Pricing Strategies for Different Periods During Subsequent Selling Season for Seasonal Products

Dong, Jie; Rao, B. Srinivas; Liu, Yu; Jiang, Li; Lu, Wenxing; Guo, Qiang

doi:10.1109/access.2019.2953284

Cited by 3 publications

(3 citation statements)

References 37 publications

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“…These times can be characterized by lower pricing powers. However, companies should consider multiple factors that need to be considered (Dong, Rao, Liu, Jiang, Lu, & Guo, 2019).…”

Section: Factors Influencing Pricing Strategiesmentioning

confidence: 99%

Pricing Strategies for Companies During the COVID-19 Pandemic

Chopra

Verma

Mandal

2021

International Journal of Business Strategy and Automation

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Companies adopt pricing strategies to maximize their profits. However, in light of an ongoing pandemic, these strategies have been put under the scanner across industries. Companies need to modify their pricing strategies to adapt to these unprecedented times. The study focuses on these pricing strategies, their necessity during the pandemic, and how they can be effectively implemented without any long-term implications for various companies and businesses. The study focuses on various aspects of pricing and the suitability of pricing strategies during the pandemic. The study suggests pricing strategies which companies may follow. Pricing strategies of several industries which are in crisis are also discussed. The study will help companies to understand the economic situation and formulate pricing strategies accordingly. Such pricing strategies will allow companies to satisfy their customers, sustain in the competition, and achieve business excellence.

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“…These times can be characterized by lower pricing powers. However, companies should consider multiple factors that need to be considered (Dong, Rao, Liu, Jiang, Lu, & Guo, 2019).…”

Section: Factors Influencing Pricing Strategiesmentioning

confidence: 99%

Pricing Strategies for Companies During the COVID-19 Pandemic

Chopra

Verma

Mandal

2021

International Journal of Business Strategy and Automation

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“…Kermer et al [20] surveyed the developments in the literature and reviewed possible operational strategies to counteract the adverse impact of strategic consumer behavior. Pricing strategies considering strategic consumers have been widely documented in the literature, for example, Kremer et al [20], Dong et al [21], Chen et al [22], and Su [23]. Quan et al [24] further investigated the conditions for the effectiveness of quantity commitment strategy with strategic customers with disappointment aversion.…”

Section: Strategic Consumer Behaviormentioning

confidence: 99%

Dynamic Pricing for Dual-Channel Supply Chain considering Consumers with Double-Entry Mental Accounting

2022

Mathematical Problems in Engineering

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Based on double-entry mental accounting theory, we explore the effects of different payment schemes in the regular selling period and the sales period of two channels on the firm’s profits. Studies in psychology and behavioral sciences show that strategic consumers have a significant impact on firms’ profits. In this paper, dynamic pricing problems are considered to analyse the effects of strategic consumer double-entry mental accounting on firms’ profits. We first analyse the perceived values of consumers under different payment schemes in the regular selling period and the sales period from two channels. Based on this, we derive the optimal price and optimal profit. The results show that double-entry mental accounting of consumers has a greater impact on the retailer than on the manufacturer. To solve the loss caused by strategic consumers, it is recommended that the retailer lowers the price to stabilize the profit. The postpayment scheme is preferred by the manufacturer, but the high coefficient of pleasure attenuation would hurt the manufacturer. The general payment scheme is preferred by the retailer, but the high coefficient of pain buffering would hurt the retailer.

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“…Markdown pricing is a popular two-period pricing strategy adopted by sellers to decrease inventory and increase revenue (Rice, et al, 2014;Moon, et al, 2018;Wang, et al, 2019;Dong, 2020). Especially during some famous shopping festivals such as "Black Friday" in the US and "Single's Day" in China, sellers are competing to attract consumers' attentions with a variety of price-cutting strategies.…”

Section: Introductionmentioning

confidence: 99%

How Can Sellers React to Consumers’ Anticipated Regret in an Online Markdown Policy?

2020

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The purpose of this study is to understand consumers' anticipated regret in online purchase decisions and provide a realistic method for sellers to determine their markdown policy to optimize their revenue. This paper presented a mathematical model of a seller's markdown policy under consumers' anticipated regret and conducted a laboratory experiment to justify the existence of consumers' anticipated regret in the markdown context. Consumers' behavioral data were collected and used to estimate the values of the anticipated regret parameters in the markdown policy. Two interesting findings are achieved. First, the behavioral experiment justifies that consumers' online purchase decisions will be affected by their anticipated regret behavior. Second, the seller's optimal markdown policy that considers consumers' anticipated regret performs better than the general markdown policy at maximizing revenue. This study can help sellers to better understand consumers' anticipated regret in online purchase decisions and protect them from the negative consequences of miscalibrating the behavioral parameters in practice. It establishes a bridge between the mathematical modeling and behavioral laboratory experiment used to determine a seller's optimal markdown policy. It also incorporates the impact of the product category and characteristics on consumers' anticipated regret, which is a novel perspective. Finally, some valuable managerial insights are discussed.

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Pricing Strategies for Different Periods During Subsequent Selling Season for Seasonal Products

Cited by 3 publications

References 37 publications

Pricing Strategies for Companies During the COVID-19 Pandemic

Pricing Strategies for Companies During the COVID-19 Pandemic

Dynamic Pricing for Dual-Channel Supply Chain considering Consumers with Double-Entry Mental Accounting

How Can Sellers React to Consumers’ Anticipated Regret in an Online Markdown Policy?

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