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Study sheds light on the effect of consumers picking their own price


Study sheds light on the effect of consumers picking their own price
ANI |
Updated: Feb 28, 2021 22:02 IST
Washington [US], February 28 (ANI): A recent study examined the potential benefits for firms and consumers of pick-your-price (PYP) over pay-what-you-want (PWYW) and fixed pricing strategies.
The study, forthcoming in the Journal of Marketing, is titled The Control-Effort Trade-Off in Participative Pricing: How Easing Pricing Decisions Enhances Purchase Outcomes and is authored by Cindy Wang, Joshua Beck, and Hong Yuan.
Over the past few decades, marketers have experimented with pricing strategies that delegate some or all of the price determination to consumers. Their goal is to engage consumers, boost sales, enhance brand loyalty, and contribute to a sellers overall competitive position. ....

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What happens when consumers pick their own prices?


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Researchers from California Polytechnic State University and University of Oregon published a new paper in the
Journal of Marketing that examines the potential benefits for firms and consumers of pick-your-price (PYP) over pay-what-you-want (PWYW) and fixed pricing strategies.
The study, forthcoming in the
Journal of Marketing, is titled The Control-Effort Trade-Off in Participative Pricing: How Easing Pricing Decisions Enhances Purchase Outcomes and is authored by Cindy Wang, Joshua Beck, and Hong Yuan.
Over the past few decades, marketers have experimented with pricing strategies that delegate some or all of the price determination to consumers. Their goal is to engage consumers, boost sales, enhance brand loyalty, and contribute to a sellers overall competitive position. However, in recent years many firms, including Priceline.com, Panera Bread, and the Metropolitan Museum of Art in New York, have abandoned their once-famous use of participativ ....

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