pricing strategies in the german retailing sector

0,49

1,49

2,991

Pricing strategies in the German retailing sector

Dr. Anke Möser*

- Master Seminar „Food Marketing“ -

28.11.2008

* Center for International Development and Environmental Research, Justus-Liebig University, Gießen

2

Outline

1. Background information regarding the German food retailing sector

2. Price level in Germany 3. Pricing strategies

3.1 Price actions3.2 Price rigidity3.3 Psychological pricing

4. Private labels 5. Price-quality relationship6. Summary

3

Special characteristics of the German retailing sector

High concentration; Relative absence of foreign retailing companies; Low margins; Excess capacity; Discriminating consumers („Geiz ist geil“)

4

BackgroundTrends at industry level

52.0%

70.0%

81.0%

59.0%

79.0%

90.0%

61.4%

84.2%

94.3%

62.4%

85.2%

95.1%

1992 1995 2000 2004

Year

Top 20

Top 10

Top 5

Market share of leading companies

Source: LZ (various years).

5

Background Trends at industry level

Market share of leading companies

Source: LZ (various years).

1994 1997 2000 2004 Metro 18.6 19.3 16.2 14.9 Rewe 13.1 13.6 14.6 14.2 Edeka/AVA 11.6 12.7 12.6 13.4 Aldia) 9.4 9.9 10.0 10.1 Schwarza) 4.6 5.6 6.4 9.8 Tengelmann 7.5 7.6 7.1 6.0 Spar AGa) 4.3 5.6 4.0 4.0 Globus 1.2 1.7 1.7 1.6

Wal-Mart (Germany)a), b) - 0.7 1.5 1.3 Normaa) 1.0 1.1 1.1 1.2 Coop Schleswig-Holstein 0.6 0.6 0.7 0.6 Tegut 0.6 0.5 0.5 0.5

6

BackgroundStore-types

Structure and changesa)

Year Hypermarkets/

Consumer Markets Discounters Supermarkets Remaining food Stores

1980 1,314 - 5,190 69,763 1985 1,513 - 9,845 58,015 1990 1,656 - 7,817 50,888 1995 2,038 10,630 9,635 54,100 2000 2,363 12,770 9,230 45,900 2003 2,494 13,750 8,790 39,900 2004 2,558 14,214 8,620 37,350

a) Excludes online shops and non-organised food retailing. After 1991, stores in the former German Democratic Republic are included, and

discounters are shown separately. Remaining food stores contain discounters until 1990.Source: EHI (various years).

7

BackgroundStore-types

Market shares and total revenues

Source: EHI (various years).

0

20

40

60

80

100

120

Rea

l T

ota

l R

even

ue

(bil

l. E

uro

s)

1980 1985 1990 1995 2000 2003

Year

Remaining Food Stores

Supermarkets

Discounters

Hypermarkets/Consumer Markets

20.2% 23.4% 27.8%24.3% 25.7% 25.4%

34.5%37.6%

38.3%

28.9% 26.0%

24.4%

45.3%39.0%

33.9%

17.6%14.8%

11.8%

29.2% 33.5%38.4%

8

BackgroundForeign direct investments

Outflows and Inflows to the German retailing sector

Source: Deutsche Bundesbank (various years).

0,0

10,0

20,0

30,0

40,0

50,0

60,0

70,0

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004

Year

Re

al F

DI (

bill

. Eu

ros

)

Outflow

Inflow

9

Price level in GermanyHarmonised consumer price-index for food and non-alcoholic

beverages (1996 – 2005)

90

95

100

105

110

115

120

125

130

135

140

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Year

Har

mon

ized

con

sum

er p

rice

inde

x

European Union

Germany

Greece

Italy

Netherlands

Austria

Sweden

United Kingdom

Source: Own computations using EUROSTAT-Database (2006).

10

Pricing strategiesFirst impressions – The case of coffee

Source: Möser (2002).

