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Value of Beef Steak Branding: Hedonic Analysis of Retail Scanner Data

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  • Schulz, Lee L.
  • Schroeder, Ted C.
  • White, Katharine L.

Abstract

Consumers rely on experience and credence attributes when purchasing beef from retailers. It is essential for all beef industry sectors to recognize the complexity of consumer buying behavior. A hedonic model is estimated to determine if there are incentives to brand beef steaks, the types of brands that entertain price premiums, and the level of existing premiums. Most branded steaks garnered premiums along with organic claims, religious processing claims, and premium cuts. Factors influencing brand value were new brands targeting emerging consumer trends, brands with regional prominence, and brands positioned as special label, program/breed specific production, and store labels.

Suggested Citation

  • Schulz, Lee L. & Schroeder, Ted C. & White, Katharine L., 2012. "Value of Beef Steak Branding: Hedonic Analysis of Retail Scanner Data," Staff General Research Papers Archive 35146, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genres:35146
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    2. Smed, Sinne & Hansen, Lars Garn, 2018. "Consumer Valuation of Health Attributes in Food," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 43(2), May.
    3. Moon, Donghyun & Kim, Sanghyo, 2021. "Implicit Values of Functional Attributes of Fluid Milk Products: Hedonic Analysis of Korean Fluid Milk Market," 2021 Annual Meeting, August 1-3, Austin, Texas 313948, Agricultural and Applied Economics Association.
    4. Huang, Weilun & Zhang, Qi, 2020. "Selecting the optimal economic crop in minority regions with the criteria about soil and water conservation," Agricultural Water Management, Elsevier, vol. 241(C).
    5. Steven S. Vickner, 2015. "Estimating the Implicit Price of Convenience: A Hedonic Analysis of the US Breakfast Sausage Market," Agribusiness, John Wiley & Sons, Ltd., vol. 31(2), pages 281-292, April.
    6. Adu-Gyamfi, Akua & Omer, Reem I. & Bartlett, Jannette R. & Tackie, David Nii O. & