IFAMA-产品差异化与品牌建设：中国酸奶价格的hedonic分析（英文）-2021.6-18页_902kb

Summary of "Product differentiation and brand building: a hedonic analysis of yogurt price in China"

Core Content

This research article investigates the relationship between product attributes, brand equity, and sub-brand equity with yogurt prices in China. Using a hedonic analysis framework, the authors examine how different characteristics and brand identities influence consumer willingness to pay, contributing to a better understanding of yogurt market dynamics in the country.

Main Findings

• Product Attributes and Price Premiums:

  • Plain flavored yogurt and yogurt with sugar are associated with negative price premiums, indicating that consumers may perceive these as less valuable or even undesirable.
  • Yogurt with fat, probiotics, ambient storage capability, and designed for kids are associated with positive price premiums, suggesting that these attributes are highly valued by Chinese consumers.

• Brand Equity:

  • National brands (Bright, Yili, Mengniu) generally have higher price premiums than private labels, consistent with findings in other markets.
  • Danone, an international brand, also has a significant presence in the Chinese market, with notable market shares in Guangzhou and Shenzhen.

• Sub-brand Equity:

  • Sub-brands play a crucial role in consumer valuation due to their distinct product positioning.
  • Sub-brands such as Bright Momchilovtsi, Yili Ambpoeial, and Mengniu Chunzhen are positioned as natural, ambient, and European-style, respectively, and are associated with high price premiums.
  • Sub-brand equity adds value beyond the main brand, reflecting the unique positioning and consumer perception of the sub-brand.

Key Information

• Market Growth: The Chinese yogurt market has experienced rapid growth, driven by rising incomes, government promotion, urbanization, and improved marketing channels.
• Consumption Trends: Yogurt consumption has surpassed that of milk, indicating a shift in consumer preferences towards healthier, more functional food options.
• Health Consciousness: Consumers are increasingly health-conscious, leading to higher demand for products with health benefits such as probiotics.
• Data Source: The study uses data from Kantar Worldpanel in Shanghai, Beijing, Guangzhou, and Shenzhen (2014–2015), with a final sample size of 98,453 observations.
• Methodology:
  • A hedonic model is used to estimate price premiums for yogurt attributes and brands.
  • The model accounts for fixed effects at the outlet, city, and week levels to control for regional and temporal variations.
  • Interaction terms between attributes/brands and cities are introduced to capture heterogeneous consumer preferences.
  • Sub-brand fixed effects are estimated separately for each city to evaluate the impact of sub-brand equity on yogurt pricing.
• Consumer Behavior:
  • Ambient yogurt is particularly popular in China due to its convenience and the underdevelopment of cold-chain infrastructure.
  • Organic attributes are not highly valued by Chinese consumers, unlike in the U.S. and Europe.
  • Children's yogurt is a niche but valued product, with a small but significant portion of the market.

Structural Overview

• Section 2 discusses brand and sub-brand equity, highlighting the importance of brand associations and sub-brand positioning in shaping consumer perception and willingness to pay.
• Section 3 provides details on the data used, including product specifications and brand market shares across different cities.
• Section 4 outlines the hedonic model specification, including the use of log-linear functional form and fixed effects to account for market and consumer heterogeneity.
• Section 5 presents the results of the hedonic regression analysis, showing the price premiums associated with various attributes and brands, and the role of sub-brand equity in price variation.

Conclusion

The study fills a critical research gap by analyzing yogurt price premiums in China using a hedonic approach. It provides insights into how Chinese consumers value different yogurt attributes and brand identities, emphasizing the importance of sub-brand equity in the competitive yogurt market. The findings are relevant for yogurt manufacturers aiming to optimize product positioning and marketing strategies in the Chinese market.