5

6

7

8

9

10

11

12

30.0

9.1

996

30.1

0.1

996

30.1

1.1

996

30.1

2.1

996

30.0

1.1

997

28.0

2.1

997

30.0

3.1

997

30.0

4.1

997

30.0

5.1

997

30.0

6.1

997

30.0

7.1

997

30.0

8.1

997

30.0

9.1

997

30.1

0.1

997

30.1

1.1

997

30.1

2.1

997

30.0

1.1

998

28.0

2.1

998

30.0

3.1

998

30.0

4.1

998

30.0

5.1

998

30.0

6.1

998

30.0

7.1

998

30.0

8.1

998

30.0

9.1

998

30.1

0.1

998

30.1

1.1

998

30.1

2.1

998

30.0

1.1

999

28.0

2.1

999

30.0

3.1

999

30.0

4.1

999

30.0

5.1

999

Zeit

DM

/500g

Dallmayr Prodomo, 500g (Unternehmen C) Handelsmarke Unternehmen C Mild, 500g Jacobs Krönung, 500g (Unternehmen C)

Dallmayr Prodomo, 500g (Unternehmen D) Handelsmarke Unternehmen D mild, 500g Jacobs Krönung, 500g (Unternehmen D)

Sales

Psychological pricesPrice rigidity

Price difference

11

Data base

38 German food-retailing sector stores;

20 national brands: 85,297 prices;

breakfast products in the widest sense;

144 weeks, 40/1996 to 26/1999;

data on products, EAN code, prices, sold quantities, promotion activities, selling stores.

12

Data base

Brand Description Brand Name

1 170g-bottle of coffee cream with 12% fat Baerenmarke "Feine 12", 170g

2 170g-bottle of evaporated milk with 8% fat Baerenmarke Kaffeetraum 8%, 170g

3 Nine-piece-package of frozen rolls Coppenrath & Wiese "Unsere Goldstuecke", 9 Stueck

4 500g-package of ground coffee Dallmayr Prodomo, 500g

5 Package of four bottles at 100g of a probiotic drink Danone Actimel Drink Classic, 4x100g

6 500g-package of butter toast Golden Toast Butter Toast, 500g

7 Eight-piece-package of warm up rolls Golden Toast Sonntagsbroetchen, 8 Stueck

8 200g-tin of cappuccino with 10g milk chocolate Jacob's Café Zauber Cappuccino, 200g plus 10g Milchschokolade

9 375g-package of cornflakes Kellogg's Cornflakes, 375 g

10 250g-piece of Irish butter Kerrygold Original Irische Butter, 250g

11 1l-bottle of fresh milk with 3.8% fat Landliebe Landmilch 3.8%, 1l

12 500g-package of full corn bread Lieken Urkorn "Das Vollkorn-Saftige", 500g

13 500ml-beaker of chocolate drink Muellermilch Schoko, 500ml

14 375g-package of breakfast cereals Nestlé Cini Minis, 375g

15 375g-package of muesli-like breakfast cereals Nestlé Nesquik fuer ein Knusperfruehstueck, 375g

16 400g-glass of nut-and-chocolate cream Nutella, 400g

17 500g-beaker of margarine Rama, 500g

18 450g-glass of strawberry jam Schwartau Extra Erdbeerkonfituere Extra, 450g

19 Package of 25 tea bags Teekanne Teefix, 43.75g, 25 Teebeutel

20 150g-package of crispbread with chocolate Wasa Schoko Wikinger, 150g

13

Price level: Is the law of one price confirmed?

Products Grocery-Retailing Firms A B C D E F

Dallmayr Prodomo, 500g 9.99 9.09 9.31 9.54 9.82 9.55

Kellogg`s Cornflakes, 375g 3.41 3.60 3.29 3.39 3.39 3.34

Nutella, 400g 2.77 2.65 2.61 2.63 2.55 2.79

Rama, 500g 1.95 1.77 1.82 1.83 1.86 1.85

Unweighted mean of all distributed products 3.43 3.34 3.34 3.36 3.38 3.44

Law of one price is not confirmed!

14

Price actions

Prices which remain below the normal price, by at least five percent, for four weeks or less;

After more than four weeks, such low prices are counted as normal prices;

Frequent instrument (“Hi-Lo-Pricing”);

Characteristics of products:- Loss-leader products- durable/storable (not fresh).

15

Price actionsFood retailers/ store types

German Food Retailers Statistical Measure A B C D E F

Median

Median of Sales

1.7 8.9 9.6 2.6

1.3

5.1 3.9 a)

German Store Types

Statistical Measure Discounter

s Super-

markets

Small Consumer Markets

Large Consumer Markets

Median

Median of Sales 1.0 5.1 6.0 7.5 5.6a)

a) Median of the medians, computed across firms/ store types.

