This chapter examines the global marketing environment of today’s higher education institutions (HEIs). (Semi) Autonomous HEIs and business schools are increasingly behaving like for-profit organisations as they seek new opportunities and resources to prioritise revenue creation. Therefore, they are diversifying the portfolio of their student populations by recruiting domestic and international students. In this light, this contribution deliberates on contemporary integrated marketing communications that are intended to support HEIs to promote their quality, student centred education as well as their high-impact and meaningful research in global markets. Moreover, it reports on how HEIs’ marketing endeavours will be able to forge fruitful and collaborative relationships with industry stakeholders; foster student mobility and engagement in exchange programmes, as they can create partnership agreements with other institutions, among other strategic avenues. These issues imply that tomorrow’s educational institutions will have to keep investing in adequate resources, competences and capabilities to leverage themselves amid intensifying competition in challenging socio-economic environments.
{"title":"Higher Education Marketing Communications in the Digital Era","authors":"M. Camilleri","doi":"10.4324/9780429320934-7","DOIUrl":"https://doi.org/10.4324/9780429320934-7","url":null,"abstract":"This chapter examines the global marketing environment of today’s higher education institutions (HEIs). (Semi) Autonomous HEIs and business schools are increasingly behaving like for-profit organisations as they seek new opportunities and resources to prioritise revenue creation. Therefore, they are diversifying the portfolio of their student populations by recruiting domestic and international students. In this light, this contribution deliberates on contemporary integrated marketing communications that are intended to support HEIs to promote their quality, student centred education as well as their high-impact and meaningful research in global markets. Moreover, it reports on how HEIs’ marketing endeavours will be able to forge fruitful and collaborative relationships with industry stakeholders; foster student mobility and engagement in exchange programmes, as they can create partnership agreements with other institutions, among other strategic avenues. These issues imply that tomorrow’s educational institutions will have to keep investing in adequate resources, competences and capabilities to leverage themselves amid intensifying competition in challenging socio-economic environments.","PeriodicalId":440573,"journal":{"name":"ERPN: Product Strategies (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117145048","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Studying competition and market structure at the product level instead of brand level can provide firms with insights on cannibalization and product line optimization. We introduce Product2Vec, a method based on representation learning, to study product-level competition when the number of products is large. The proposed model takes shopping baskets as inputs and, for every product, generates a low-dimensional vector that preserves important product information. Using these product vectors, we present several findings. First, we show that these vectors can recover analogies between product pairs. Second, we create two measures, complementarity and exchangeability, that allow us to determine whether product pairs are complements or substitutes. Third, we combine these vectors with traditional choice models to study product-level competition. To accurately estimate price elasticities, we modify the representation learning algorithm to remove the influence of price from the product vectors. We show that, compared with state-of-the-art choice models, our approach is faster and can produce more accurate demand forecasts and price elasticities. Fourth, we present two applications of Product2Vec to marketing problems: 1) analyzing intra- and inter-brand competition and 2) analyzing market structure. Overall, our results demonstrate that machine learning algorithms, such as representation learning, can be useful tools to augment and improve traditional marketing methods.
{"title":"Product2Vec: Understanding Product-Level Competition Using Representation Learning","authors":"Fanglin Chen, Xiao Liu, Davide Proserpio, Isamar Troncoso","doi":"10.2139/ssrn.3519358","DOIUrl":"https://doi.org/10.2139/ssrn.3519358","url":null,"abstract":"Studying competition and market structure at the product level instead of brand level can provide firms with insights on cannibalization and product line optimization. We introduce Product2Vec, a method based on representation learning, to study product-level competition when the number of products is large. The proposed model takes shopping baskets as inputs and, for every product, generates a low-dimensional vector that preserves important product information. Using these product vectors, we present several findings. First, we show that these vectors can recover analogies between product pairs. Second, we create two measures, complementarity and exchangeability, that allow us to determine whether product pairs are complements or substitutes. Third, we combine these vectors with traditional choice models to study product-level competition. To accurately estimate price elasticities, we modify the representation learning algorithm to remove the influence of price from the product vectors. We show that, compared with state-of-the-art choice models, our approach is faster and can produce more accurate demand forecasts and price elasticities. Fourth, we present two applications of Product2Vec to marketing problems: 1) analyzing intra- and inter-brand competition and 2) analyzing market structure. Overall, our results demonstrate that machine learning algorithms, such as representation learning, can be useful tools to augment and improve traditional marketing methods.","PeriodicalId":440573,"journal":{"name":"ERPN: Product Strategies (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123317482","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We document how the origination of technological knowledge starts with firm founders, then shifts to other firm members, and later on to external stakeholders. We further show that greater reliance...
