Switch Marketing and the Retail Pricing of Brands and Private Label Products...

Switch Marketing and the Retail Pricing Switch Marketing and the Retail Pricing of Brands and Private Label Productsof Brands and Private Label Products

Ratula ChakrabortyRatula Chakrabortyl bl bPaul W. DobsonPaul W. Dobson

Jonathan S. SeatonJonathan S. Seaton

STRATEGIES IN THE RETAILING INDUSTRYSTRATEGIES IN THE RETAILING INDUSTRYINRA-IDEI SEMINAR

TOULOUSE

16 May 201116 May 2011

IntroductionSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

IntroductionThe Private Label Phenomenon… Private label (“PL”) market share has grown as grocery Private label ( PL ) market share has grown as grocery

markets have become more concentrated

Private label has come to rival and even dominate brands inPrivate label has come to rival and even dominate brands in many categories

But….But…. Is this growth in private label necessarily benign?

How has this growth in private label affected retail and How has this growth in private label affected retail and producer competition?

Do retailers favour private label at the expense of brands and p pdistort consumers’ choices and the prices they face?

Private Label Share Forecast to Keep GrowingSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

Private Label Share Forecast to Keep GrowingPrivate Label Share of Market by Value, 2008-20012 (%)

Steering Consumers to Buy Private LabelSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

Steering Consumers to Buy Private LabelConcerns about retailers’ use of “switch marketing”:

The Practice: Using marketing to encourage consumers to switch from

buying one product to a different onebuying one product to a different one

The Context: Retailers encouraging consumers to switch from brands to Retailers encouraging consumers to switch from brands to

private labels Retailers exploiting “double agent” role as brand producers’

customer and competitor

The Implications: Distorted competition? Consumer detriment?

Why Favour Private Label?

Switch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

Why Favour Private Label?Possible business advantages for the retailer: Generate higher margins

saving on brand marketing costs; free-riding on brand investments

Facilitate consumer segmentation multiple price-quality tiers in category price architectures

P t & b ild l lt Promote own name & build consumer loyalty label bearing retailer’s name; draw quality inferences from the

leading brands; consumers’ champion image g ; p g

Enhance retailer differentiation & reduce price comparability differentiation as own brands are unique to the retailer

Weaken brand producer’s bargaining position extract more favourable terms through increased discounts and

incentive payments from brand producersincentive payments from brand producers

PL Favouritism and the Marketing MixSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

PL Favouritism and the Marketing Mix Product – influencing consumers’ product choices

controlling range; advanced brand design knowledge; PL copycat formulation/packaging; PL multiple quality tiers; brand delisting

P i i fl i ’ l ti Price – influencing consumers’ value perceptions label bearing retailer’s name; draw quality inferences from the

leading brands; framing effects

Place – influencing consumers’ accessibility gatekeeper power controlling distribution; in-store product g p p g ; p

placement; shelf allocation; shelf positioning; stock replenishment

Promotion – influencing consumers’ knowledge controlling in-store advertising; media advertising campaigns

(“switch and save”); targeted advertising (“cheaper alternatives!”); personalised marketing (loyalty card data)p g ( y y )

Examples of Blatant PL Favouritism #1Switch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

Examples of Blatant PL Favouritism #1 Brand Lookalikes


Examples of Blatant PL Favouritism #2 Tactics focused on consumer trial Blind taste tests – Wegmans in US (“Great Taste Wins”

campaign), Sainsbury’s in UK (“Taste Test Challenge”)

Coupons Buying a brand triggers coupon for PL Spartan Coupons – Buying a brand triggers coupon for PL – Spartan in US

Giveaways – “Buy the brand, get the PL equivalent free” – Giveaways Buy the brand, get the PL equivalent free Publix in US (“Brands Challenge” BOGO campaign)

Brand delisting trials – temporarily delist brand and see if consumers complain or shop elsewhere Asda in UKconsumers complain or shop elsewhere – Asda in UK

Shelf-space allocation and shelf positioning Giving PL a greater number of facings and mid-shelf, eye-

level placement as well as special product displays – see Fernandez Nogales and Gomez Suarez (2005) for a Spanish g ( ) pcase study


Examples of Blatant PL Favouritism #3 ”Compare and Save” PromotionsEstablished in-store signage tactic used by grocery,

general merchandising, drug store and stationery retailers in the US (e g Wal Mart CVS and Staples)retailers in the US (e.g. Wal-Mart, CVS, and Staples)

