Book chapter
Price promotions: a review and peek into the future
Elgar Encyclopedia of Pricing, pp 203-206
2024
Abstract
Price promotions serve as integral tools for businesses, facilitating sales enhancement and brand engagement. This comprehensive review explores diverse strategies within price promotions, encompassing tactics such as price comparison, framing, sensory influences, and processing differences, elucidating their impact on consumer behavior. Delving into promotion design, it highlights the significance of price presentation, product display, and monetary versus non-monetary promotions, underscoring their varied influences on consumer responses. Additionally, it introduces the Input-Design-Output-Adjust (IDOA) model, emphasizing the iterative nature of price promotion strategies, leveraging consumer insights and technological advancements for adaptive implementations. This model advocates for adaptable approaches to adjust and refine promotions in real-time, crucial in today’s dynamic market landscape. With extensive references to empirical studies, the article outlines a comprehensive framework to navigate the complexities and harness the potential of price promotions.
Metrics
6 Record Views
Details
- Title
- Price promotions: a review and peek into the future
- Creators
- Hongjun Ye - University of PittsburghJintao Zhang - Texas A&M International UniversityYoungdai Won - Drexel UniversityRajneesh Suri - Drexel University
- Publication Details
- Elgar Encyclopedia of Pricing, pp 203-206
- Series
- Elgar Encyclopedias in Business and Management
- Publisher
- Elgar Publishing
- Resource Type
- Book chapter
- Language
- English
- Academic Unit
- Marketing
- Scopus ID
- 2-s2.0-85213512127
- Other Identifier
- 991022153459304721