Washington [US], February 19 (ANI): Researchers from California Polytechnic State University and the University of Oregon during 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.
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 participative pricing and reverted to fixed prices.
The research team pins down and theorizes a tension that consumers experience when they evaluate a purchase that involves participative pricing. On one hand, consumers are attracted to the economically advantageous pricing terms (i.e., pay anything, including $0) that permit them to maximize their utility.
On the other hand, consumers must decide the final price, which takes effort. Building on this control-effort proposition, the researchers predict an overall negative effect of a pay-what-you-want (PWYW) pricing strategy because of the high effort involved in deciding the final price. They also predict an overall positive effect of a novel pick your price (PYP) strategy, which allows consumers to choose a price from a set of options.
PWYW and PYP both enhance feelings of pricing control, but PYP does not increase pricing effort since consumers find it relatively easy to make constrained choices. The study investigates the effects of PWYW and PYP with five studies in a variety of contexts (e.g., retail food, health services, financial services, entertainment, and household products).
Some primary results from a field study that involves actual purchases and profit outlines establish the strong performance of PYP relative to fixed prices and PWYW. Findings from lab experiments further validate that compared to a fixed price, PWYW decreases purchase intentions because of the high pricing effort, even though it confers full pricing control.
However, because PYP provides a sense of pricing control but not pricing effort, it consequently increases purchase intentions. These effects hold regardless of the price level (high vs. low). Additionally, shopping motives (to save money or time) influence the effects of PWYW and PYP on purchase intentions.
As Wang explains, “When consumers are motivated to save money, the advantages of pricing control are amplified and the costs of pricing effort are minimized; thus, both PWYW and PYP increase purchase intentions relative to a fixed price. Alternatively, when consumers are motivated to save time, the disadvantages of pricing effort are enhanced and the advantages of pricing control are attenuated. Hence, under such conditions, PWYW performs worse than fixed price and PYP and fixed price’s performance are comparable.”
Also, single (vs. multiple) purchase decisions serve as a crucial factor, such that the positive effect of PYP on purchase choice attenuates over multiple purchase decisions because they require a great deal of effort. Lastly, in a parallel investigation in donation contexts, both PWYW and PYP perform significantly better than a fixed price strategy.
By adopting a consumer perspective on participative pricing, this study explains why PWYW might decrease purchases and specifies when PWYW and PYP will be more or less effective.
Beck says that “Managers can selectively implement PWYW and PYP to enhance their pricing performance. Adopting PWYW strategies requires careful consideration, and even if marketing research were to indicate that consumers favour higher pricing control, the execution might fail due to consumers’ reluctance to expend effort to determine their own prices. Alternatively, firms might benefit more generally from adopting PYP strategies.”
Consumers’ willingness to exert pricing effort also varies across shopping contexts. For example, the research suggests PWYW is more effective when consumers are motivated to save money, such as during the holiday season. Yet PWYW likely is less effective for busy consumers just seeking to get their holiday shopping done quickly.
For online stores that emphasize monetary savings, both PYP and PWYW could be more effective than conventional fixed prices. Contexts that involve donations are another scenario for which participative pricing, especially PWYW, promises benefits; consumers already expect to expend effort for the benefit of others. (ANI)
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ADITYA TREATS FANS WITH AN IMPROMPTU MUSIC PERFORMANCE
NEW DELHI: Aditya Roy Kapur made impressed his fans with his solo guitar performance.
Well, there’s not an ounce of doubt that Aditya happens to be one of the most loved stars. Now that the actor is shooting for his upcoming actioner ‘Thadam’ remake in Delhi, fans are thronging to catch a glimpse of him. Much to their excitement, the handsome and endearing actor decided to treat them with his magical voice.
Aditya’s impromptu show has elevated the excitement for his upcoming music album. For the unversed, just recently, the speculation around his music venture did rounds on social media. Meanwhile, the action hero is making noise for headlining the much anticipated ‘Thadam’ remake and essaying a double role for the first time. Aditya will also star in another out-and-out action drama ‘OM’.
TAMANNAAHA MONG TOP 10 INFLUENTIAL SOCIAL MEDIA STARS IN SOUTH
MUMBAI: The lines between regional cinema and mainstream films are blurring day by day. With the influx of more regional content pan-India, South Indian actors boast a massive fan following across the nation. Calculating their Instagram Influence using various metrics, Forbes India has released the Top 30 Most Influential South Actors on social media.
Touted as the rare combination of a superstar and a fine artist, Tamannaah has bagged the 10th spot on the list. With more than nine million followers on Instagram, the superstar is easily the most influential celebrity on the internet.
While talking about the same, Tamannaah said, “social media has become an integral part of all our lives, and it is a great platform to have an interaction with all my fans who have supported me in my journey. It is a special feeling to be listed as the Most Influential Social Media Star because it is a space that I share with my fans and followers.”
