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Title: A study of consumers' perceptions of dynamic price strategies for perishable foods and the impact of the strategies on retailer performance
Author: Chung, Jaekwon
Awarding Body: University of Liverpool
Current Institution: University of Liverpool
Date of Award: 2011
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Abstract:
Effective management of perishable foods is crucial for retailers to survive and prosper in the food retail market, as they take account for up to 50 percent of the industry's overall sales and consumers use them as a criterion to choose a retailer. However, food retailers face a challenge in pricing perishable foods. With the present prevailing pricing strategies, which discount the price of perishable foods when the expiry date is imminent, and daily stock replenishment practice, retailers often face the difficult situation where the display stock of a specific perishable food has a different remaining shelf-life but the same price. This may increase the waste due to unsold product; therefore, more dynamic price management for perishable foods is needed to facilitate a more efficient selling process. Numerous studies have proposed dynamic pricing models for perishable products, which were designed to determine an ideal pricing structure to improve retailer performance, however, they have not considered consumer demand in relation to a situation where identical products have different values resulting in different prices being available at the same time. In addition, the available studies of dynamic pricing for perishable products evaluate the value of dynamic pricing from the retailers' perspective, in terms of profitability, and consumers' perceptions of such pricing have rarely been studied in the context of marketing studies. This thesis, therefore, alms to demonstrate the value of dynamic pricing strategies for perishable foods from consumers' perspective, and compare the performance of different forms of dynamic pricing strategies by considering consumer demand in relation to such situations. Interviews were conducted with three food retail managers in different leading food retailers in South Korea, to gather practical information about the management of perishable foods. This interview data was then used as an input to the choice of sample product types for formal surveys to investigate consumers' perceptions of dynamic pricing strategies, and the design of a simulation model developed to compare the performance of different pricing approaches. The results presented in this thesis offers a significant contribution to the literature, providing a better understanding on the impact of dynamic pricing strategies for perishable foods from the consumers' perspective, an area that has received little attention. Moreover, this thesis provides a new insight into consumer demand that is particularly applicable to the pricing of perishable foods. The results of this thesis can be used as a guide for retailers seeking an effective pricing strategy for perishable foods.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID: uk.bl.ethos.570187  DOI: Not available
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