Similar tactic seen in other countries including Australia (W l th ) d th h d ti i l fl t i(Woolworths) and through advertising leaflets in Germany (Rewe and Müller)

Large scale “switch marketing” campaigns in the UK:Large-scale switch marketing campaigns in the UK: Sainsbury’s “Switch and Save” promoting “Switch to

Sainsbury’s own brand and save at least 20%”Sainsbury s own brand and save at least 20% Tesco “See Cheaper Alternatives!” web tool on tesco.com

and backed up by TV advertising campaign

Sainsbury’s “Switch and Save” #1


Sainsbury s Switch and Save #1

Sainsbury’s “Switch and Save” #2


Sainsbury s Switch and Save #2

Tesco “See Cheaper Alternatives!” #1


Tesco See Cheaper Alternatives! #1







More Subtle PL FavouritismSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

More Subtle PL FavouritismStrategic pricing for driving PL growth or extracting

more category revenue:

Do retailers using pricing either to steer consumersDo retailers using pricing either to steer consumers towards PL or to better price target them through their different price sensitivity on brands and PL?

What pricing tactics might be used to favour PL and/or better segment consumers and how common are these?g

To what extent do pricing tactics favouring PL depend on the retailer’s identity producer’s identity brand statusthe retailer s identity, producer s identity, brand status, private-label status, and/or product category?

Pricing Tactics to Favour Private LabelSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

Pricing Tactics to Favour Private Label “Rip-off Brand” Tactic

Brand price raised to choke demand in favour of switch to PL

“Value Champion PL” Tactic Private label price reduced to enhance perceived value for money

and make brands look poor value by comparison

“E l Q lit B t B tt V l PL” T ti “Equal-Quality-But-Better Value PL” Tactic Private label price tracks brand price closely but at a slight discount

(e.g. umbrella pricing) ( g p g)

“Dubious Brand Value” Tactic Brand prices raised and lowered in yo-yo fashion or in Edgeworth a d p ces a sed a d o e ed yo yo as o o dge o t

Cycles (small steps down then big jump up) to confuse consumers on real value and encourage trial of more consistently priced PL

but are these tactics used in practice?Switch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

…but are these tactics used in practice?Empirical study of brand and equivalent PL prices p y q p

in UK grocery retailing:

Matched pairs of branded goods and private label Matched pairs of branded goods and private label equivalents across different grocery product categories

Weekl pdated p ices f om top 4 UK g oce etaile s o e Weekly updated prices from top 4 UK grocery retailers over a five-year period on these matched pairs

Study provides insights on retail price competition, whether different retailers apply the same or different pricing tactics as well as the treatment of brand and private labeltactics, as well as the treatment of brand and private label prices

Background on UK Grocery MarketSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

Background on UK Grocery Market UK grocery sector worth £140bn in 2008 (IGD)

The “Big 4” (Tesco, Asda, Sainsbury, and Morrison) dominate the national market (with 75% of supermarket sales and 65% of all grocery sales)

Sector subject to several investigations over the past decade (e.g. Competition Commission 2000, 2003, 2005, 2008)

Continued concerns about the power of the major chains as p jboth sellers and buyers and the impact on consumers

Concern that with continuing consolidation retailers will gincreasingly be able to dictate product choices and prices to consumers

Comparison of the “Big 4” UK RetailersSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

Comparison of the Big 4 UK RetailersTable 1: Sales Performance of Top 4 UK Grocery Retailers, 2008

Measure Tesco Asda Sainsbury’s Morrisons

Share of trade (%) 28.1 15.5 14.3 10.4

Penetration – all shoppers (%) 84.9 67.9 63.7 60.2

Average visits per shopper p.a. 39.9 25.7 27.5 24.6

Average spend per shopper (£) 1265.74 871.83 862.18 606.05

Average spend per visit (£m) 31.75 33.95 31.34 26.85

Penetration – main shoppers (%) 34 18 16 13

Retailer loyalty main shoppers (%) 65 64 66 60Retailer loyalty – main shoppers (%) 65 64 66 60

% Spend on promotional offer 28 28 30 30

Own label share (%) 47 47 48 47

Source: Adapted from Nielsen (2009)