The top ten list also features Rashmika Mandanna, Vijay Deverakonda, Yash, Samantha, Allu Arjun, Dulquer Salmaan, Pooja Hegde, Prabhas, and Suriya.
AYUSHMANN’SSOCIO-POLITICAL THRILLER ‘ANEK’S’ RELEASE DATE ANNOUNCED
MUMBAI: 31 March 2022 has been locked as the release date for Ayushmann Khurrana’s film ‘Anek’.
Directed by Anubhav Sinha, ‘Anek’ is set against the geopolitical backdrop of Northeast India. It’s the second collaboration of Ayushmann with Sinha after ‘Article 15’. Giving a few details about his movie, Ayushmann said, “It’s only once in a while that an actor comes across a story that makes him jump out of his comfort zone. While I have always backed novel stories, Anek pushed me to perform with a renewed zest.”
He added, “It’s the kind of script that drives a person to give it your all. I am so proud that we’ve made a film like this and even more fortunate that I got the chance to headline it. It’s the kind of new-age cinema that I believe in and I am thankful to Anubhav Sir for choosing me to tell this special story.”
According to Sinha, it’s quite a challenge to make ‘Anek’. “It was a challenging film to write and a difficult one to make. We shot it in rough terrain but what makes it special is that the takeaway was so gratifying. It was a delight to work with Ayushmann again who with his depiction of Joshua breathed life into the story,” he said.
NEW FILTER UNVEILED ON PRABHAS’ BIRTHDAY
MUMBAI: Prabhas’ fandom knows no boundaries. The star is a global icon and enjoys a massive fan base. It’s that time of the year when the craze and love for him exceed any and every parameter, it’s Prabhas’ birthday. His fans do all sorts of surprising stuff to celebrate him and this year is no different. Ahead of his birthday, a new filter on Instagram has been unveiled. The filter has the words, ‘Global Prabhas Day’ written and plays a piece of soft and mellow music which is from the teaser of ‘Radhe Shyam’, as a portrait design comes on the screen and a little snowfall accompanies the same.
From Baahubali thalis to gigantic posters, to getting tattoos of Prabhas and more, his fans have always shown their love for the star. His Vikram Aditya from ‘Radhe Shyam’ got a new poster unveiled recently and a teaser of his character intro is all set to be released on his birthday. He will star in ‘AdiPurush’, ‘Salaar’, and Deepika Padukone starrer ‘K’.
A CURTAIN RAISER TO ITALIAN EMBASSY CULTURAL CENTRE’S FELLINI RETROSPECTIVE
Italian Embassy Cultural Centre is hosting a week-long Federico Fellini retrospective in collaboration with the India Habitat Centre. As part of the retrospective, eight of Fellini’s best-known films will be screened starting with his 1973 Academy Award-winning masterpiece ‘Amarcord’ on 23 October 2021. Along with introducing each of the eight films ahead of their respective screenings at the India Habitat Centre, I will also be introducing Fellini to the audiences while touching upon the importance of his films in India.
The legendary master Italian filmmaker Federico Fellini is not just recognised as one of the greatest and most influential filmmakers of all time but also as a great humanist whose lifelong work stands as a testament to his love for telling universally relevant stories about common people and life in Italy. Despite his origins in Italian Neorealism as a screenwriter for the luminary Italian director Roberto Rossellini, Fellini gradually emerged out of his shadows to carve a niche for herself with films like ‘The White Sheik’ (1952), ‘I Vitelloni’ (1953), ‘La Strada’ (1954), ‘Il Bidone’ (1955), and ‘Nights of Cabiria’ (1957). And then he took a huge leap with ‘La Dolce Vita’ (1960). Not many filmmakers in the world have succeeded in taking such a gigantic leap between films like the one Fellini took with ‘La Dolce Vita’.
