竞争对定价和产品定位的影响外文文献翻译中英文Word格式.docx
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竞争对定价和产品定位的影响外文文献翻译中英文Word格式.docx
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Theyaremorelikelytoincreasepricesandreduceassortmentsforhighlystorableproductsanddecreasepricesandincreaseassortmentsforlessstorableproducts.Weextendouranalysisbyexploitingthespatialvariationsinourdataandanalyzingdivergentmarketeffectsacrossgeographicalareas.Wefindsignificantgeospatialdifferencesinthesestrategicresponses.
Keywords:
Retailing,Warehouseclubs,Assortment,PriceandNon-priceCompetition,ProductChoice,Differentiation
Traditionalstudiesinindustrialorganizationingeneralandanalysesofmarketentryinparticularfocusonpriceeffects.However,thisisonlypartofthepicture,asproducersnotonlyoptimizeoverpricesbutalsooverproductcharacteristics.Inthispaper,weprovideempiricalevidenceforproductrepositioningbyincumbentfirmsinresponsetomarketentry.Ouranalysisfocusesontheexampleofgrocerystores’responsestoentrybyCostco,theworld’slargestwarehouseclubandthethirdlargestretailerintheUnitedStates.
Thispapercontributestothegrowingliteratureonendogenousproductchoicebydemonstratingthatentrycanleadtosubstantialrepositioningbyincumbentfirms.Morespecifically,wefindthatCostcowarehouseopeningsleadtoadjustmentsalongthedimensionsofassortment,price,andpricingformat(“Everydaylowprice”vs.“Hi–Lo”)inincumbentretailers.Takentogether,themovesbyincumbentsareconsistentwithastrategyofdiversificationfromCostco.
Severalfeaturesofthegroceryretailindustrymakeitparticularlysuitedforstudyingtheeffectofentry.First,grocerystorestypicallycompeteinlocalmarkets.1
Thisallowsustotreatgeographicallydistinctlocationsasindependentmarkets.Second,detaileddataonprices,sales,andassortmentsarewidelyavailablethroughIRIandNielsen.Finally,toourknowledge,notechnologicalorregulatorybarriersdistortincumbents’priceornon-pricereactionstoentry.
Additionally,warehouseclubsareaparticularlyinterestingsegmentoftheretailsector.Theytakethe“bigbox”conceptofWalmartandTargetastepfurtherbysettingauniquebusinessmodel:
productsinverylargepackagesizessoldforverylowprofitmargins;
limitedproductvarietywithinagivenproductcategory;
2
andmembers-onlyshopping,withmembershipfeesconstitutingthemajorityofstoreprofits(Stone,
2013).Theyrelyonaconsumerbaseabletotravellongerdistances(asmostwarehouseclubsarelocatedoutsideofcitycenters),withtransportationconducivetobulkpurchasing(i.e.,biggervehicles),andwithsufficientincometocovermembershipfees.Howthewarehouseclubspositionthemselvesintheretailsectorhasimportantconsequencesforthestrategicbehaviorofincumbentretailersservingtheresidualdemand.Furthermore,theirstrategiesallowustodistinguishbetweenproductsthataremoreorlessstronglyaffectedbythecompetition,thussharpeningourresults.
Whileendogenousproductchoicehasbeendiscussedtheoreticallyforalmost100years,thereislittleempiricalevidenceoffirmsadjustingtheirproductstoalteredmarketconditions.Toourknowledge,
Hotelling
(1929),inhisseminalarticlediscussingthelinearcitymodel,wasthefirsttodiscuss,albeitsomewhatinformally,theoptimalchoiceofproductcharacteristicsinaduopoly.Moreformaltheoreticalexplorationsofthistopichavebeenconductedsincethe1970s,startingwith
Spence
(1975)
influentialexplorationofqualitychoiceinmonopoly.Thiswassoonfollowedupandaddedtoby
(1976),
Mussa
andRosen
(1975),
Maskin
andRiley
(1984).Effortstoconductsimilaranalysesindifferentsettingscontinuetoday(see,e.g.,
Bauner
et
al.,2017).
Anumberofauthorshaveincorporatedendogenousproductchoiceinempiricalstudies.Often,suchpapersassumethatfirmssetproductcharacteristicsaccordingtosomestructuralmodelandanalyzethewelfareconsequencesofgovernmentorfirmpoliciesofinterest.Articlesinthisveininclude
McManus
(2007),
Fan
(2013),
Nosko
(2010),
Eizenberg
(2014),
Wollmann
(2014),and
Crawford
al.
(2015).However,fewpaperstodatehaveshownempiricalevidencethatfirmsdo,infact,adjusttheirproductcharacteristicstoreacttochangingmarketconditions.
Berry
andWaldfogel
(2001)
and
Sweeting
(2010)
independentlyanalyzetheeffectofconsolidationintheradioindustry.Bothshowsignificantrepositioningofstationformatasresultofincreasedmergeractivity.
