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A value‐based pricing system for strategic co‐branding goods

A value‐based pricing system for strategic co‐branding goods Purpose – This paper seeks to propose a novel pricing system for co‐branding goods by utilizing perceived value, which employs prospect theory (PT) and mental accounting to acquire the consumer's perceived value and to estimate an appropriate price. Design/methodology/approach – The approach taken is design science, an artifact of automatic pricing system for co‐branding goods. Findings – The results reveal that PT is superior to expected utility theory in terms of adjusted perceived prices and decision weight probabilities. Practical implications – This paper aims to provide clues for industries in terms of providing a customer‐centric pricing method, systematic and automatic approach, and pricing‐based strategic information system. Originality/value – The proposed pricing method: applies value‐based method to estimate the co‐brand price, considers risk and real‐world decision making, provides an efficient and effective approach, and enhances the competitiveness of price through the system. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Kybernetes Emerald Publishing

A value‐based pricing system for strategic co‐branding goods

Kybernetes , Volume 37 (7): 19 – Sep 17, 2008

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Publisher
Emerald Publishing
Copyright
Copyright © 2008 Emerald Group Publishing Limited. All rights reserved.
ISSN
0368-492X
DOI
10.1108/03684920810884360
Publisher site
See Article on Publisher Site

Abstract

Purpose – This paper seeks to propose a novel pricing system for co‐branding goods by utilizing perceived value, which employs prospect theory (PT) and mental accounting to acquire the consumer's perceived value and to estimate an appropriate price. Design/methodology/approach – The approach taken is design science, an artifact of automatic pricing system for co‐branding goods. Findings – The results reveal that PT is superior to expected utility theory in terms of adjusted perceived prices and decision weight probabilities. Practical implications – This paper aims to provide clues for industries in terms of providing a customer‐centric pricing method, systematic and automatic approach, and pricing‐based strategic information system. Originality/value – The proposed pricing method: applies value‐based method to estimate the co‐brand price, considers risk and real‐world decision making, provides an efficient and effective approach, and enhances the competitiveness of price through the system.

Journal

KybernetesEmerald Publishing

Published: Sep 17, 2008

Keywords: Cybernetics; Pricing; Decision making; Cooperative marketing

References

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