But what did he do after it? He made ‘8½’ which is another major leap (it’s something that is unheard of except when maybe Ingmar Bergman made Persona). With ‘8½’, Fellini catapulted himself to an entirely different level of stardom altogether. The film in many ways also perpetuated the wide usage of the term ‘Felliniesque’ which would become synonymous with any kind of extravagant, fanciful, even baroque imagery in cinema—a sort of a superimposed dreamlike or hallucinatory imagery upon ordinary situations. Contemporary filmmakers like Tim Burton, Terry Gilliam, Emir Kusturica, and David Lynch have cited Fellini’s influence on their work. Fellini’s influence on Indian cinema is most evident in the works of Indian filmmakers like Mani Kaul (director of films like ‘Duvidha’, ‘Uski Roti’, ‘Nazar’, ‘The Cloud Door’, etc) and Kumar Shahani (the director of films like ‘Maya Darpan’, ‘Tarang’, and other movies)
‘Amarcord’, the first film to be screened as part of the retrospective, tells the story about Titta, an adolescent boy growing up among an eccentric cast of characters in a village near the ancient walls of Rimini in 1930s Fascist Italy (Rimini was where Fellini was born and the political turmoil during the rule of the Fascist regime in Italy also had a profound influence on Fellini’s life and work). The title basically translates to “I Remember” and aptly so. For, like many films of Fellini’s, ‘Amarcord’ is autobiographical in nature at so many levels. In fact, the character of Titta is based on Fellini’s childhood friend from Rimini who went on to become a lawyer. The two remained good friends all their lives. It is perhaps the last of Fellini’s undisputed masterworks. Even though Fellini would continue to make important films but ‘Amarcord’ in many ways is the last of his films to receive universal acclaim. It is also the last Fellini film to win the Oscar for the Best Foreign Language Film. The film is particularly noted for its criticism of Fascism as well as the Catholic Church but its comical tone cuts Fellini the slack to unleash a strong critique.
The romantic comedy ‘The White Sheik’, which will be screened on 24 October, follows Ivan and Wanda who visit Rome for their honeymoon. However, when Wanda suddenly disappears to find the White Sheik, the hero of a soap opera, Ivan struggles to hide it from his family who wants to meet his missing bride.
The third film to be screened as part of the retrospective on 27 October is ‘I Vitelloni’ which presents a character study of five young men at crucial turning points in their lives in a small town in Italy. One of the Italian maestro’s most imitated films, ‘I Vitelloni’ is said to have inspired directors like Martin Scorsese, George Lucas, Phillip Kaufman, Barry Levinson, Joel Schumacher, Juan Antonio Bardem, Marco Ferreri, and Lina Wertmüller, among others.
The next film on the lineup is ‘Il Bidone’ which follows a group of swindlers who dress up as clerics and con poor farmers out of their savings. It will be screened on the 28 October followed by ‘Nights of Cabiria’ on 29 October and ‘La Dolce Vita’ on 30 October. On the final day of Retrospective, not one but two films will be screened: ‘8½’ and ‘Fellini Satyricon’.
The Federico Fellini retrospective was originally scheduled to take place last year, marking the centenary celebrations of the master filmmaker, who was born in Rimini, Italy in 1920. But, the retrospective had to be delayed by a year owing to the Covid-19 pandemic.
NEW STRATEGIES TO AMP UP YOUR INTERIORS IN THE NEW NORMAL
The Coronavirus pandemic has created a new normal which has merged work with the living space. In these times, adding that extra ‘oomph’ can provide that change of environment you were looking for within your walls! Kshitij Mirania of Mirania Luxury Living shares those eye-catching strategies to amp up your interior game:
KINDLE WITH KITCHEN
Kitchen interiors are full of possibilities from hardwood to those modern cabinets. Replace or refinish those worn-out ones for a simply a new look and if modernising is the goal, bring in those glass doors and show off the shelving your nicest pieces!
CHANGE OF CURTAINS
Curtains has been named the underdog by many designers and for all the right reasons! It has the power to change the tone of the room, from stopping that extra heat to enter the room while lighting it up with colour to providing it the quick and colour it was missing. Finding the right curtains which match with the aesthetics of the room will surely be the easiest way to create a new environment without changing much.
ASTOUND WITH CARPETING
Room seems bigger with added warmth and texture? Well, the secret ingredient is that new carpet. Warm ones for the winter while lightweight is summer, carpet is an all-year accessory which will lift up your area. Since it is easy to store, think of it as an investment while purchasing as it will be something which can last you for many years to come.
Flat, vertical and organic: the unbeatable arrangement for your coffee table. Add a stack of books with those gorgeous vases or sculptures and give it the finishing touches with flowers and plants and the work is done! All you have to do now is simply watch as those three ingredients come together to give your table that extra zing!
LIVEN UP THOSE WALLS
It is time to take out those old family photos and introduce them to the empty spaces on your walls! It will take you down the memory lane of those good-old-days while also providing a new look for the entire space with much ease. A two for one deal!
Sometimes all you need is a small bottle white lacquer paint to change the colour palette of your living space. It will do miracles for those shabby, chipped out furniture you don’t know what to do with. Add that with PU paint for metals and watch your interiors come to life!
OLD COUCH, NEW LOOK
Why buy a new sofa when you can give the old one a makeover! The intention to change the colour can simply be satisfied with a slipcover and if the desire is to give it that extra colour then look no further from pillows and some knit throws. These small things will give you the effect you have wanted without cutting a hole in your pocket.
Kshitij Mirania is Partner and Head of Mirania Luxury Living (MLL).
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