{"title":"Dynamics in the Origins of Technological Knowledge in Early Firm Years – Implications for New Product Introductions","authors":"Niron Hashai, I. Zander","doi":"10.1287/stsc.2019.0089","DOIUrl":"https://doi.org/10.1287/stsc.2019.0089","url":null,"abstract":"We document how the origination of technological knowledge starts with firm founders, then shifts to other firm members, and later on to external stakeholders. We further show that greater reliance...","PeriodicalId":440573,"journal":{"name":"ERPN: Product Strategies (Topic)","volume":"154 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133374306","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Many technologies improve over time and technology providers can provide increasingly powerful service upgrades to their customers, but at a launching cost, and the expense of the sales of existing products. We propose a model of technology introduction in the context of subscription-based services and characterize the optimal pricing and timing of technology introductions for a service provider, in the face of customers who are averse to switching to improved offerings. Overall, we show that a simple policy of Myerson (i.e., myopic) pricing and periodic introductions is approximately optimal. We first show that under a linear pricing rule, which subsumes Myerson pricing, there is no loss of optimality with a periodic schedule of introductions, and that under periodic introductions, the potential additional revenue of any pricing policy over Myerson pricing decays to zero after sufficiently many introductions. We then argue that Myerson pricing is approximately optimal under arbitrary introduction times. To do so, we first characterize prices that achieve optimal revenue in a single period, given arbitrary fixed introduction times. We then establish that Myerson pricing achieves a bounded bicriteria approximation ratio to both revenue and cost, for the infinite-horizon problem. Third, we provide analytical bounds for the approximation ratio in terms of the customer type distribution. Our bounds show that Myerson pricing is approximately optimal when switching costs for the customers who upgrade are small or large. Following our analysis, we examine our analytical bounds for Myerson pricing with simulations and show that, after sufficiently many introductions, they are tight for all values of the switching cost, for several natural distributions for the customer type. Furthermore, when we numerically compute optimal prices for fixed introduction times, rather than using our analytical bounds, we find that Myerson pricing is often several orders of magnitude closer to optimal revenue than our analytical bounds suggest. Our conclusions on the quality of Myerson pricing can robustly be carried over to realistic settings for the switching costs, the customer lifetime, and the frequency of technology introductions.