Source: Herrmann/Möser/Weber (2008)

16

Price actionsFood retailers/ store types


Median of Price Actions per Store (MACTION) Store Type/ Grocery-Retailing Firm Point Estimate

Conficence Interval (95%)

Discounters 1.0 0.3 ≤ MACTIONS ≤ 1.2

Supermarkets 5.1 3.0 ≤ MACTIONS ≤ 6.3

Small consumer markets 6.0 3.8 ≤ MACTIONS ≤ 8.0

Large consumer markets 7.5 5.2 ≤ MACTIONS ≤ 9.8

Firm A 1.7 0.8 ≤ MACTIONS ≤ 3.5

Firm B 8.9 4.1 ≤ MACTIONS ≤ 11.4

Firm C 9.6 5.0 ≤ MACTIONS ≤ 11.4

Firm D 2.6 0.6 ≤ MACTIONS ≤ 5.4

Firm E 1.3 0.0 ≤ MACTIONS ≤ 3.3

Firm F 5.1 3.9 ≤ MACTIONS ≤ 7.3

17

Price actionsDetails at the firm level

a) Median of the medians, computed across the six firms. – b) Median of the medians, computed across 20 brands. .

Source: Herrmann/Möser (2006)

Price Actions per Store in Firm Brands

A B C D E F Median

Dallmayr Prodomo,

500g

6.8 31.3 16.2 7.8 5.8 13.9 10.9

Kellogg`s Cornflakes,

375g

5.3 5.7 4.6 5.5 3.5 11.0 5.4

Nutella, 400g

3.5 17.8 2.4 4.8 0.0 5.7 4.2

Rama, 500g 9.0 24.6 8.8 9.3 0.0 11.0 9.2

Median of all brands

1.7 8.9 9.6 2.6 1.3 5.1 3.9a)/4.2b)

18

Price elasticities

Product

Dallmayr Prodomo, 500g -4.2764***

Kellogg`s Cornflakes, 375g -0.6663***

Nutella, 400g -3.4569***

Rama, 500g -3.1516***

Source: Möser (2002, pg. 174 f.)

19

Price rigidityTheoretical considerations

Pro price changes

Supply changes- seasonable effects- seller’s competition- product innovations

Cost changes

Contra price changes

Theory of menu costs

20

Definition:

Mean duration of unchanged prices (Powers and Powers, 2001)

With w number of weeks with price observations

wPCH number of weeks with price changes.

Price rigidityMeasurement

PCHw/wPRIG

21

Price rigidity Food retailers/ store types


Median

Median of Price

rigidity 35.8 8.8 7.3 26.3 44.3 11.9 19.1

a)

German Store Types

Statistical Measure Discounters Super-

markets



Median

Median of Price

rigidity 37.5 13.2 11.1 9.0 12.2

a)

a) Median of the medians, computed across firms/ store types. Source: Herrmann/Möser/Weber (2008)

22

Median Price Rigidity by Store Type (Point Estimates and Confidence Intervals)

Discounters

Supermarkets

Smallconsumermarkets

Largeconsumermarkets

Source: Own computations

67.0

37.520.1

15.8

10.7

8.9

13.2

11.1

15.0

7.8

9.0

12.2

weeks100 20 30 40 50 60 70

23

Price rigidity Food retailers/ store types

Median Price Rigidity (MPRIG) (in weeks) Store Type/ Grocery-Retailing Firm Point Estimate Confidence Interval (95%)

Discounters 37.5 15.8 ≤ MPRIG ≤ 67.0

Supermarkets 13.2 10.7 ≤ MPRIG ≤ 20.1

Small consumer markets 11.1 8.9 ≤ MPRIG ≤ 15.0

Large consumer markets 9.0 7.8 ≤ MPRIG ≤ 12.2

Firm A 35.8 17.9 ≤ MPRIG ≤ 42.6

Firm B 8.8 5.2 ≤ MPRIG ≤ 14.9

Firm C 7.3 6.9 ≤ MPRIG ≤ 10.2

Firm D 26.3 16.8 ≤ MPRIG ≤ 59.3

Firm E 44.3 18.0 ≤ MPRIG ≤ 69.6

Firm F 11.9 9.3 ≤ MPRIG ≤ 15.2


24

Price rigidity Details at the firm level

Average Price Rigidity (PRIG) in Six Grocery-Retailing Firmsb) Products

A B C D E F Median

Dallmayr Prodomo, 500g

16.3 2.7 7.2 11.1 18.0 9.3 10.2

Kellogg`s Cornflakes, 375g

36.6 17.9 17.7 33.6 34.0 7.4 25.8

Nutella, 400g 17.9 3.9 19.5 16.3 69.6 13.6 17.1

Rama, 500g 10.2 3.3 7.4 10.9 39.8 7.2 8.8

Median of all brands

35.8 8.8 7.3 26.3 44.3 11.9 19.1a)/18.9b

)

