Price Promotions and Brand Loyalty: Empirical Evidence for the German Breakfast Cereals Market

Price promotions are important marketing activities for (food) retailers; brand loyalty is a major requisite to foster brands' assets. Several theoretical papers have analyzed the relationship between price promotions and brand loyalty resulting in mixed or perhaps contradictory outcomes; only a few empirical studies for (European) grocery markets are available to test which model(s) might be most relevant to reflect pricing strategies in food retailing. In this analysis, two detailed data sets for the German ready-to-eat breakfast cereals market are merged to investigate the relationship between price promotions and brand loyalty. We find significant empirical evidence that stronger brands tend to be promoted less frequently at lower discounts compared to weaker brands. The reason might be that price reductions are more costly for brands having loyal customers who are willing to accept higher mark-ups. Therefore stronger brands might need to come up with alternative measures to recruit new customers instead of offering attractive promotional sales.Price Promotion, Brand Loyalty, Food Retailing, Ready-to-Eat Cereals, Germany, Instruments, Tobit, Demand and Price Analysis, Food Consumption/Nutrition/Food Safety,

PREISSETZUNG AUF DEM DEUTSCHEN JOGHURTMARKT: EINE HEDONISCHE ANALYSE

Die Produktkategorie Joghurt gilt als hoch differenziert. In Deutschland sind über 2000 verschiedene Joghurts in mehr als 250 Produktlinien (z.B. „Almighurt“ von Ehrmann) auf dem Markt erhältlich. Während fast alle Hersteller über ein breites Geschmackssortiment verfügen, ist die Produktion speziellerer Varianten, wie z.B. probiotische oder laktosefreie Joghurts auf wenige, internationale Konzerne oder Nischenmolkereien konzentriert. In diesem Beitrag wird analysiert, inwieweit die Preisgestaltung bei Joghurt anhand der Produkteigenschaften erklärt werden kann und welche Produktattribute von den Marktteilnehmern mit besonders hohen Preisaufschlägen bewertet werden. Dazu wird ein hedonisches Preismodell auf der Basis von Einzelhandelsscannerdaten, welche von 2005 bis 2008 in über 500 Geschäften aus ganz Deutschland wöchentlich erhoben wurden, geschätzt. Als Produktcharakteristika werden sowohl Eigenschaften berücksichtigt, die innerhalb einer Produktlinie variieren (Geschmacksrichtungen), als auch solche, die Produktlinien untereinander abgrenzen (Fettstufen, Verpackungsarten, Markenzugehörigkeit, spezielle Eigenschaften). Insgesamt kann 74 % der Preisvariation durch diese Produktattribute erklärt werden. Der Trend zu einer gesundheitsbewussteren Ernährung spiegelt sich in den Ergebnissen sehr deutlich wider. Probiotische (laktosefreie) Joghurts sind auf Einzelhandelsebene im Durchschnitt rund 15 % (67 %) teurer als naturbelassene Vollfettvarianten. Magerjoghurts (0,1 – 1,4 % Fett) können gegenüber den fettarmen Joghurts (1,5 – 3,4 % Fett) trotz niedrigerer Rohstoffkosten denselben impliziten Preis erzielen. Zudem spielt die Markenzugehörigkeit in der Preissetzung eine wichtige Rolle. Aus den Ergebnissen werden auch Implikationen für die milchverarbeitende Industrie abgeleitet. The yoghurt market shows a high degree of differentiation, innovations are launched on a frequent basis. In Germany, consumers can choose between more than 2000 different varieties. Whereas most manufacturers offer a wide assortment of different flavors, the production of specialties as e.g. probiotic or lactose-free yoghurts is concentrated on multinational food corporations or niche manufacturers. In this study, the question is addressed whether variations in yoghurt prices can be attributed to product characteristics. Furthermore, product attributes leading to particularly high price premiums are identified. We adopt a hedonic price model und use retail scanner data, which was collected from 2005 to 2008 in over 500 retail stores throughout Germany. Employing flavor, fat content, package type, brand name and special variations (probiotic, lactose-free and organic) as product characteristics, up to 74 % of the observed price variation can be explained. Yoghurts being lactose-free realize price premiums up to 67 % at the retail level and also yoghurts being perceived as healthy (low-fat and probiotic) are more expensive than pure full-fat yoghurts. Implications for the milk processing industry are also being discussed.Hedonische Preisanalyse, Joghurt, Einzelhandelsscannerdaten, Hedonic Price Analysis, Yoghurt, Retail Scanner Data, Agribusiness,