{"title":"Optimal Pricing and Introduction Timing of Improving Technologies","authors":"Ian A. Kash, P. Key, S. Zoumpoulis","doi":"10.2139/ssrn.3137038","DOIUrl":"https://doi.org/10.2139/ssrn.3137038","url":null,"abstract":"Many technologies improve over time and technology providers can provide increasingly powerful service upgrades to their customers, but at a launching cost, and the expense of the sales of existing products. We propose a model of technology introduction in the context of subscription-based services and characterize the optimal pricing and timing of technology introductions for a service provider, in the face of customers who are averse to switching to improved offerings. Overall, we show that a simple policy of Myerson (i.e., myopic) pricing and periodic introductions is approximately optimal. \u0000 \u0000We first show that under a linear pricing rule, which subsumes Myerson pricing, there is no loss of optimality with a periodic schedule of introductions, and that under periodic introductions, the potential additional revenue of any pricing policy over Myerson pricing decays to zero after sufficiently many introductions. \u0000 \u0000We then argue that Myerson pricing is approximately optimal under arbitrary introduction times. To do so, we first characterize prices that achieve optimal revenue in a single period, given arbitrary fixed introduction times. We then establish that Myerson pricing achieves a bounded bicriteria approximation ratio to both revenue and cost, for the infinite-horizon problem. Third, we provide analytical bounds for the approximation ratio in terms of the customer type distribution. Our bounds show that Myerson pricing is approximately optimal when switching costs for the customers who upgrade are small or large. \u0000 \u0000Following our analysis, we examine our analytical bounds for Myerson pricing with simulations and show that, after sufficiently many introductions, they are tight for all values of the switching cost, for several natural distributions for the customer type. Furthermore, when we numerically compute optimal prices for fixed introduction times, rather than using our analytical bounds, we find that Myerson pricing is often several orders of magnitude closer to optimal revenue than our analytical bounds suggest. Our conclusions on the quality of Myerson pricing can robustly be carried over to realistic settings for the switching costs, the customer lifetime, and the frequency of technology introductions.","PeriodicalId":440573,"journal":{"name":"ERPN: Product Strategies (Topic)","volume":"93 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134033158","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-02-13DOI: 10.1108/CASE.DARDEN.2016.000333
R. Chao, Stylianos Kavadias
United Beverages' first product, GangBusters Interactive Beverages, has reached the stage of wide brand recognition. However, over the past 12 months, growth has stalled and the product development team at United Beverages is considering several ideas for future growth. The team must consider market and technical uncertainty as well as resource allocation issues as they define the new product-development strategy for United Beverages.
{"title":"United Beverages: Product Development Genius or One-Hit-Wonder?","authors":"R. Chao, Stylianos Kavadias","doi":"10.1108/CASE.DARDEN.2016.000333","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000333","url":null,"abstract":"United Beverages' first product, GangBusters Interactive Beverages, has reached the stage of wide brand recognition. However, over the past 12 months, growth has stalled and the product development team at United Beverages is considering several ideas for future growth. The team must consider market and technical uncertainty as well as resource allocation issues as they define the new product-development strategy for United Beverages.","PeriodicalId":440573,"journal":{"name":"ERPN: Product Strategies (Topic)","volume":"416 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131965299","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Harnessing tacit knowledge rooted in use experience and exploiting it for innovation is a major challenge for firms. This paper explores ‘embedded users’ as a mechanism to extract and utilize such knowledge for innovation. Embedded users are firm employees, who are also users of the firm's products. They are embedded into the firm and into the use context outside the firm, and also integrate need and solution-related knowledge. Owing to these characteristics, embedded users are very capable of innovating. We shed light on this hitherto under-researched phenomenon and explore how embedded users contribute to corporate innovation. More specifically, we explore the resources and capabilities that they deploy during the innovation process. We use interview data from 23 firms (35 interviews) in the sporting, leisure, and individual healthcare industries. Our findings show that embedded users draw on knowledge resources (use knowledge, solution knowledge, and organizational knowledge) and social resources (structural, relational, and cognitive capital) relevant for innovation. They deploy specific capabilities during all phases of the innovation process, that is, during ideation (idea generation, external information absorption, and competitive intelligence), development (specification setting and testing), and marketing (company representation and opinion leadership). We contribute to the literature by showing that user activities are not only relevant outside, but also within the organization. We also show that employees can access use-related resources for innovation and that they act as boundary spanners for need knowledge.
