Ii. Research implications
Multi-characterized enterprise products represent the innovative capacity of enterprises and are able to meet different consumer needs, thereby increasing effective demand. Product pricing is an important determinant of an enterprise's success or failure and is important not only to the profits and sales of the product, but also to the market ownership of the product, which directly affects it. The current pricing theory is not adapted to the pricing needs of multi-characterized enterprise products. The increase in the complexity of the impact factors of multi-characterized enterprise product pricing and the unsuitability of pricing methods to dynamic and volatile market demand are major problems facing product pricing. Based on the above background, the book focuses on the topic “intellectual pricing methods for multi-characterized enterprise products” and aims to address multi-characterized enterprise product pricing. The study has the following significance。
(i) theoretical significance
1. Refinement and development of product pricing theory for multi-dimensional enterprises
Product pricing theories and methods are more numerous and different pricing theories and methods apply to different products. Currently, commonly used pricing theories, such as the economic efficiency theory, the consumer selection theory and the value theory, are oriented only towards single-product or market-based factors and do not meet the need for multi-identity enterprise product pricing. The theoretical basis for multi-identified enterprise products varies depending on the diversity of their functions and the complexity of the consumer market. The characterization price theory, which is mainly product-oriented, indicates that the price of the product is determined by the characteristics of the product, is applied mainly in the areas of real estate and hotels. While the characterization price theory is relatively mature, there are some disadvantages and limitations in terms of research perspectives, areas of research and research methods. From a research perspective, it has been suggested that real estate prices are largely determined by architectural characteristics, locational characteristics and neighbourhood characteristics, and hotel prices are mainly influenced by characteristics such as brand, star class, etc. However, as products continue to innovate, product functions have become more diversified, such as whether housing serves the needs of the population or is a product of great investment value, and the price of the product depends not only on the basic characteristics of the product but also on other characteristics of the product. In the area of research, the characterization price theory is applied mainly in the areas of real estate and hotels, and has a narrower scope. In terms of research methods, the characterization price model uses mainly regression analysis methods, with multiple co-linear problems in the selection of variables. The book divides the characteristics of the enterprise's products into basic and other characteristics. The underlying characteristics are the basic functions and attributes of the product, which give the product a useful value; other characteristics give the product an investment value, etc. The book expands the field of application of the characterization price theory and adopts different empirical methods to avoid multiple co-linear problems. Multi-characterized enterprise products meet the diversified needs of consumer markets and increase effective demand, but demand for products varies from market to market. The book uses consumer available benefits as a classification criterion for market breakdown. The characterization price theory is based on a product perspective, while the market segment theory is based on a market perspective, both of which can serve as the theoretical basis for the pricing of multiple characterizations of enterprise products. The book combines these two theories and builds on them to develop multi-characteristic models for the pricing of enterprise products in order to refine and develop multi-characteristic enterprise product pricing theories。
2. Establishment of a system of research on smart pricing methods for multi-identity enterprise products
Most products are priced on the basis of production costs, market supply and demand, and competition between consumers and enterprises. Such pricing has great limitations: production costs for some products are more difficult to measure and calculate; markets are unpredictable, prices adjusted for supply and demand are often ex post facto, with some lag and blindness. Based on the background and actual needs of the research, the book proposes a multi-characteristic approach to the pricing of enterprise products, and establishes a system of research into the methodology for the pricing of multi-characterized enterprise products through the establishment and pricing of multi-characterized enterprise product pricing models, a multi-characterized analysis of enterprise products based on a product perspective, a multi-characterized system of enterprise product price analysis and price-impact indicators incorporating a market perspective, the identification of smart pricing methods and the final pricing of products. In contrast to previous studies, the book builds a model and price impact indicator system based on product and market perspectives, establishes smart pricing methods through traditional and intelligent pricing model training, and ultimately price products in conjunction with price bubble risk ratings and risk alerts。
(ii) practical significance
1. Establishment of a system of price impact indicators whereby enterprises can accurately analyse price impact factors for different products and adjust pricing
Prices are influenced by factors such as supply and demand and economic development, but the weight of the various factors and the uncertainty about the degree of change in impact are long-standing problems for enterprises. The complexity of price-impact factors is increasing owing to the multiple characteristics of products and the changing market environment. Using the topsis approach, the book examines the weights and changes in the degree of impact of the various impact factors; through training in pricing models, projections based on a combination of different impact factors can be obtained, leading to a combination of factors with the highest forecast accuracy, thus further identifying the price impact factors for different products and adjusting pricing based on changes in the degree of impact of the relevant factors。
2. Identification and protection against price bubbles for enterprise products to reduce enterprise risk
The investment value of some products leads to price bubbles, which are a major component of product prices and have a significant impact on product prices. The state attaches great importance to asset bubbles and has achieved some results through a series of initiatives for risk identification, early warning and prevention. However, given the low level of experience in enterprise risk identification and the lack of risk warning and preparedness, actions are often taken only after price bubbles break, and some blindness and delay can seriously harm the business. Businesses should face up to the legitimacy of price bubbles, which, while generating a certain amount of profits for firms, also pose a greater risk that if a price bubble breaks down, it will lead to a sharp fall in product prices, thereby damaging the enterprise. Therefore, enterprises should find a balance between profit and risk. The study helps enterprises to accurately detect the existence of price bubbles in products and thus to respond to them in order to avoid risks and mitigate losses。
3. Providing practical pricing thinking and methods for enterprises
Product pricing is an important determinant of an enterprise's success or failure, directly affecting both the sales and profits of the product and even its future development. Most firms price their products on the basis of past experience and prejudicing the market. There is a degree of blindness and subjectivity in the use of experience as a basis for pricing, and issues such as prejudicing markets can arise. While enterprises seek to maximize profits for profit, there are significant risks and risks associated with price hikes, and enterprises should balance profits and risks and establish sound, scientific and intelligent pricing systems to reduce the subjectivity and uncertainty of pricing. The smart pricing methods proposed in this book can provide practical pricing ideas and methods that can be applied in business practice。
