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Crowdfunding allows enterprises or individuals to collect funds from numerous other individuals. This study applies the anchoring effect and range theory in reward-based crowdfunding to explore how different pledge option designs affect the backers' final pledge amount. Moreover, this study examines whether showing the current average amount pledged in the fundraising process has an anchoring effect on the subsequent backers' pledge amount.

Online experiments were conducted, and data were analyzed using the Kruskal–Wallis test and Spearman rank correlation analysis.

Results show that among the three pledge option designs, employing the “bolstering range offer” has the highest backing amount. However, presenting the current average amount pledged in the fundraising process has a reversed anchoring effect on subsequent backers' pledge amount only in the case of a crowdfunding project in the physical goods category with a “point offer.”

To the best of authors’ knowledge, no reward-based crowdfunding platform has yet provided the pledge option design of a “bolstering range offer.” This study reveals that the “bolstering range offer” can significantly increase the amount pledged. This study extends the crowdfunding research area to crowdfunding success and suggests a novel way to set up pledges.

To achieve a full understanding of the role of marketing from plan to profit requires a knowledge of the basic building blocks. This textbook introduces the key concepts in the art or science of marketing to practising managers. Understanding your customers and consumers, the 4 Ps (Product, Place, Price and Promotion) provides the basic tools for effective marketing. Deploying your resources and informing your managerial decision making is dealt with in Unit VII introducing marketing intelligence, competition, budgeting and organisational issues. The logical conclusion of this effort is achieving sales and the particular techniques involved are explored in the final section.

This article presents a simple and objective formula to determine a tender's price-quality ratio, for the purpose of value-for-money awards, which is literally quality divided by price (Q/P). Most formulas used in public procurement today first translate prices into points, in a process which has several flaws, and in the end they do not produce any actual ratios, a fact which makes them less objective. To adjust the proposed Q/P formula to the relative weight of the price criterion from the buyer's point of view, all tenders start out with a fixed quality score to compress or expand quality differences between them. Tenders then compete for the remaining range of quality points up to the maximum, and in the end have their quality score divided by the price that they offer.

Spanish wine sales have grown quite rapidly in the US market during the past few years. The purpose of this paper is to examine this trend, discuss potential reasons, and identify opportunities for maintaining and increasing Spanish wine sales in the US market.

The objectives are achieved by analyzing ACNielsen scan data from 2002 to 2005 and other secondary data on US wine consumers and trends.

The results indicate that Americans perceive red Spanish wine quite positively and are moving up in price point expenditures. However, sales of Spanish white wines remain rather fixed at specific price points. In addition, Spanish wine is losing market share to other imported wines, except for certain price points, but is performing well against US wines.

This paper suggests ten opportunities for maintaining and/or increasing Spanish wine sales in the US market. Many of these suggestions are also useful for other countries desiring to export wine to the US.

This paper is one of the first of its kind to provide an in‐depth analysis of ACNielsen Scan data on Spanish wines sales in the USA. In addition, it provides extensive information on the US wine market, trends, and new market segments such as the Millennial and Hispanic markets.

This study emphasises the need for professional teams to have sophisticated methods for devising ticket pricing strategies. The research was designed to supply team managers with meaningful information from which to construct ticket prices that fit the needs of their fans. Three different fan segments were identified (general adults, college students and middle and high school students) and four attributes for determining ticket prices in a given circumstance were selected (Player, Coupon, Point and Price). Conjoint analysis technique was used to conduct the research and analyse findings.

The purpose of this paper is twofold: first, to investigate whether consumer preferences differ for wines with diverse price points and second, to analyze the effect of denominations of origin information on preferences.

In, total 150 regular wine buyers expressed their willingness-to-pay (WTP) for 12 red wines of 3 denominations (Chianti Classico DOCG, Morellino di Scansano DOCG and Toscana IGT) with three price points (basic=€5, medium=€10 and high=€20) in an incentive-compatible experiment, involving two consecutive rounds: a blind tasting and an informed tasting.