{"title":"How Internal Users Contribute to Corporate Product Innovation: The Case of Embedded Users","authors":"T. Schweisfurth, C. Herstatt","doi":"10.1111/radm.12103","DOIUrl":"https://doi.org/10.1111/radm.12103","url":null,"abstract":"Harnessing tacit knowledge rooted in use experience and exploiting it for innovation is a major challenge for firms. This paper explores ‘embedded users’ as a mechanism to extract and utilize such knowledge for innovation. Embedded users are firm employees, who are also users of the firm's products. They are embedded into the firm and into the use context outside the firm, and also integrate need and solution-related knowledge. Owing to these characteristics, embedded users are very capable of innovating. We shed light on this hitherto under-researched phenomenon and explore how embedded users contribute to corporate innovation. More specifically, we explore the resources and capabilities that they deploy during the innovation process. We use interview data from 23 firms (35 interviews) in the sporting, leisure, and individual healthcare industries. Our findings show that embedded users draw on knowledge resources (use knowledge, solution knowledge, and organizational knowledge) and social resources (structural, relational, and cognitive capital) relevant for innovation. They deploy specific capabilities during all phases of the innovation process, that is, during ideation (idea generation, external information absorption, and competitive intelligence), development (specification setting and testing), and marketing (company representation and opinion leadership). We contribute to the literature by showing that user activities are not only relevant outside, but also within the organization. We also show that employees can access use-related resources for innovation and that they act as boundary spanners for need knowledge.","PeriodicalId":440573,"journal":{"name":"ERPN: Product Strategies (Topic)","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126957018","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The supply chain of a retailer selling a perishable product with a shelf life of two periods is modeled over an infinite horizon. In each period, the retailer has the option to sell old (leftover inventory from previous period) and new (produced fresh at the beginning of the period) products. The consumer preference for old and new products is modeled through a multinomial logit (MNL) model. Demand substitution is also modeled. We analyze different classes of inventory and pricing control policies, and find the optimal policy and retailer's profit per period in each case. What is the extra benefit that the retailer gets from offering old products? What is the benefit that she gets by having her decisions - quantity to produce, prices for old and new products - depend on the inventory of old products? We attempt to answer these questions in the paper.
{"title":"Pricing and Inventory Control Policies for Perishable Products","authors":"Arvind Sainathan","doi":"10.2139/ssrn.1263647","DOIUrl":"https://doi.org/10.2139/ssrn.1263647","url":null,"abstract":"The supply chain of a retailer selling a perishable product with a shelf life of two periods is modeled over an infinite horizon. In each period, the retailer has the option to sell old (leftover inventory from previous period) and new (produced fresh at the beginning of the period) products. The consumer preference for old and new products is modeled through a multinomial logit (MNL) model. Demand substitution is also modeled. We analyze different classes of inventory and pricing control policies, and find the optimal policy and retailer's profit per period in each case. What is the extra benefit that the retailer gets from offering old products? What is the benefit that she gets by having her decisions - quantity to produce, prices for old and new products - depend on the inventory of old products? We attempt to answer these questions in the paper.","PeriodicalId":440573,"journal":{"name":"ERPN: Product Strategies (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124796484","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Organized retail has started to spread its roots in the Indian market since past one decade and is gradually making mark among all sections of the society. This paper tries to explore the way organized retail has dramatically changed not only the Indian traditional retailing structure by also the consumption behavior. The consumption behavior was examined with the help of a structured questionnaire. The results show that, for consumers, the shopping mall or variant of organized retail format is the preferred type of retail store, due to convenience and variety.
{"title":"The Consumption Pattern of Indian Consumers: Choice between Traditional and Organized Retail","authors":"Mridula Mishra","doi":"10.2139/ssrn.994238","DOIUrl":"https://doi.org/10.2139/ssrn.994238","url":null,"abstract":"Organized retail has started to spread its roots in the Indian market since past one decade and is gradually making mark among all sections of the society. This paper tries to explore the way organized retail has dramatically changed not only the Indian traditional retailing structure by also the consumption behavior. The consumption behavior was examined with the help of a structured questionnaire. The results show that, for consumers, the shopping mall or variant of organized retail format is the preferred type of retail store, due to convenience and variety.","PeriodicalId":440573,"journal":{"name":"ERPN: Product Strategies (Topic)","volume":"116 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121380312","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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