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How value is perceived has a large influence on the purchase decisions of customers. Previous studies have focused mainly on the value perception of customers, but which role does the value perception of a seller play and what impact does it have on a sales conversation? Is the value of a product or service perceived equally by the seller and the customer or is there a significant difference?
In this research we will specifically focus on the tourism industry and find out how sellers and customers perceive the value of a package holiday. A total of 50 sellers and 100 customers participated in our survey and the results show, that there is a significant difference in the perceived value of the offered package holiday between sellers and customers. The sellers tend to perceive value lower than the customers and in addition, the sellers’ value perception is characterized by a lower variability. Furthermore, when it comes to estimating how the other side perceives value, our results show the opposite of what the respondents expected.
This research has the potential to provide an insight into the mind of the sales person and lead to a better understanding of sales psychology.
The endowment effect shows that selling prices are higher than buying prices (Kahneman et al. 1990). This paper wants to answer the question whether the endowment effect can be reversed and the value perception for the sellers can be lower than the one of the customers. To answer the question two studies were executed where sellers and customers were asked to tell their willingness to pay or rather their willingness to accept. The product for the studies was a wedding dance course, customers were potential participants, sellers the dance schools/ teachers offering the course.
The results show that customers were willing to pay a much higher price than what sellers found was as an appropriate price. Sellers were accepting a much lower price. The endowment effect was reversed for this product. Reasons were the high involvement of the customer and the missing loss aversion on the part of the seller. However, the reasons show that it might not be possible to reverse the endowment effect for every product on the market.
Sustainable product offerings in food retailing have been increasing in the last years, making their way from specialized stores to mainstream food retail stores. It is the case of Germany in which sustainable food products are found in many retailing channels, even discounters. Many pieces of research have been focusing on the bio- and fair-trade labels effect on consumers' behavior, and increased interest has been put in the effect it has regarding WTP towards food products. These studies tend to conclude in a higher WTP towards sustainable labeled food products. However, the studies focus only on the valuation of the product qualities and leave the retailer format aside, which is the location where the product and the labels are being displayed and evaluated by the customer. This research will focus on assessing if the retailer format influences consumers WTP towards bio and fair-trade labels in the German food retail market. In total, 400 randomly selected participants answered one of four surveys regarding WTP towards food products in different retailer formats. Two retailer formats are considered discounters and supermarkets. This research analyses if the labels are performing adequately throughout all food retailing formats in order to provide valuable information for the future of sustainable consumption and regulation. In the end, we cannot conclude a statistically significant difference through the analysis of variance of the means of the label performance in both retailer formats.
With the increasing popularity of online learning, many education providers increase their portfolio of educational courses. This analysis looks at existing literature and conducts two studies regarding the willingness to pay (WTP) for online and offline courses.
The first study consists of a van Westendorp price sensitivity meter (PSM) and a Gabor-Granger pricing method. The surveys are conducted to find differences in consumers´ WTP for online and offline courses and potential causes for the differences. The second study consist of short analogue case studies of services in the online and offline environment and factors that influence consumers´ WTP, supported by a literature review in the front of this analysis.
The results are that the WTP for offline courses slightly exceeds the WTP for online courses and that a multitude of factors, with positive, negative, neutral or ambiguous effects, play a role in consumers´ WTP for online and offline services.
The results and implications from this analysis are useful for service providers, that look to adapt their prices to the consumers´ WTP for services in online and offline environments. In particular for educational service providers and service providers that are unsure how to price online services in comparison to offline services.
The demand for sustainable products has risen noticeably throughout the last years. For this reason, credence labels have gained enhanced importance, as customers use them as indicators for product quality. A rich body of literature investigated the effect of labels on product quality perception, but findings on label effects are still rather controversial. While researching the effects of labels on the one hand, previous studies tend to neglect other important influences on quality perception on the other hand. This paper examines the role of retailer formats and the presence of quality labels on consumer willingness to pay (WTP). For this purpose, a total of 400 participants received a monetary incentive to execute a novel survey based on neuroscientific assumptions, in an attempt to identify the impacts of credence labels in supermarkets and discounters on customer WTP. The results indicate that the magnitude of prices can influence reaction times and hence show that reaction times offer researchers an effective parameter to determine customer WTP. The presence of labels on food products was found to positively influence quality perception in a significant manner. A significant difference between the retailer formats, as well as a potential interaction between the two factors related to WTP, could not be detected. In conclusion, general assumptions about the label performance within distinct retailers should not be made. The results, however, indicate that the subject offers a promising topic to conduct further research in.