Market Share Trends of the Big 4


Market Share Trends of the Big 4

Matched-Pairs Analysis – Preliminary Results


Matched Pairs Analysis Preliminary Results

Analysis of pricing patterns across matched pairs ofAnalysis of pricing patterns across matched pairs of branded goods and private label equivalents

Ti P i d 5 (10/11/03 t 24/11/08) Time Period – 5 years (10/11/03 to 24/11/08)

Data – Weekly prices on single items

Sample – 60 matched pairs in Big 4 retailers (127K obs)

P d k d d f f i Products – packaged goods for range of categories

Price range – min £0.12, max £7.69, mean £1.12g , ,

“Rip-off Brand” TacticSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

Price

Rip-off Brand TacticBrand premium widens as brand price increases

dBrand

Private labelPrivate label

Time

“Rip-off Brand” Tactic?Switch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

1 6

1.8

KELLOGGS CORN FLAKES 500G

£'s

1.4

1.6

1

1.2

0.6

0.8

0.2

0.4

0

Tesco B Sainsbury B Morrison B ASDA B Tesco PL Sainsbury PL Morrison PL ASDA PL

“Value Champion PL” Tactic


Price

Value Champion PL TacticBrand premium widens as PL price falls

Price

Brand

Private label

Time

“Value Champion PL” Tactic?Switch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

4

4.5

NESCAFE INSTANT COFFEE 200G

£'s

3

3.5

2

2.5

3

1.5

2

0.5

1

0


“Same Quality Better Value PL” Tactic


Price

Same-Quality-Better-Value PL TacticBrand premium small and consistent over time

Price

Brand

Private label

Time

“Same-Quality-Better-Value PL” Tactic?Switch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

1.8

2

FLORA PURE SUNFLOWER OIL 1LT BOTTLE

£'s

1.4

1.6

1

1.2

0.6

0.8

0.2

0.4

0


“Dubious Brand Value” Tactic


Price

Dubious Brand Value TacticBrand premium inconsistent with volatile brand price

Price

Brand

i l b lPrivate label

Time

“Dubious Brand Value” Tactic?Switch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

1.4

ST IVEL UTTERLY BUTTERLY 500G

£'s

1

1.2

0.8

0.4

0.6

0.2

0


Example of Unstable Price RelationshipSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

3 5

4

FILIPPO BERIO MILD & LIGHT OLIVE OIL 500ML

£'s

3

3.5

2

2.5

1

1.5

0.5

0


Example of Suddenly Changing Price RelationshipSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

1.2

HEINZ TOMATO KETCHUP BOTTLE 340G/342G

£'s

0 8

1

0.6

0.8

0.4

0.2

0


General Empirical FindingsSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

General Empirical FindingsMatched pairs analysis suggests the following:

Brand premium – Increased over 5 yrs by 45% on average

Price dispersion across retailers – greater on PL, until 2008p g ,

Price matching across retailers – greater on brands, until 2008

P i l tilit i h h t f b d d h Price volatility – price churn much greater for brands and much greater for Tesco and Asda than Sainsbury and Morrisons

P i h Price changes– almost twice as many price cuts as price rises over 5 yrs

six times more price changes ≥ 50p on brands than PL– six times more price changes ≥ 50p on brands than PL– 33% of brand price cuts by 1p; 18% of PL price cuts by 1p– 32% of Tesco price cuts by 1p; 29% of Asda price cuts by 1p– 32% of Tesco price cuts by 1p; 29% of Asda price cuts by 1p

Rising Brand-PL Price GapSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

90

100

Brand Premium (%) By Retailer

70

80

90

50

60

30

40

10

20

0

Tesco Sainsbury Morrison ASDA

Price dispersion greater on PL, until recentlySwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

0.16

Mean Coefficient of Variation for Brands and PL

0.12

0.14

0.08

0.1

0 04

0.06

0

0.02

0.04

0

10 November

2003

10 May 2004

10 November

2004

10 May 2005

10 November

2005

10 May 2006

10 November

2006

10 May 2007

10 November

2007

10 May 2008

10 November

2008

Brand PL

Retailer price matching – rises then falls on brandsSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

100%

Retailer Price Matching on Brands

70%

80%

90%

50%

60%

20%

30%

40%

0%

10%

20%

4 kind 3kind 2pair onepair nonPsame

Retailer price matching – rises and falls less on OLSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