Preisbildung im Lebensmitteleinzelhandel

On the supply side, the German retail business is characterized by high consolidation and fierce competition. On the demand side, German consumers are extremely price-sensitive. Against this background, food retail pricing is of major importance for the retailers’ marketing strategy. A key property of retail prices is the high level of price dispersion (VARIAN 1980): Retail prices for a given product vary not only over time but also across retailers. This price dispersion is predominantly caused by promotional prices . HOSKEN AND REIFFEN (2004) determine that 25% to 50% of the annual variation in retail prices is attributable to price promotions. Over time, the usage and importance of price promotions as a strategic marketing instrument has risen substantially, particularly in the German retailing business (HOFFMANN AND LOY 2010). Consequently, a wide range of theoretical models aim to identify the rationales behind offering a product on promotion and to explain the pricing strategies as a whole. As these models result in contradictive hypotheses (BERCK ET AL. 2008), empirical research is essential in identifying the driving forces of particular pricing strategies. However, this type of study is particularly scarce for the German retail market (SCHMEDES 2005). Thus, the central contribution of this dissertation is the empirical assessment of pricing patterns in the German retail business and the identification of the causes triggering the discovered pricing strategies.Der deutsche Lebensmitteleinzelhandel (LEH) ist angebotsseitig durch intensiven Wettbewerb und nachfrageseitig durch preissensitive Konsumenten gekennzeichnet. Folglich spielt die Preissetzung eine wichtige Rolle für das Marketing. Trotzdem oder gerade deshalb weisen die Preise im LEH eine erhebliche Dispersion sowohl innerhalb der Geschäfte als auch zwischen den Geschäften auf. Sonderangebote tragen im besonderen Maße zu diesem Phänomen bei. Eine Vielzahl theoretischer Ansätze zielt auf die Erklärung der Preisdispersion im LEH. Der Kernbeitrag der vorliegenden kumulativen Dissertation besteht in der empirischen Prüfung und Weiterentwicklung dieser Ansätze am Beispiel des deutschen LEH unter Verwendung von Scannerkassendaten. Insbesondere wird in dieser Arbeit aufgezeigt, wie die Markentreue der Konsumenten, die Produktdifferenzierung und die Absatzkanäle die Preissetzung systematisch beeinflussen und somit einen Teil der beobachteten Preisdispersion erklären

Differential effects of fenofibrate versus atorvastatin on the concentrations of E-selectin and vascular cellular adhesion molecule-1 in patients with type 2 diabetes mellitus and mixed hyperlipoproteinemia: a randomized cross-over trial

BACKGROUND: Diabetic dyslipoproteinemia is characterized by hypertriglyceridemia, low HDL-cholesterol and often elevated LDL-cholesterol and is a strong risk factor for atherosclerosis. Adhesion molecule levels are elevated both in hyperlipoproteinemia and diabetes mellitus. It is unclear whether fibrate or statin therapy has more beneficial effects on adhesion molecule concentrations. METHODS: Atorvastatin (10 mg/d) was compared to fenofibrate (200 mg/d) each for 6 weeks separated by a 6 week washout period in 11 patients (6 male, 5 female; 61.8 ± 8.2 years; body mass index 29.8 ± 3.1 kg/m(2)) with type 2 diabetes mellitus (HbA(1c )7.3 ± 1.1 %) and mixed hyperlipoproteinemia using a randomized, cross-over design. Fasting blood glucose, HbA(1)c, lipid parameters, E-selectin, ICAM-1, VCAM-1, and fibrinogen concentrations were determined before and after each drug. RESULTS: Glucose and HbA(1)c concentrations remained unchanged during the whole study period. LDL cholesterol was reduced during atorvastatin therapy, triglycerides were lowered more effectively with fenofibrate. Comparison of pre- and postreatment concentrations of E-selectin showed a reduction during atorvastatin (-7 %, p = 0.11) and fenofibrate (-10 %, p < 0.05) therapy. Atorvastatin treatment reduced VCAM-1 levels by 4% (p < 0.05), while VCAM-1 concentrations remained unchanged (+1%, ns) during fenofibate therapy. However, direct comparisons of post-treatment levels during both forms of therapy were not of statistical significance. ICAM-1 levels were not influenced by either form of therapy. CONCLUSIONS: In addition to the different beneficial effects on lipid metabolism, both drugs appear to lower adhesion molecule plasma concentrations in a different manner in patients with type 2 diabetes and mixed hyperlipoproteinemia. Our observations should be confirmed in a larger cohort of such patients