Matsa
(2011)
providesevidencethatincumbentretailersimprovetheirqualitywhenfacedwithmarketentrybyWalmart.Weaddtothisliteraturebyprovidingevidenceofrepositioningafterentryinthesupermarketindustryalongseveraldimensions:
pricing,assortment,andpricingformat.
Thispaperisalsorelatedtoresearchontheeffectofbig-boxstoreentry.Walmart’sventureintogroceryretailhasbeenthesubjectofsubstantialresearch,whichhasfounddecreasedpricesoverallinincumbentretailers(e.g.,
Basker
andNoel,
2009),increasedquality(Matsa,
2011),increasedconsumersurplus(Hausman
andLeibtag,
2007),andlimitedcompetitionoutsideoflocalmarkets(Ellickson
andGrieco,
2012).Incontrast,littleisknownabouttheimpactofwarehouseclubsonthestrategicbehaviorofincumbentretailersandthereactionsofconsumers.Furthermore,unlikeexistingliterature,whichtypicallyfocusesontheoveralleffectonincumbentretailersusingaggregatepriceindicesorretail-levelresponsessuchasemployment,weexamineindetailvariationsinstrategicbehaviors—pricingandassortment—usingproductspecificinformationacrossproductcategoriesandmarkets.
WeconcentrateouranalysisonCostco.Witha50%marketshareamongwarehouseclubs,CostcoisthelargestretailerofitskindintheUnitedStates(Evans
andSatchu,
2010)andtheworld’sthirdlargestretaileroverall(Kantar
Retail,
2013).TomeasureCostco’seffectonincumbentretailers,wetakeadvantageofadetailedretailpaneldocumentingsalesvolumesandpricesforeachUniversalProductCode(UPC)soldineachweekfrom2001–2011for27frequentlypurchasedproductcategoriesandanoveldatasetdocumentingopeningandclosingdatesandlocationsofallCostcowarehouses.Weexploitvariationsacrossmarketsandovertimetoeconometricallycontrolforanysystematicdifferencesacrossretailer–productcombinations.Mostimportantly,thisstrategyeliminatestheeffectofpersistentlocalfactorsthatmightinfluenceCostco’sstrategicdecisiontoenteralocalmarketortheendogenousresponsesofitscompetitors.
Ourfindingssuggestthatincumbentretailers’strategicreactionsinthefaceofincreasedwarehousepresence(measuredbythenumberofCostcowarehousesinthemetroarea)differsignificantlyacrossproductcategories.Weclassifyproductcategoriesobservedinthesamplebyproductstorability(e.g.,cannedsoupishighlystorable;
milkisnot).Ourclassificationofstorabilityderivesfromtwodefinitions:
perishability
stockpilability,asdefinedby
Bronnenberg
(2008).Wefurtherclassifyincumbentretailersaseithersmallorlarge.Underbothdefinitionsandacrosssmallandlargestores,wefindthatincumbentretailersaremorelikelytoincreasethepricesofmorestorableproductswhiledecreasingthepricesoflessstorableproducts.Becausewarehouseclubs’typicallyofferproductsonlyinlargepackages,theyareinmanycaseslessattractiveprovidersofperishablegoods.Hence,thestrategyofdecreasingpricesforlessstorableitemsisconsistentwithanattemptbytraditionalretailerstodifferentiatethemselvesfromwarehouseclubs.
Ourresultsdifferfromtheonlyotherpaperonwarehouseclubsofwhichweareaware,
Courtemanche
andCarden
(2014),whichfindsthatCostco’sentryleadstopriceincreasesbynon-warehousesupermarkets,whileSam’sClubmarketentrydoesnotaffectlocalprices.Resultsfrom
(2014)
runsomewhatcountertothoseofthenumerousstudiesfindingthatWalmartmarketentrydecreasesthepricesofproductssoldbyincumbentretailers(Basker,2005,
Volpe,Lavoie,2008,
Basker,Noel,2009,
Lopez,Liu,2011,
Cleary,Lopez,
Ellickson,Grieco,2012).Ourstudyaddssignificantnuanceto
(2014),whichreliesonquarterly,city-levelACCRACOLIpricesanddoesnotbreakdownbystorabilitylevel.Incontrast,ourUPC–week–store-leveldatagrantusinsightintoincumbents’strategicpricingandassortmentadjustmentsacrossproductcategoriesofdifferentstorabilitylevels.ThisallowsustodrawmoredetailedconclusionsandgainamorecompleteunderstandingofCostco’seffectsoncompetingretailers.
Whilewefindthatpriceresponsesdifferacrossproductcategories,wealsofi
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- 关 键 词:
- 竞争 定价 产品 定位 影响 外文 文献 翻译 中英文