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Robert Jacobson & David A. Aaker                The Strategic Role of Product Quality                Journal of Marketing,...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Research Problem & Motivation   Introduction           ...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Research Problem & Motivation   Introduction           ...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Research Problem & Motivation   Introduction           ...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Research Problem & Motivation   Introduction           ...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Research Problem & Motivation   Introduction           ...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Research Methodology   Introduction                Rese...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Research Framework / Model   Introduction              ...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Research Framework / Model   Introduction              ...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Data & Sample   Introduction                Research   ...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Data & Sample   Introduction                Research   ...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Results of the Statistical Analysis   Introduction     ...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Results of the Statistical Analysis   Introduction     ...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Results of the Statistical Analysis   Introduction     ...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Conclusion & Managerial Implications   Introduction    ...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Conclusion & Managerial Implications   Introduction    ...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Conclusion & Managerial Implications   Introduction    ...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Conclusion & Managerial ImplicationsSeminar „Essential ...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Conclusion & Managerial Implications   Introduction    ...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Conclusion & Managerial Implications   Introduction    ...
Jacobson & Aaker (1987): The Strategic Role of Product Quality     Limitations & Future Research   Introduction           ...
Thank you for your attention.Prof. Dr. Florian Stahl    Innovation Marketing – Lecture 1   Spring Term 2009   22
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Paper Presentation: "The Strategic Role of Product Quality" by Jacobson & Aaker 1987)

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Presentation for the Seminar "Essential Models and Theories in Marketing" @ University of Zurich

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Paper Presentation: "The Strategic Role of Product Quality" by Jacobson & Aaker 1987)

  1. 1. Robert Jacobson & David A. Aaker The Strategic Role of Product Quality Journal of Marketing, Volume 61, October 1987 Presented by: Andreas SchwarzingerProf. Dr. Florian Stahl Innovation Marketing – Lecture 1 Spring Term 2009 1
  2. 2. Jacobson & Aaker (1987): The Strategic Role of Product Quality Research Problem & Motivation Introduction Research Findings Conclusion Why study product quality? » Because it can affect your business heavily! » Some examples?Seminar „Essential Models and Theories in Marketing” Fall Term 2010 2
  3. 3. Jacobson & Aaker (1987): The Strategic Role of Product Quality Research Problem & Motivation Introduction Research Findings ConclusionSeminar „Essential Models and Theories in Marketing” Fall Term 2010 3
  4. 4. Jacobson & Aaker (1987): The Strategic Role of Product Quality Research Problem & Motivation Introduction Research Findings Conclusion Why did Jacobson & Aaker study product quality? Determine the strategic role of product quality.American firms losingmarkets to Japanese Prior research focused on Study by Phillips, Chang &and European brands other strategic variables like Buzzel (1983) on the impactthanks to their market share, price or of quality on ROI, market(perceived) higher advertising. share, price and cost.quality products.Seminar „Essential Models and Theories in Marketing” Fall Term 2010 4
  5. 5. Jacobson & Aaker (1987): The Strategic Role of Product Quality Research Problem & Motivation Introduction Research Findings Conclusion What did Phillips, Chang & Buzzel (1983) find out about quality? » Quality has no consistent direct effect on ROI. » Quality has a significant positive influence on market share. » Quality has no significant influence on cost. » Quality has is a differentiating factor that allows firms to ask higher prices.Seminar „Essential Models and Theories in Marketing” Fall Term 2010 5