The findings reveal that price points are not statistically related to consumer preferences measured in the blind round, while information on the denomination of origin leads to a statistically significant increase in WTP for wines of all price points for all denominations.

This paper investigates whether Sangiovese-based wines at varying levels of price points (basic, medium and high) receive different WTP by consumers in non-hypothetical experimental auctions. Furthermore, the effect of denominations of origin information on preferences is explored, comparing evaluations without and with this specific information.

This research enables the authors to highlight the importance of proper pricing for retailers. The purpose of this paper is to demonstrate the importance of demand-based pricing, providing empirical results that reveal the validity of this pricing philosophy in the sport retailing industry. In particular, this study has identified the limits of acceptable prices for the products studied, selected the most appropriate method for pricing products suffering from high competition and compared the impact produced on price perceptions according to different retail environments to be able to relate changes in the acceptable prices ranges according to the geographical location of each point of sale, differentiating between rural or urban environment and type of client.

The authors have carried out surveys of 350 customers in each of the three points of sale analysed. Therefore, there are a total of 1,050 interviewees, for the three products analysed. The direct method of acceptable prices setting is developed. In addition, ANOVA and t-test have been carried out to find differences between the three shops.

One main finding is that the acceptable price range is not unique. Each point of sale has one that is distinct because it depends on many factors: the competition, the economic capacity of the closest residents, the location of the point of sale or the ability to attract customers.

The foremost contribution of this paper is to demonstrate empirically how considering the local demand at setting prices would generate larger earnings, even for a small retail chain. The direct method of setting acceptable prices enables us to set the prices according to the demand. The best option is if these prices are above the costs. It can be noted that the prices should be set according to each shop, and a different price used in each point of sale to maximise profits and to adapt to what the typical customer of each shop is willing to pay, despite the products being the same and the points of sale belonging to the same retail chain.

Esta investigación nos permite resaltar la importancia de una fijación de precios adecuada para los minoristas. El objetivo principal de esta investigación es demostrar la importancia de la fijación de precios basada en la demanda, proporcionando resultados empíricos que revelan la validez de esta filosofía de fijación de precios en el sector minorista de productos deportivos. En particular, en este estudio se han identificado los intervalos de precios aceptables para los productos estudiados; se ha seleccionado el método más apropiado para la fijación de precios de productos que sufren alta competencia; y se ha comparado el impacto en las percepciones de precios según el entorno detallista y se han encontrado cambios en los intervalos aceptables de precios en función de la localización geográfica del punto de venta, diferenciando entre entorno rural y urbano, y el tipo de cliente.

Los autores han realizado encuestas a 350 clientes en cada uno de los 3 puntos de venta analizados. Por lo tanto, hay un total de 1050 entrevistados, para los 3 productos analizados. Se desarrolla el método directo de fijación de precios aceptables. Además, se han realizado pruebas ANOVAs y T para encontrar diferencias entre las 3 tiendas.

Un hallazgo principal es que el intervalo de precios aceptable no es único. Cada punto de venta tiene uno distinto porque depende de muchos factores: la competencia, la capacidad económica de los residentes más cercanos, la ubicación del punto de venta o la capacidad de atraer clientes.

La principal contribución de este artículo es demostrar empíricamente cómo considerar la demanda local al establecer precios generaría mayores ganancias, incluso para una pequeña cadena minorista. El método directo de establecer precios aceptables nos permite establecer los precios de acuerdo con la demanda. La mejor opción es si estos precios están por encima de los costos. Se puede observar que los precios deben establecerse de acuerdo con cada tienda, y se debe usar un precio diferente en cada punto de venta para maximizar los beneficios y adaptarse a lo que el cliente típico de cada tienda está dispuesto a pagar. A pesar de que los productos son los mismos y los puntos de venta pertenecientes a la misma cadena minorista.