100%

Retailer Price Matching on Private Label

70%

80%

90%

50%

60%

%

30%

40%

10%

20%

0%

4 kind 3kind 2pair onepair none

Increasing Price VolatilitySwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

50

Number of Price Cuts & Rises Per Week (3mth MA)

35

40

45

25

30

10

15

20

0

5

10

PL Falls PL Rises Brand Falls Brand Rises

….but many price cuts are just one pennySwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

y p j p y

30

Number of 1p Price Cuts each Week for Brands & PL

25

15

20

5

10

0

PL Brand

Price cuts more frequent than price risesSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

‐4500 ‐3500 ‐2500 ‐1500 ‐500 500 1500 2500 3500 4500

Brand & PL Price Changes:Cumulative Distribution (1p-30p)

‐4500 ‐3500 ‐2500 ‐1500 ‐500 500 1500 2500 3500 4500

1

3

55

7

9

11

13

15

17

19

21

23

25

27

29

Falls Brand Rises Brand Rises PL Falls PL

….but average prices rising over timeSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

1.7

Mean Brand & PL Prices by Retailer (£'s)

1.5

1.1

1.3

0.9

0.7

0.5


Brand price churn greater at Tesco & AsdaSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

‐4500 ‐3500 ‐2500 ‐1500 ‐500 500 1500 2500 3500 4500

Brand Price Changes:Cumulative Distribution by Retailer (1p-30p)

4500 3500 2500 1500 500 500 1500 2500 3500 4500

1

3

5

7

9

11

13

15

17

19

21

23

25

27

29

Falls T Falls S Falls M Falls A Rises T Rises S Rises M Rises A

….less OL price churn and more symmetricSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

4500 3500 2500 1500 500 500 1500 2500 3500 4500

PL Price Changes:Cumulative Distribution by Retailer (1p-30p)

‐4500 ‐3500 ‐2500 ‐1500 ‐500 500 1500 2500 3500 4500

1

3

55

7

9

1111

13

15

1717

19

21

2323

25

27

2929

Falls T Falls S Falls M Falls A Rises T Rises S Rises M Rises A

Alternative ExplanationsSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

Alternative Explanations Outcomes down to manufacturers? Manufacturers cannot fix retail prices (as RPM is banned) Temporary price reductions co-funded but does not explain

small price changes on brands Little indication of fixed or regular interval (e.g. annual)

brand price risesbrand price rises

Innocent retail behaviour as an outcome of effective competition preventing price manipulation? But is retail price competition effective?

1 I di ti th t i l d hi b h i i t1. Indication that price leadership behaviour exists2. Indication that brand/OL price movements very weakly

aligned – suggesting consumer segmentation strategyaligned suggesting consumer segmentation strategy

Leads/Lags to Tesco Price Changes/


60

70

80

Leader/Follower ‐ If Tesco OL price changes what do others do to OL price?

120

140

Leader/Follower ‐ If Tesco brand price changes what do others do to Brand price?

Brand rise/rise OL rise/rise

30

40

50

60

60

80

100

Brand rise/rise

0

10

20

0

20

40

‐10 ‐9 ‐8 ‐7 ‐6 ‐5 ‐4 ‐3 ‐2 ‐1 0 1 2 3 4 5 6 7 8 9 10

Tesco Sainsbury Morrisons ASDA

‐10.00 ‐9.00 ‐8.00 ‐7.00 ‐6.00 ‐5.00 ‐4.00 ‐3.00 ‐2.00 ‐1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00


70.00

Leader/Follower ‐ If Tesco OL price changes what do others do to OL price?

250.00

Leader/Follower ‐ If Tesco brand price changes what do others do to brand price?

Brand fall/fall

40 00

50.00

60.00

150.00

200.00

Brand fall/fallOL fall/fall

20.00

30.00

40.00

50.00

100.00

0.00

10.00

‐10 ‐9 ‐8 ‐7 ‐6 ‐5 ‐4 ‐3 ‐2 ‐1 0 1 2 3 4 5 6 7 8 9 10


0.00

‐10 ‐9 ‐8 ‐7 ‐6 ‐5 ‐4 ‐3 ‐2 ‐1 0 1 2 3 4 5 6 7 8 9 10


Leads/Lags to Asda Price ChangesSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

80.00

90.00

100.00

Leader/Follower ‐ If ASDA brand price changes what do others do to brand price?