  6. 6. Jacobson & Aaker (1987): The Strategic Role of Product Quality Research Problem & Motivation Introduction Research Findings Conclusion » Quality has no consistent direct effect on ROI.  Really? » Quality has a significant positive influence on market share.  What about exclusivity? » Quality has no significant influence on cost.  So is higher quality for free?Seminar „Essential Models and Theories in Marketing” Fall Term 2010 6
  7. 7. Jacobson & Aaker (1987): The Strategic Role of Product Quality Research Methodology Introduction Research Findings Conclusion Jacobson & Aaker chose an extension of Phillips, Chang & Buzzel‘s (1983) research framework to answer the following questions: » Is product quality really an exogenous variable?  Treating product quality as an endogenous variable.  Control for feedback between quality and other strategic variables. » What about firm-specific effects?  Make use of pooled time series cross-sectional data.Seminar „Essential Models and Theories in Marketing” Fall Term 2010 7
  8. 8. Jacobson & Aaker (1987): The Strategic Role of Product Quality Research Framework / Model Introduction Research Findings Conclusion How did Jacobson & Aaker try to answer these questions? » Five-equation vector autoregressive model  5 dependent variables: ROI, market share, relative price, relative cost, relative (perceived) product quality  5 independent variables: one-year lagged values for ROI, market share, relative price, relative cost, relative (perceived) product quality  Model estimated for 6 business groupings:  Consumer goods (also called final goods)  Durable goods (e. g. cars)  Consumer nondurable goods (e. g. a bottle of Coca Cola or an apple)  Capital goods (e. g. factories, machineries, tools)  Raw and semifinished goods (e. g. tires or radio units as parts of a car)  Components and supplies (transistors or diodes as parts of electronics).Seminar „Essential Models and Theories in Marketing” Fall Term 2010 8
  9. 9. Jacobson & Aaker (1987): The Strategic Role of Product Quality Research Framework / Model Introduction Research Findings Conclusion in other words… The model estimates the effect of product quality on ROI, market share, price and cost, as well as the influence of these strategic variables on quality itself.Seminar „Essential Models and Theories in Marketing” Fall Term 2010 9
  10. 10. Jacobson & Aaker (1987): The Strategic Role of Product Quality Data & Sample Introduction Research Findings Conclusion Which data base did Jacobson & Aaker use for their empirical analysis? » PIMS SPIYR data base » 13’000 observationsSeminar „Essential Models and Theories in Marketing” Fall Term 2010 10
  11. 11. Jacobson & Aaker (1987): The Strategic Role of Product Quality Data & Sample Introduction Research Findings Conclusion What is PIMS? » Profit Impact of Market Strategy » Initiated by General Electrics in 1960 as an empirical study » Goal: Make the different strategic business units comparable » Measuring Unit: ROI » 1972, the project was handed over to the Harvard Business school » 1976, the American Strategic Planning Institute took over the project lead » Between 1970 and 1983, about 2000 strategic business units took partSeminar „Essential Models and Theories in Marketing” Fall Term 2010 11
  12. 12. Jacobson & Aaker (1987): The Strategic Role of Product Quality Results of the Statistical Analysis Introduction Research Findings ConclusionSeminar „Essential Models and Theories in Marketing” Fall Term 2010 12
  13. 13. Jacobson & Aaker (1987): The Strategic Role of Product Quality Results of the Statistical Analysis Introduction Research Findings Conclusion Results of the empirical analysis - The effects of quality: » Quality has a direct positive effect on profitability (ROI) » Quality has a positive effect on market share. » Quality is a differentiating factor that enables firms to charge a higher relative price. » The impact of quality on cost was found to be insignificantSeminar „Essential Models and Theories in Marketing” Fall Term 2010 13
  14. 14. Jacobson & Aaker (1987): The Strategic Role of Product Quality Results of the Statistical Analysis Introduction Research Findings Conclusion Results of the empirical analysis – How quality is affected: » There was no evidence found of ROI influencing quality. » ROI also has a very little effect on the other business factors. » Market share does not seem to have a significant effect on quality. » Only for capital goods market share has a significant and negative impact on quality. » Price is found to have a significantly positive impact on perceived quality. » Overall, cost does not seem to have an impact on quality.Seminar „Essential Models and Theories in Marketing” Fall Term 2010 14