Correlation coefficient between price rigidity and price actions: -0.459***

a) Median of the medians, computed across the six firms. – b) Median of the medians, computed across 20 brands. .

Source: Herrmann/Möser (2006)

25

Psychological pricingTheoretical considerations (I)

(i) (i) Economic literature:Economic literature:Nominal pricing points lead to Nominal pricing points lead to

kinks in the demand curve; nominal price rigidity.

(ii)(ii) Marketing/psychology literature:Marketing/psychology literature:Consumers tend toConsumers tend to

round down prices; do left-to-right comparison of prices (Schindler/Kirby).

26

(iii) Are psychological pricing points an (iii) Are psychological pricing points an important cause of price rigidity?important cause of price rigidity?

not so much (Blinder, not so much (Blinder, et al.,et al.,1998); other factors are 1998); other factors are more important, e.g.more important, e.g.

• co-ordination failure;• non-price competition;• implicit contracts.

But: food retailing is underemphasized in the study But: food retailing is underemphasized in the study by Blinder.by Blinder.

Could be one determinant among others!Could be one determinant among others!

Psychological pricingTheoretical considerations (II)

27

(iv)(iv) More potential determinants of price More potential determinants of price

rigidity in grocery retailing do exist:rigidity in grocery retailing do exist: the sale phenomenon (Hosken/Reiffen);the sale phenomenon (Hosken/Reiffen);

strategies of firms and store types: EDLP strategies of firms and store types: EDLP versus HiLo (Owen/Trzepacz 2002).versus HiLo (Owen/Trzepacz 2002).

(v)(v) The linkages could be complicated.The linkages could be complicated.

Psychological pricingTheoretical considerations (III)

28

Psychological pricingMeasurement

Overall importance of psychological prices (PSYCH): - percentage share of the important psychological prices in all observed prices.

Concentration ratio (CR2):- for the two most important psychological prices.

29

Psychological pricingFood retailer/ store types


Median

Median of PSYCH 98.5 95.0 90.9 96.0 99.2 96.6 96.3 a)

Median of CR2 91.1 66.1 79.8 83.1 98.3 61.2 81.5 a)

German Store Types Statistical Measure Discounter

s Super-

markets



Median

Median of PSYCH 96.4 92.6 93.2 91.2 92.9 a)

Median of CR2 85.3 66.1 68.3 69.4 68.9 a)


30

Overall Importance of Psychological Prices by Store Type

(Medians and Confidence Intervals)

Discounters

weeks

Supermarkets

Smallconsumermarkets

Largeconsumermarkets

85

Source: Own computations

93.4

89.6

90 95 100

87.6

91.2

92.4

89.6

92.6

93.2

93.2

96.4

98.9

95.0

31

Psychological pricingFood retailer/ store types


Median of the Share of Important Psychological Prices in All Prices (MPSYCH) Store Type/

Grocery-Retailing Firm Point Estimate

Confidence Interval (95%)

Discounters 96.4 93.2 ≤ MPSYCH ≤ 98.9

Supermarkets 92.6 89.6 ≤ MPSYCH ≤ 93.4

Small consumer markets 93.2 89.6 ≤ MPSYCH ≤ 95.0

Large consumer markets 91.2 87.6 ≤ MPSYCH ≤ 92.4

Firm A 98.5 96.2 ≤ MPSYCH ≤ 98.8

Firm B 95.0 90.7 ≤ MPSYCH ≤ 96.6

Firm C 90.9 89.2 ≤ MPSYCH ≤ 92.9

Firm D 96.0 93.2 ≤ MPSYCH ≤ 98.6

Firm E 99.2 97.1 ≤ MPSYCH ≤ 100.0

Firm F 96.6 90.2 ≤ MPSYCH ≤ 97.5

32

Psychological pricingExample: Wasa Schoko Wikinger

Percentage Shares of Psychological Prices in Various Grocery-retailing Firms Most Important

