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The Optimal Coupon and Pricing Strategy in Direct and Indirect Channel
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|摘要:||According to the study of Koselka (1990), in the United States, nearly 100 billion dollars of coupon was issued through newspaper in 1989.From Hume (1993), In 1992, coupon, total value up to 350 billion, was distributed by the manufacturer in the United States. From Brown (2001), consumers obtained 248 billion dollars of issued coupon in 2000. Total 4.5 billion value of that was redeemed and the amount of 3.6 billion dollars was saved by these coupons. According to these studies, it shows that use of coupons have been affecting our daily life.
Moreover, reducing price has been evolved into a significant strategy in marketing discount, which further stimulating the desire of the use of coupon (Monroe, 2003). Blattberg & Neslin (1990) also propose that coupon plays an important role on price promotion and product purchasing. The impact of coupon on consumer purchasing power is definitely an important issue which needs a lot research effort.
Several different opinions have been proposed regarding whether a product retail price should be adjusted when coupons are issued. According to the theory of targeted couponing, while coupons issued for a product, manufacturer should raise the retail price of the product to obtain the benefit of price discrimination among different buyers. A seller price can be distinguished because the market can be classified as different categories of consumers by transaction cost and the price that buyer is willing to pay (Hal Varian, 1980; Narasimhan, 1984; Gerstner & Holthausen, 1986). The study of Petrakis & Organ (1996) proposes the idea that the intensity of the competition between companies will be increased by issuing coupons. However, due to price discrimination and oligopolistic competition, the price and profit of products would both decrease.
Anderson & Song (2004) propose that along with issuing coupons, lowering product price is an attractive strategy to attract customers. This strategy may make higher profit comparing with that of raising the price, especially considering the redemption cost of customers. In this study, we not only improve the model of Anderson & Song, but also further explore the corresponding change of profit, product price and consumer population following coupon issued for products.
Several important points are introduced from our study. 1). While a company issues coupons via direct channel, the price of the products will increase. 2). As the redemption cost increasing, the possible optimized strategy is to raise coupon value and therefore increase the population of consumers who redeem coupons. 3). By issuing coupons via indirect channel, the product price may be decreased as the redemption cost and the price that consumer is willing to pay are moderate. This argument is true for the cases of retailer and manufacturer issuing coupons. 4). With regard of issuing coupon, retailer has lower wholesale price than manufacturer.|
根據Koselka (1990) 研究調查發現1989年將近有價值一千億的折價券，在美國透過報紙發送給消費者；1992年美國境內製造商配銷總額價值達三千五百億的折價券 (Hume, 1993)，2000年有2480億的折價券配銷出去，有45億折價券被兌換，在金額上的節省達到36億元 (Brown, 2001)，由這些資料可看出折價券的影響在人們日常生活中是很鉅大的。 由於透過價格促銷給予折扣已經在市場中變成很重要的一部分，因此人們越來越常使用折價券 (Monroe, 2003)，所以折價券對人們生活衝擊越來越大，折價券在價格促銷和產品購買上扮演很重要的角色 (Blattberg & Neslin, 1990)。 對於發行折價券時，產品零售價格是否該有所變動，學者看法很多元，根據theories of targeted couponing： 當發行折價券時，廠商應該提高產品的零售定價,藉此來達到在高、低價消費者之間進行差別取價， 而之所以可以進行差別取價的動作，是因為市場可以根據消費者的異質性來區分，例如願付價格以及交易成本來劃分 (Hal Varian, 1980; Narasimhan, 1984; Gerstner & Holthausen, 1986)。此外，Petrakis & Organ (1996)研究發現，廠商發行折價券時會增加廠商間競爭的強度，由於差別取價以及寡占性競爭的結果，使得廠商的產品定價降低，廠商利潤也因此會比較低，最後得利的是消費者。Anderson & Song (2004)，提出發行折價券時，零售價格有可能降低也是不錯的選擇,尤其是考慮到消費者都有贖回成本 (redemption cost)，可以吸收到更多的顧客群，甚至利潤會比提高價格時還來得更大。因此本研究修正Anderson & Song之模型之外，且探討發行折價券時，產品定價的變化以及消費者數量之改變及利潤的多寡。 本研究發現 1). 當在直接通路下的廠商發行折價券，產品定價是提高的； 2). 隨著消費者贖回成本增加，廠商之最適策略為提高折價券面額進而增加使用折價券之消費者數量； 3). 在間接通路時，不管是零售商或製造商發折價券，當贖回成本適中、消費者願付價格適中，產品定價都有可能降價； 4). 相較於製造商發折價券，零售商發折價券時的批發價會比較低。
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