The current paper aims to expand an empirical assessment of correlations of the stock exchange in Poland with other stock markets and foreign economies. The paper attempts to explore international spillover effects during the current financial crisis.

The study builds upon questionnaires and interviews with practitioners associated with the Polish stock market. The interviewees represent both the advanced and emerging European economies. At this point, analyzing the notions of a cross‐section of experts from different geographical regions increases the value of the findings. The interviewees were asked to comment on a wide range of examples mirroring the reaction of the Warsaw Stock Exchange (WSE) to economic and financial information derived from foreign markets in times of the current financial crisis. An empirical model evaluating the cross‐border implications for the Polish stock market was specified. The model encompassed a wide range of variables and events influencing the performance of the Polish stock market and investors' uncertainty during the nascent financial crisis. Semi‐structured interviews complemented the quantitatively obtained findings and allowed for a gap between theory and practice to be bridged. The qualitative approach injected a dose of realism into the empirical model utilized in the paper and contributed to the value of general findings.

The current paper reports initial responses of the WIG20 indexed equity prices to 41 economic and financial information sets, originating from systemically significant markets. The influence of these sets is ranked in accordance with their influential powers. The ranking indicates which information events are more likely to be prioritized by investors associated with the WSE and which news are ignored in times of the current financial crisis. Henceforth, the findings outline the crisis‐induced changes in the uncertainty of equity investors and the implications for investment decision making processes. Comparing the responses to economic and financial information sets among different stock markets and industries delivers insight into the profitability of the international portfolio diversification based on either the country or industry specific factors.

The paper focuses on the Polish stock market, which is relatively under‐researched by the existing body of literate. However, Poland's stock market became a leading central European bourse during the current financial crisis. Reporting a number of useful and important implications for the practitioners associated with the WSE constitutes the core value of the paper.

Managers often do research to help them determine the optimum price for a new product. Several different price‐points are ordinarily tested in order to determine the impact of price on sales of the product. Aside from its impact on demand, price also has been studied for its effect on consumers' perceptions of products. For example, research has indicated that people use price as a cue for evaluating the quality of a complex product such as stereophonic equipment for the home. That is, price is used in lieu of knowledge of the technical aspects of the product. Research presented in this paper reveals a yet deeper aspect of price's effect on perception. In this case, variation in price was associated with changes in the way people perceived a new product's function, perceptions that differed from the manufacturer's intended positioning for the product.

This paper aims to demonstrate how activity‐based pricing can be applied in a restaurant setting by combining the use of price sensitivity measurement with activity‐based costing.

Data are collected at a Hong Kong buffet restaurant, based on guests' price perceptions and the establishment's detailed cost structure. These data are analyzed by using price sensitivity measurement techniques and activity‐based costing methods, separately, and then combined to create an activity‐based pricing analysis of the restaurant's menu.

The use of activity‐based pricing techniques reveals that, although the guests are relatively price‐insensitive, drastic measures were needed to reduce costs for the restaurant to become profitable. Without the benefit of this study, the restaurant's management would not have been able to see clearly the nature of the challenges that they faced, since a single pricing study, or cost study, would have missed the combined cost and pricing effects that were captured by activity‐based pricing.

Activity‐based pricing is shown to be a powerful technique that can be applied effectively in a restaurant. Utilizing this method allows a restaurant truly to understand both its operating cost structure and the price perceptions of it guests. Since this study involved only a single buffet restaurant, further research should be conducted to confirm that activity‐based pricing can also be applied in other restaurant and hospitality industry settings.

The findings from this study suggest that activity‐based pricing may be a viable way for restaurant managers to gain a better understanding of both their guests' price perceptions and the true cost structure of their restaurants. Use of activity‐based pricing allows restaurant managers to set price levels that cover all operating costs and profits, while still meeting guests' expectations of value.

This study is the first of its kind in the hospitality literature, since no prior research has applied activity‐based pricing in a hospitality research setting. This study represents an important new addition to the existing body of hospitality cost and pricing literature.