaged goods using store scanner data. While other studies have applied hedonic price modeling to CPG, the interpretation of their results might have been flawed. This paper, by proposing an extension of the traditional approach to account for sales quantity, makes the hedonic modeling results based on CPG scanner data acquire their intended interpretation. Hedonic modeling provides an additional alternative in the toolkit of the applied marketing researcher to assist revealing markets' relative preferences. To illustrate the use of hedonic modeling in CPG, the paper focuses on Premium Carbonated Soft Drinks. It uses a full year of weekly store scanner data from grocery stores sampled across the U.S.     

An Empirical Investigation of Brand Equity: A Cross-Country Validation Analysis

ABSTRACT

The purpose of this article is to propose and test a model in order to better understand brand equity. The goal of this research is to identify the drivers and determine how they influence brand equity performance in the researched industry in order to develop a more effective brand strategy. Quantitative data collected are used to test a model of brand value in the context of the food industry. The findings of this research provided evidence that the customer-based brand equity model can be applied to the food industry context and be used to guide marketing activities internationally. Brand awareness has a positive influence on brand associations and perceived quality. Brand associations have a positive influence on brand loyalty. Finally, brand loyalty, perceived quality, and brand associations all have a positive effect on brand equity. This study contributes to the scarce international brand equity literature by testing the proposed model using data from a sample of consumers in two European countries.     

Impact of component supplier branding on profitability

In recent years, many business-to-business (B2B) component supplier (CS) firms have added branding to their marketing toolbox. By extending the logic of ingredient branding to B2B components, they aim to create “pull” from B2B end customers by building a strong CS brand image among their customers' customers. In contrast with the established “push” approach of building strong relationships with original equipment manufacturers (OEMs), it is unclear whether and under which conditions CS branding is a worthy strategy. On the one hand, anecdotal evidence suggests that suppliers can leverage strong CS brand image in negotiations with increasingly powerful OEMs to enhance their financial performance. On the other hand, many B2B managers believe that branding does not work in their industry context and erodes profitability. We build a data set consisting of survey measures and archival data across a broad set of industries. Our results indicate that the financial outcomes of CS branding largely depend on the characteristics of the CS and OEM industries. Unlike dyadic OEM–CS relationships, which enhance profitability invariably across industry contexts, CS branding is effective only in well-defined situations. CS branding initiatives can enhance return in CS industries with substantial levels of product differentiation and technology intensity. However, unfavorable results may arise in industry contexts in which OEM–end customer relationships or OEM brands are important.     

Data pruning in consumer choice models

Common, if not ubiquitous, Marketing practice when estimating models for scanner panel data is to: (a) observe the data, (b) prune the data to a “manageable” number of brands or SKUs, and (c) fit models to the remaining data. We demonstrate that such pruning practice can lead to significantly different (and potentially biased) elasticities, and hence different managerial/practical outcomes, especially in the context of model misspecification. We first justify our claims theoretically by writing the general problem in a classic missing-data framework and demonstrate that commonly used pruning mechanisms (gleaned from current academic Marketing literature) can lead to a nonignorable missing data mechanism. Secondly, we summarize an extensive set of simulations that were run to understand the driving factors of that bias. The results indicate much greater pruning bias in those cases where model fit is poor (small ), random utility errors are correlated with the covariates, or the model is misspecified (e.g., a homogeneous logit is specified when a mixed-logit is true). Empirically, we also demonstrate our findings on the well-cited and highly utilized fabric softener data of Fader and Hardie (1996). Our empirical findings suggest a number of estimates that vary according to the way in which the data is pruned including the magnitude of market mix and attribute elasticities, and purchase probabilities, but that the pruning effect is smaller for better fitting models.

The impact of brand personality and sales promotions on brand equity

This research assesses the relative impact of a long-term brand management instrument (brand personality) and a short-term marketing mix instrument (sales promotions) on brand equity formation. The authors measure consumer perceptions of promotional intensity and brand personality and model their impact on brand equity. They find a positive impact of brand personality and a negative impact of sales promotion intensity on brand equity at the aggregate level. In line with research that identifies varying consumer responses to promotional deals, this study posits that the relative impact of the two elements varies across consumer groups. Three homogeneous consumer groups differ according to the relative impact of brand personality and consumer promotions on brand equity, following an application of a finite mixture partial least squares procedure.     

An empirical comparison of two brand personality scales: Evidence from India

Aaker's (1997) brand personality scale has been widely used to measure the personality of brands. However, studies also show that Aaker's brand personality dimensions are not stable across cultures. In pursuance of this issue, we examine the structure of brand personality dimensions in India. This research presents the results of two studies conducted to develop a brand personality scale in Indian context, and to make an empirical comparison between Indian brand personality scale and Aaker's brand personality scale. Results reveal that brand personality in India can be described in six dimensions: sophistication, excitement, popularity, competence, trendiness and integrity. The findings empirically support the reliability and validity of the scale developed. The results also reveal that Indian brand personality scale is a suitable alternative to Aaker's brand personality scale in Indian context.     