Hepatic involvement in Wegener's granulomatosis: a case report

<p>Abstract</p> <p>Introduction</p> <p>We report the case of a 58-year-old Caucasian Greek man who presented with dry cough, fever, bilateral alveolar infiltrates and acute hepatitis.</p> <p>Case presentation</p> <p>After a lung biopsy, the patient was diagnosed with Wegener's granulomatosis. The diagnosis was supported by the presence of anti-proteinase-3 anti-neutrophil cytoplasmic antibodies. A liver biopsy demonstrated the presence of mild non-specific lobular hepatitis and periodic acid-Schiff positive Lafora-like inclusions in a large number of his liver cells. The patient was treated with prednisone and cyclophosphamide, which was followed by subsequent remissions of chest X-ray findings and liver function studies.</p> <p>Conclusion</p> <p>What makes this case worth reporting is the coexistence of liver inflammation with a biochemical profile of severe anicteric non-viral, non-drug induced hepatitis coinciding with the diagnosis of Wegener's granulomatosis. Our paper may be the first report of hepatic involvement in a patient diagnosed with Wegener's granulomatosis. The aetiological link between the two diseases is supported by the reversion of hepatitis after the immunosuppression of Wegener's granulomatosis. We favor the hypothesis that hepatic vasculitis may be the cause of acute hepatocellular necrosis.</p

Incomplete echocardiographic recovery at 6\ua0months predicts long-term sequelae after intermediate-risk pulmonary embolism. A post-hoc analysis of the Pulmonary Embolism Thrombolysis (PEITHO) trial

Introduction: Symptoms and functional limitation are frequently reported by survivors of acute pulmonary embolism (PE). However, current guidelines provide no specific recommendations on which patients should be followed after acute PE, when follow-up should be performed, and which tests it should include. Definition and classification of late PE sequelae are evolving, and their predictors remain to be determined. Methods: In a post hoc analysis of the Pulmonary Embolism Thrombolysis (PEITHO) trial, we focused on 219 survivors of acute intermediate-risk PE with clinical and echocardiographic follow-up 6 months after randomisation as well as over the long term (median, 3&nbsp;years after acute PE). The primary outcome was a composite of (1) confirmed chronic thromboembolic pulmonary hypertension (CTEPH) or (2) \u2018post-PE impairment\u2019 (PPEI), defined by echocardiographic findings indicating an intermediate or high probability of pulmonary hypertension along with New York Heart Association functional class II\u2013IV. Results: Confirmed CTEPH or PPEI occurred in 29 (13.2%) patients, (6 with CTEPH and 23 with PPEI). A history of chronic heart failure at baseline and incomplete or absent recovery of echocardiographic parameters at 6 months predicted CTEPH or PPEI at long-term follow-up. Conclusions: CTEPH or PPEI occurs in almost one out of seven patients after acute intermediate-risk PE. Six-month echocardiographic follow-up may be useful for timely detection of late sequelae

Reduced-Dose Intravenous Thrombolysis for Acute Intermediate-High-risk Pulmonary Embolism: Rationale and Design of the Pulmonary Embolism International THrOmbolysis (PEITHO)-3 trial