6.00E+01

7.00E+01

Leader/Follower ‐ If ASDA OL price changes what do others do to OL price?

Brand rise/rise OL rise/rise

40.00

50.00

60.00

70.00

3.00E+01

4.00E+01

5.00E+01Brand rise/rise OL rise/rise

0.00

10.00

20.00

30.00

0 00E+00

1.00E+01

2.00E+01

0.00

‐10 ‐9 ‐8 ‐7 ‐6 ‐5 ‐4 ‐3 ‐2 ‐1 0 1 2 3 4 5 6 7 8 9 10


0.00E+00

‐10 ‐9 ‐8 ‐7 ‐6 ‐5 ‐4 ‐3 ‐2 ‐1 0 1 2 3 4 5 6 7 8 9 10


250.00

Leader/Follower ‐ ASDA brand price changes what do others do to brand price?

70.00

Leader/Follower ‐ ASDA OL price changes what do others do to OL price?

150.00

200.00

50.00

60.00Brand fall/fallOL fall/fall

50 00

100.00

20.00

30.00

40.00

0.00

50.00

‐10.00 ‐9.00 ‐8.00 ‐7.00 ‐6.00 ‐5.00 ‐4.00 ‐3.00 ‐2.00 ‐1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00


0.00

10.00

‐10.00 ‐9.00 ‐8.00 ‐7.00 ‐6.00 ‐5.00 ‐4.00 ‐3.00 ‐2.00 ‐1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00


Price Correlation AnalysisSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

Price Correlation Analysis Average correlation coefficients across the sample:

Tesco B Sains B Morr B ASDA B Tesco OL Sains OL Morr OL ASDA OL

Tesco B 1.000 0.628 0.503 0.682 0.180 0.132 0.075 0.192Tesco B 1.000 0.628 0.503 0.682 0.180 0.132 0.075 0.192

Sains B 0.628 1.000 0.523 0.620 0.227 0.217 0.129 0.250

Morr B 0.503 0.523 1.000 0.503 0.220 0.235 0.232 0.239

ASDA B 0.682 0.620 0.503 1.000 0.183 0.154 0.083 0.212

Tesco OL 0.180 0.227 0.220 0.183 1.000 0.652 0.505 0.830

Sains OL 0 132 0 217 0 235 0 154 0 652 1 000 0 583 0 622Sains OL 0.132 0.217 0.235 0.154 0.652 1.000 0.583 0.622

Morr OL 0.075 0.129 0.232 0.083 0.505 0.583 1.000 0.493

ASDA OL 0.192 0.250 0.239 0.212 0.830 0.622 0.493 1.000

Warning: interpret with caution given non-stationarity/cointegration g p g y/ gissues, oddly behaved residuals, and very little change in the data

Implications: Effects on Competition


Implications: Effects on CompetitionPrivate label favouritism could distort competition:Private label favouritism could distort competition:

Restricted access for brand producers d b d l d b PL d t “di t ” b d secondary brands replaced by PL and store “discounter” brands difficulty for new brands to gain entry

Undermining brand investments “me-too” PL free riding on marketing, formulation and packaging “ t” PL f idi b d i d d ill “copycat” PL free riding on brand image and goodwill

Raising rivals’ costs increased brand advertising, R&D effort, funded price promotions,

shelf-space fees and other payments/obligations to retailers

Implications: Effects on Consumers


Implications: Effects on ConsumersPrivate label favouritism could harm consumers: Poor value

E.g. “umbrella pricing” – PL tracks brand prices rather than costs

Misleading value E.g. “goldilocks pricing” – distorted pricing architectures

Undermined value E.g. “yo-yo pricing” – damage brand image and worth

Restricted value E.g. restricted choice with brand foreclosure

Declining value E.g. moral hazard problem deters future brand investment

ConclusionSwitch Marketing and the Retail Pricing Pricing of Brands and Private Label Products Chakraborty, Dobson & Seaton

Conclusion Retailers in “double agent” position as customer and

competitor for branded goods producerscompetitor for branded goods producers

Scope for favouring private label over brands through it h k ti d t t i t il i iswitch marketing and strategic retail pricing

Concerns about distorted competition leading to consumer harm

Empirical work required to determine the extent of theEmpirical work required to determine the extent of the problem and its effects on the market

Consideration of policy measures to protect competition? Consideration of policy measures to protect competition?

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