Psychological Prices (DM) A

(n = 497) B

(n = 1141) C

(n = 598) D

(n = 586) E

(n = 455) F

(n = 664)

2.69 12.4 2.79 83.1 53.0 54.3 100 67.0 2.85 13.4 2.98 5.5 2.99 16.5 31.5 74.9 45.4 30.4

Sum of the Psychological

Prices (%) 99.6 96.9 93.8 99.7 100 97.4

Number of Different Prices

4 14 9 4 1 4

33

Psychological pricingExample: Dallmayr Prodomo

Percentage Shares of Psychological Prices in Various Grocery-retailing Firms Most Important

Psychological Prices (DM) A

(n = 525) B

(n = 1264) C

(n = 707) D

(n = 1115) E

(n = 561) F

(n = 974)

7.99 11.4 8.49 6.3 8.79 6.9 8.97 7.2 8.99 24.4 26.6 14.9 20.7 15.5 9.49 21.1 6.3 10.9 6.5 21.4 9.98 6.8 10.5 9.99 39.0 18.5 23.5 35.5 42.3

10.49 10.0 11.6 22.7 25.8 14.3 10.79 28.0 25.8 10.99 6.5

Sum of the Psychological

Prices (%) 94.6 77.4 83.1 86.5 93.7 85.6

Number of Different Prices

17 104 30 37 13 24

34

Private labels

Manufactured or provided by one company for offer under another company's brand;Positioned as lower cost alternatives to regional, national or international brands;Wide distribution in Europe (market share of 23% in 2004); Highest market shares in Switzerland (50%) and Germany (35%) (2007); Growth rates in Germany: Beer (+17.0%); convenience cheese (10.6%); Share of sales in German food retailers (2007):Aldi 94%Lidl 61%Tengelmann 35%Rewe 27%;New trend in German food retailing: private label brands positioned as "premium" brands to compete with existing "national name" brands.

35

Private labels – Imitations of national brands

36

Private labelsAre they always cheaper?

Methodology: price relations between national brands and private labels (Walosczyk, 2008); Shopping basket of 20 food products (e.g. ice cream, honey, chocolate, spaghetti, potato chips, rice, jam); Scanner data of the German retailing sector (2000-2001); Results:- private labels are on average nearly 50% cheaper than national brands;- highest price differences: ice cream, spinach, rice, potato chips; - large consumer markets offer the lowest prices.

37

Price-quality relationshipBackground

Classical price theory: Consumers have full information regarding quality of products; price is the monetary “sacrifice”;

Reality: Due to information asymmetry the consumers are not fully informed;

Price can be used as quality indicator;

Association: Higher prices = higher quality

38

Price-quality relationshipFormer results (consumer goods)

General result: Wide variation of measured correlation indices Research questions: a) Is the price a useful quality indicator?

- Low correlation coefficients:→ prices are bad indicators for quality; - More recent studies: Prices are only indicators for objective quality.

b) Are consumer markets efficient?- Low correlation coefficients as indicators for market failure;- More recent studies: low price-relationships can be induced through:

- low quality/high prices; or

- high quality/low prices.

39

Price-quality relationshipRecent results (fruit juices)

Data base: - “Stiftung Warentest“ test reports on fruit juices

» 1992 – 2007 » twelve tests with 242 products;

- quality judgment: like school grades (1= best quality and 5= worst quality).

40


120,0 115,3

407,1388,2

347,4

64,1 52,4

136,3 132,7104,6 92,5

368,9

225,6239,5

40,671,8

40,640,60

50

100

150

200

250

300

350

400

450

1 2 3 4 5 6

Pre

isin

dex

v

Mittelwert

Maximum

Minimum

a) Bewertungsskala vor 1999, b) Bewertungsskala ab 1999.

sehr gut a) b) gut a) b) zufriedenstellend a)

befriedigend b)

mangelhaft a)

ausreichend b)

sehr mangelhaft a)

mangelhaft b)

schwankende Qualität a)

Source: Röben (2008)

41


Correlation analysis: - Wide variation (correlation coefficients between +

0.703 and - 0.862)Average: - 0.049;

- Frequently: positive correlation coefficients.

if consumers wish higher product quality, the price is a bad indicator

Additional hedonic analysis: - Subjective quality indicators (e.g. pulp; fair trade)

influence price.