The Impact of Product-Country Image and Marketing Efforts on Retailer-Perceived Brand Equity: An Empirical Analysis

Although both product-country images (PCI) and firm assets such as brand equity have been extensively studied in separate contexts, we know very little about the combined performance effects of these two important constructs in international research. Extant research has investigated brand equity primarily from a consumer perspective, but rarely from the point of view of a retailer. Retailers represent the ultimate participants in the value chain selling the product to consumers. They have the ability to significantly influence consumers’ evaluations and purchase decisions. Based upon existing literature documenting the contributions of PCI and marketing activities on brand equity, this study extends these findings by investigating their effects on retailer-perceived brand equity (RPBE) and ultimate brand profitability performance. Results indicate that both marketing activities and PCI affect retailer-perceived brand equity with PCI also strongly and positively influencing brand profitability performance.     

基于资产价值链的股票定价模型实证研究

从股票价格的形成过程入手提出可交易价值的概念,指出名义股价、流动性和波动性是其可能的影响因素。接着运用面板数据分析法对我国股市的周交易数据进行实证,发现可交易价值对股票的定价行为具有解释能力,且在不同市场环境下的表现形式不同:上涨行情中投资者偏好低价格、高流动和高波动的股票组合,下跌行情中则相反;走势平稳的市场中名义股价因子影响力最强,而流动性因子和波动性因子则在急涨急跌背景下更具影响力。     

Product quality,attributes, and brand name as determinants of price: The case of consumer electronics

This paper proposes and illustrates an approach to measuring one aspect of brand equity, viewed as a price premium and defined as the increment that a brand name contributes to the price of a product above and beyond that justified by its quality (where quality is determined by an assessment of the relevant attributes, features, or characteristics). Two illustrative studies apply the proposed measure to consumer-electronics products found in home-theater or audio-video entertainment centers. Study 1 uses data presented byConsumer Reports to regress market price on overall quality and on dummy variables coded to represent brand names. Here, the results for home-theater products suggest a conspicuous absence of incremental brand-name effects. Study 2 generalizes this result by analyzing data for various electronic products offered by theCrutchfield Catalog. Across six product categories, when controlling for differences in an attributes-based index of product quality, a significant brand-related price premium appears to occur only for Carver. This finding again casts doubt on the importance of brand equity in the market for consumer electronics.The author gratefully acknowledge the support of the Columbia Business School's Faculty Research Fund.     

The effect of advertising on brand awareness and perceived quality: An empirical investigation using panel data

We use a panel data set that combines annual brand-level advertising expenditures for over three hundred brands with measures of brand awareness and perceived quality from a large-scale consumer survey to study the effect of advertising. Advertising is modeled as a dynamic investment in a brand’s stocks of awareness and perceived quality and we ask how such an investment changes brand awareness and quality perceptions. Our panel data allow us to control for unobserved heterogeneity across brands and to identify the effect of advertising from the time-series variation within brands. They also allow us to account for the endogeneity of advertising through recently developed dynamic panel data estimation techniques. We find that advertising has consistently a significant positive effect on brand awareness but no significant effect on perceived quality.

中国纺织服装产业内贸易现状及决定因素实证研究——基于 2002～2010年面板数据的分析

本文从静态和动态角度考察了2002～2010年中国纺织服装业总体、水平型和垂直型产业内贸易现状及其决定因素。实证结果表明:中国纺织服装总体产业内贸易发展缓慢,水平不高,仍以产业间贸易为主;各子产品产业内贸易水平高低不一,以垂直型产业内贸易为主导。经济规模、人均收入水平与我国产业内贸易尤其是水平型产业内贸易呈正相关,且有显著增强趋势;人均收入差异对我国纺织服装VIIT起到正向作用,且影响显著;地理距离对中国纺织服装TIIT、HIIT和VIIT起到了较显著负面影响;人民币汇率变动与中国纺织服装TIIT、HIIT和VIIT正相关,且影响程度有增强趋势;贸易不平衡与我国TIIT、HIIT和VIIT显著负相关,且影响程度有增强趋势。贸易开放度对我国纺织服装TI-IT、HIIT和VIIT的影响不显著。     

人力资本结构对区域经济增长影响的实证分析——基于新疆面板数据

研究经济增长中人力资本作用机制,不仅要考虑数量因素,还应该考虑结构因素。可引入企业家人力资本与技能型人力资本概念,构建人力资本结构模型。利用2000年～2009年新疆15个地州市面板数据,对新疆人力资本结构对区域经济增长的影响进行实证分析。结果表明,从人力资本结构角度分析,人力资本对新疆区域经济增长的影响比较大,仅从人力资本总量角度分析,将低估了人力资本对新疆区域经济增长的影响;在人力资本结构中,企业家人力资本对新疆区域经济增长的影响和对地区人力资本总体水平的提升作用都大于技能型人力资本。     