Intermediate-high-risk pulmonary embolism (PE) is characterized by right ventricular (RV) dysfunction and elevated circulating cardiac troponin levels despite apparent hemodynamic stability at presentation. In these patients, full-dose systemic thrombolysis reduced the risk of hemodynamic decompensation or death but increased the risk of life-threatening bleeding. Reduced-dose thrombolysis may be capable of improving safety while maintaining reperfusion efficacy. The Pulmonary Embolism International THrOmbolysis (PEITHO)-3 study (ClinicalTrials.gov Identifier: NCT04430569) is a randomized, placebo-controlled, double-blind, multicenter, multinational trial with long-term follow-up. We will compare the efficacy and safety of a reduced-dose alteplase regimen with standard heparin anticoagulation. Patients with intermediate-high-risk PE will also fulfill at least one clinical criterion of severity: systolic blood pressure ≤110 mm Hg, respiratory rate &gt;20 breaths/min, or history of heart failure. The primary efficacy outcome is the composite of all-cause death, hemodynamic decompensation, or PE recurrence within 30 days of randomization. Key secondary outcomes, to be included in hierarchical analysis, are fatal or GUSTO severe or life-threatening bleeding; net clinical benefit (primary efficacy outcome plus severe or life-threatening bleeding); and all-cause death, all within 30 days. All outcomes will be adjudicated by an independent committee. Further outcomes include PE-related death, hemodynamic decompensation, or stroke within 30 days; dyspnea, functional limitation, or RV dysfunction at 6 months and 2 years; and utilization of health care resources within 30 days and 2 years. The study is planned to enroll 650 patients. The results are expected to have a major impact on risk-adjusted treatment of acute PE and inform guideline recommendations

A novel clinical score (InterTAK Diagnostic Score) to differentiate takotsubo syndrome from acute coronary syndrome: results from the International Takotsubo Registry

AIMS. Clinical presentation of takotsubo syndrome (TTS) mimics acute coronary syndrome (ACS) and does not allow differentiation. We aimed to develop a clinical score to estimate the probability of TTS and to distinguish TTS from ACS in the acute stage. METHODS AND RESULTS: Patients with TTS were recruited from the International Takotsubo Registry ( www.takotsubo-registry.com) and ACS patients from the leading hospital in Zurich. A multiple logistic regression for the presence of TTS was performed in a derivation cohort (TTS, n = 218; ACS, n = 436). The best model was selected and formed a score (InterTAK Diagnostic Score) with seven variables, and each was assigned a score value: female sex 25, emotional trigger 24, physical trigger 13, absence of ST-segment depression (except in lead aVR) 12, psychiatric disorders 11, neurologic disorders 9, and QTc prolongation 6 points. The area under the curve (AUC) for the resulting score was 0.971 [95% confidence interval (CI) 0.96-0.98] and using a cut-off value of 40 score points, sensitivity was 89% and specificity 91%. When patients with a score of ≥50 were diagnosed as TTS, nearly 95% of TTS patients were correctly diagnosed. When patients with a score ≤31 were diagnosed as ACS, ∼95% of ACS patients were diagnosed correctly. The score was subsequently validated in an independent validation cohort (TTS, n = 173; ACS, n = 226), resulting in a score AUC of 0.901 (95% CI 0.87-0.93). CONCLUSION: The InterTAK Diagnostic Score estimates the probability of the presence of TTS and is able to distinguish TTS from ACS with a high sensitivity and specificity

Happy heart syndrome. role of positive emotional stress in takotsubo syndrome

AIMS: Takotsubo syndrome (TTS) is typically provoked by negative stressors such as grief, anger, or fear leading to the popular term 'broken heart syndrome'. However, the role of positive emotions triggering TTS remains unclear. The aim of the present study was to analyse the prevalence and characteristics of patients with TTS following pleasant events, which are distinct from the stressful or undesirable episodes commonly triggering TTS. METHODS AND RESULTS: Takotsubo syndrome patients with preceding pleasant events were compared to those with negative emotional triggers from the International Takotsubo Registry. Of 1750 TTS patients, we identified a total of 485 with a definite emotional trigger. Of these, 4.1% (n = 20) presented with pleasant preceding events and 95.9% (n = 465) with unequivocal negative emotional events associated with TTS. Interestingly, clinical presentation of patients with 'happy heart syndrome' was similar to those with the 'broken heart syndrome' including symptoms such as chest pain [89.5% (17/19) vs. 90.2% (412/457), P = 1.0]. Similarly, electrocardiographic parameters, laboratory findings, and 1-year outcome did not differ. However, in a post hoc analysis, a disproportionate higher prevalence of midventricular involvement was noted in 'happy hearts' compared with 'broken hearts' (35.0 vs. 16.3%, P = 0.030). CONCLUSION: Our data illustrate that TTS can be triggered by not only negative but also positive life events. While patient characteristics were similar between groups, the midventricular TTS type was more prevalent among the 'happy hearts' than among the 'broken hearts'. Presumably, despite their distinct nature, happy and sad life events may share similar final common emotional pathways, which can ultimately trigger TTS