42

Summary

High price sensitiveness of German consumers lead to:Rising market share of discounters; Widespread use of different pricing instruments (price actions, psychological pricing), but also a substantial degree of price rigidity;Price elastic responses to name brands; Rising share of private labels (also as premium brands or ecologically produced brands).

43

References

Blinder, A. S., E. R. D. Canetti, D. E. Lebow and J. B. Rudd (1998), Asking About Prices. A New Approach to Understanding Price Stickiness. New York: Russell Sage Foundation.

Deutsche Bundesbank (ed.) (various years), Kapitalverflechtung mit dem Ausland. Statistische Sonderveröffentlichung 10. Frankfurt/Main.

EHI (EuroHandelsinstitut) (various years), Handel aktuell. Köln: Verlag EHI – Eurohandelsinstitut GmbH. EUROSTAT-Database (2006). http://epp.eurostat.ec.europa.eu/portal/page?_pageid=1090,1&_dad=portal&_schema=PORTAL.Herrmann, R., A. Möser and S.A. Weber (2008): Case Study „Germany“. In Stiegert K und D Kom (eds.): International Comparison of

Food Distribution Systems: The Role and Vertical Impact of Dominant Retailing Firms. (forthcoming)Herrmann, R. and A. Möser (2006): Do Psychological Prices Contribute to Price Rigidity? Evidence from German Scanner Data on

Food Brands. Agribusiness, Vol. 22 (1): 51–67.Herrmann, R., A. Möser and S.A. Weber (2005): Price Rigidity in the German Grocery-Retailing Sector: Scanner-Data Evidence on

Magnitude and Causes. Journal of Agricultural & Food Industrial Organization, Vol. 3 (1): Article 4. http://www.bepress.com/jafio/vol3/iss1/art4.

Herrmann, R. and A. Möser (2002): Variable oder starre Preise im Lebensmitteleinzelhandel? Theorie und Evidenz aus Scannerdaten. Konjunkturpolitik, Jg. 48 (2): 199–227.

Hosken, D. and D. Reiffen (2004), Patterns of Retails Price Variation. “Rand Journal of Economics”, Vol. 35, No. 1, pp. 128-146.Hosken, D. and D. Reiffen (2001), Multiproduct Retailers and the Sale Phenomenon. “Agribusiness – An International Journal”, Vo. 17,

No. 1, pp. 115-137.LZ (Lebensmittel Zeitung) (ed.) (various years), Die marktbedeutenden Handelsunternehmen. Frankfurt/Main: Deutscher Fachverlag.Möser, A. Intertemporale Preisbildung im Lebensmitteleinzelhandel – Theorie und empirische Tests. Giessener Schriften zur Agrar- und

Ernährungswirtschaft; H. 32. Frankfurt am Main: DLG-Verlag, 2002.Powers, E. T. and N. J. Powers (2001), The Size and Frequency of Price Changes: Evidence from Grocery Stores. “Review of

Industrial Organization”, Vol. 18, No. 4, pp. 397-416.Owen, A., and D. Trzepacz., “Menu Costs, Firm Strategy, and Price Rigidity.,” Economics Letters 76(2002):345-349.Röben, A. (2008): …. Master thesis. Institute of Agricultural Policy and Market Research. University of Giessen. Schindler, R. M. and P. N. Kirby (1997), Patterns of Rightmost Digits Used in Advertised Prices: Implications for Nine-Ending Effects.

“Journal of Consumer Research”, Vol. 24, No. 2, pp. 192-201.Statistisches Bundesamt (Hrsg.) (2006), Preise in Deutschland 2006. Wiesbaden.Waloszyk, S. (2008): Wie beeinflussen Handelsmarken das Preisniveau? Eine empirische Analyse auf der Grundlage von

Scannerdaten. Master thesis. Institute of Agricultural Policy and Market Research. University of Giessen.

44

Thank you

Anke Möser

Center for International Development and Environmental Research

Justus-Liebig University, Giessen

[email protected]

pricing strategies in the german retailing sector

Documents

gjacobs krnung

g cgoldhand tip kaffee

gdallmayr prodomo

g cdallmayr prodomo

preismonatdallmayr prodomo

lz various years

500g1616jacobs krnung

ehi various years