购物网站品牌资产及其形成机制实证研究

本文认为,购物网站品牌资产是消费者头脑中购物网站品牌知识导致的消费者对网站营销产生的差异化反应。文章从国情出发构建基于消费者视角的购物网站品牌资产模型并进行实证研究。研究认为,网站认知、网站品牌形象(感知质量、网站体验)、网站信任和网站忠诚是购物网站品牌资产的构成要素,它们之间不是并列的关系,而是有次序的因果关系。网站认知是网站品牌资产的基础,感知质量和网站体验可构成网站品牌形象而导致消费者对网站的信任,进而影响网站忠诚。建立消费者忠诚是购物网站的关键,网络企业可以通过提高网站知名度、产品和服务质量以及在网站设计方面增加网络购物的愉快体验来建立消费者对网站的信任,提高网站忠诚度。     

The Effect of Attribute Variation on Consumer Choice Consistency

We study the effect of shifts in attribute level differences on consumer choice consistency. Choice consistency is measured as the variance of the random error component in the consumer utility function: the smaller this variance, the higher choice consistency. We hypothesize that due to increased choice difficulty, choice consistency decreases if attribute level differences increase while average utility level differences between alternatives remain the same. In our empirical illustration we focus on the impact of price level shifts on choice consistency in conjoint choice experiments. Our results show that choice consistency decreases as price level differences increase and absolute price levels increase.     

中国金融发展与经济效率的实证分析:1978~2002

本文采用中国27个省、直辖市和自治区1978 ~2002年的年度面板数据,运用混合回归的计量方法,对中国金融系统促进经济增长的作用渠道进行了实证研究。研究结果表明,中国的金融系统对经济增长的促进作用是通过投资总量途径而不是效率途径来实现的,对经济增长的推动付出了经济效率上的代价。为此,必须转变金融发展路径,加快金融变革,实现经济与金融的二元均衡。     

聚集密度、多样化与旅游业发展:基于省际动态面板数据的实证研究

文章基于旅游产业的特点,借助2000-2009年间的有关旅游统计数据,构建了衡量旅游业聚集密度和多样化的指标,运用动态面板数据模型实证检验了产业聚集对旅游业发展的作用。结果发现,旅游业聚集密度的提升促进了旅游产业的发展。这一分析结论验证了集聚经济效应的存在,也为解释我国旅游业发展的区域差异提供了一个较好的理论视角。     

我国地区经济差异与城市化水平关系的实证分析

对改革开放以来地区经济发展水平的差异以及建国以来全国及各省区的城市化的发展进程进行了描述,利用格兰杰因果关系检验,研究我国不同经济发展阶段中城市化水平与经济增长的因果关系, 并采用国际上流行的Panel data方法从多个角度对城市化与地区经济增长的关系进行了分析研究。结论是:城市化水平的提高对于落后地区经济增长的促进作用要高于经济发达地区。     

金融发展对农民收入增长的影响——来自中国面板数据的再检视

中国金融发展对农民收入增长的影响目前尚未形成定论。利用1978—2006年的省级面板数据,以银行贷款总额占同期GDP的比重作为衡量金融发展水平的指标,检验中国金融发展对农民收入增长的影响,结果显示金融发展对农民收入增长具有显著的正向影响,但金融中介的低效率阻碍了金融发展对农民收入促进作用的进一步提升。因此,要更好地发挥金融对农民收入增长的促进作用,形成从农业信贷资金到农业投资的高效转化的有效监控机制,就不能脱离其他一系列农村改革措施。     

When Plentiful Platforms Pay Off: Assessment Orientation Moderates the Effect of Assortment Size on Choice Engagement and Product Valuation

Popular digital platforms, such as Netflix and GrubHub, purposefully aggregate offerings, according to the premise that customers value products chosen from plentiful assortments. Yet academic literature provides little clarity about when, for whom, or how larger online retail assortments affect the value of the products. To provide new insights, the current article aims to address ambiguous extant findings about the effects of larger product assortments. Specifically, this research tests whether customers with high, as opposed to low, assessment orientation value products more when they have chosen them from larger, as opposed to smaller, assortments. Four experiments affirm this idea, such that customers with a high assessment orientation value products more when they have chosen them from platforms with relatively larger assortments. Sequential mediation of the effect occurs through increased choice engagement and attitude certainty. For managers, customer segmentation along the assessment dimension offers benefits, while assessment type marketing communications can increase the likelihood of product selection, like in our field study, where we find an increase of 27%.     

An empirical comparison of consumer-based measures of brand equity

This article compares eleven different consumer-based brand equity measures and evaluates their convergence. Predictive validity at the individual and aggregate levels is also investigated. Measures based on the dollar metric method and discrete choice methodology predict choices extremely well in a simulated shopping environment, as well as purchase-intention and brand-quality scales.