Archive for month: December, 2018
B2B Marketing Sartorius: Better Solutions with Process Mapping
The lecture was given by Stefan Schlack, Head of Marketing Bioprocess Solutions Division at Sartorius. He had come at the invitation of Professor Hans-Christian Riekhof, who conducted an interview with Stefan Schlack in this context, which we reproduce below.
Location-based Marketing at Burger King: Aggressive Advertising in McDonald’s Branches
Burger King uses location-based marketing in the current “Whopper Detour” advertising campaign in New York to specifically lure McDonald’s customers to Burger King using geofence technology and thus increase app installations.
To encourage customers to download the app, Burger King has set up geofences around the McDonald’s branches in New York. When the area is entered with a smartphone, the customer receives a Burger King coupon for a Whopper at a promotional price of one cent.
In addition, the app directs the customer to the nearest Burger King restaurant. Whether this type of aggressive advertising is well received by customers is not known.
The campaign is illustrated in the following video (Youtube)
Photo: pixabay.com
Grone Digi-News picks up lecture by Pricing Expert Riekhof
The Grone Educational Institute in its current newsletter “Grone Digi-News” particularly addresses the topics of Work 4.0 and personnel development. The newsletter picks up the lecture by Prof. Dr. Hans-Christian Riekhof on the focus topics “Digital Education” and “Digitization of our lives”, which he held as a guest speaker as part of the Heinrich-Grone conversation series on 07.11.2018 at the Education Center Hamburg-Hammerbrook.
Under the title “The digitization of our lives – Why we should not be afraid and which digital trends will determine the next 30 years”, Riekhof, professor of international marketing at the Private University of Göttingen (PFH), explained how digitization has already changed the world and what developments are still to come.
Read the detailed report on his lecture, which is on the homepage of the Grone Educational Institute, under the following link:
https://www.grone.de/ueber-uns/aktuelles/hamburg-die-digitalisierung-unseres-lebens/
Link to the newsletter:
http://archive.newsletter2go.com/?n2g=f9ocmthj-m79u74rq-k1m
Influencing customer behavior with mobile payment solutions
Yuqian Xu, Professor of Business Administration at the University of Illinois, conducted a study on “The Impact of Mobile Payment Channel on Consumer Consumption: Evidence from Alipay” in China with Anindya Ghose and Binqing Xiao. “These research results are particularly relevant because locandis offers digital customer cards that include a payment function in addition to location-based content and coupon campaigns”, explains pricing expert Prof. Dr. Hans Christian Riekhof, co-managing director of locandis GmbH, a company specializing in digital customer cards and location-based marketing.
Here are the key findings of the study:
- After the introduction of mobile payments in China, the total frequency of transactions increased by more than 23% on average.
- The adoption of mobile payment is associated with an increase in so-called “hedonistic” shopping motives. This could be loosely translated as impulse buying.
- Mobile payment has the greatest influence on products that are associated with low costs or prices and are purchased at high frequency.
The summary of the key findings can be read at the following link:
https://www.sciencedaily.com/releases/2018/11/181129114134.htm
The original study can be downloaded here:
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3270523
Photo: locandis GmbH
Current Pricing Study 2018 – the results
The current Pricing Study 2018 is the fourth edition of the empirical investigation of pricing processes in companies. Already in the years 2009, 2012 and 2015, the PFH Private University of Göttingen presented an empirical pricing study. The aim of the study is to examine the pricing processes of various companies of different sizes and from different industries. A special focus is placed on the formation of prices and pricing. In addition, we want to clarify potentials in the individual pricing processes and show which remarkable approaches to pricing other companies can also apply.
What many companies still underestimate: the strongest profit driver is pricing, it therefore requires high attention. This statement was already confirmed in the previous pricing studies 2009 (Riekhof/Lohaus), 2012 (Riekhof/Wurr) and 2015 (Riekhof/Wa) and is again confirmed by the result of the current Pricing Study 2018 by the pricing expert Riekhof, in collaboration with Janina Wille.
In most business areas, a business process-oriented perspective has prevailed in recent decades. In logistics and production, in quality management and in order processing, in customer service and in procurement, even in research and development, a consistent process thinking is firmly anchored in most companies. This is not the case in the marketing area in our estimation. The causes can only be speculated. Possibly this circumstance is related to the fact that many marketing topics are rather project-related and more standardized processes seem to set too narrow limits to the supposed creativity of the marketing experts.
Here is the Pricing Study 2018 / Download
German Craftsmanship Newspaper quotes Pricing Expert Riekhof
The German Craftsmanship Newspaper discusses in a current article the question of how craftsmen can enforce higher prices. The editorial team found professional advice from Prof. Dr. Hans-Christian Riekhof of UnicConsult, Pricing Expert at the Private University of Göttingen (PFH).
The higher the prices, the higher the profit. A simple calculation, but one that does not always work in reality, the paper knows. Because customers demanded price reductions, competitors pushed prices down or simply lacked the courage. So the question is: How can craftsmen enforce higher prices?
The economy is good, unemployment is low, the demand for craftsmen’s services is high, writes Sebastian Wolking in the article. This is a good opportunity to push prices up. Secondly, increased raw material costs are an argument that is perceived as fair and plausible. “The customer accepts this more readily”, says Hans-Christian Riekhof, Pricing Expert at the Private University of Göttingen (PFH).
One point where craftsmen in particular could start is discounts. Discounts, the newspaper continues, cut into the financial flesh, reduce the margin. “There is basically nothing wrong with discounts”, says Riekhof. “But every discount must have a solid justification.”
Read the whole article at:
https://www.deutsche-handwerks-zeitung.de/wie-handwerker-hoehere-preise-durchsetzen/150/3100/380768
Download the article as a pdf:
https://www.unicconsult.com/wp-content/uploads/2020/03/wie-handwerker-hoehere-preise-durchsetzen-dhz-net.pdf