  15. 15. Jacobson & Aaker (1987): The Strategic Role of Product Quality Conclusion & Managerial Implications Introduction Research Findings Conclusion Results of the empirical analysis – How quality is affected: » There was no evidence found of ROI influencing quality. » ROI also has a very little effect on the other business factors. » Market share does not seem to have a significant effect on quality. » Only for capital goods market share has a significant and negative impact on quality. » Price is found to have a significantly positive impact on perceived quality. » Overall, cost does not seem to have an impact on quality.Seminar „Essential Models and Theories in Marketing” Fall Term 2010 15
  16. 16. Jacobson & Aaker (1987): The Strategic Role of Product Quality Conclusion & Managerial Implications Introduction Research Findings Conclusion SportAuto quick facts: » SportAuto is a German car magazine » Existing since 1969. » Industry-wide influence of its test results » USP: so-called Supertest » Supertest consists of several measurings on a car’s performance » Supertest is conducted at the same tracks, under the same circumstances and with the same driver all the timeSeminar „Essential Models and Theories in Marketing” Fall Term 2010 16
  17. 17. Jacobson & Aaker (1987): The Strategic Role of Product Quality Conclusion & Managerial Implications Introduction Research Findings Conclusion Why am I telling you this? » Reason 1: Because SportAuto is my favourite private lecture. » Reason 2: Because the SportAuto Supertest, in other words, is the perfect source for objective comparisons of the performance of sports cars! » Reason 3: Because I want to show you the impact of the managerial implications of Jacobson & Aaker’s findings in a tangible way, with the helpf of a real-world example.Seminar „Essential Models and Theories in Marketing” Fall Term 2010 17
  18. 18. Jacobson & Aaker (1987): The Strategic Role of Product Quality Conclusion & Managerial ImplicationsSeminar „Essential Models and Theories in Marketing” Fall Term 2010 18
  19. 19. Jacobson & Aaker (1987): The Strategic Role of Product Quality Conclusion & Managerial Implications Introduction Research Findings Conclusion The central question now is: Why can Aston Martin set such prices? » Performance? No, as seen. » Exclusivity? No, as Jacobson & Aaker found out. » Market share? No, Aston Martin sells just ~5000 cars / year. » Cost? No, if Aston Martin would not work as cost-efficient as the others, they would no exist anymore. » Other factors? Like Sound, Design, Desireability, …? Maybe. » Price? Obviously, there are feedback effects of price on perceived quality. The high price is a signal for high quality!Seminar „Essential Models and Theories in Marketing” Fall Term 2010 19
  20. 20. Jacobson & Aaker (1987): The Strategic Role of Product Quality Conclusion & Managerial Implications Introduction Research Findings Conclusion Conclusions and managerial implications: » Product quality should be treated as an endogenous strategic variable. » A firm can choose from a variety of different strategies based on quality, depending on the business setting and context. » In absence of complete information, price seems to be a signal of quality. » Products with higher quality are favored and receive a higher market share. » Higher quality tends not to be obtained as a result of increased cost. » Customers seem to place a premium on quality and are willing to reward those firms perceived as offering a quality product.Seminar „Essential Models and Theories in Marketing” Fall Term 2010 20
  21. 21. Jacobson & Aaker (1987): The Strategic Role of Product Quality Limitations & Future Research Introduction Research Findings Conclusion Things to keep in mind when dealing with the findings of Jacobson & Aaker: » The influence of quality on ROI seems to be different in different situations and business settings. » Higher quality tends not to be obtained as a result of increased cost. But:  High cost firms can lower quality instead of raising prices, when customers are more price sensitive than quality sensitive.  Firms with a cost advantage can raise quality instead of lowering prices when customers are more quality sensitive than price sensitive. » High product quality can be used to obtain a higher market share. But:  This strategy could be self-defeating: Very high levels of market share could lower customers’ perceptions on quality and open the market for new entries.Seminar „Essential Models and Theories in Marketing” Fall Term 2010 21
  22. 22. Thank you for your attention.Prof. Dr. Florian Stahl Innovation Marketing – Lecture 1 Spring Term 2009 22

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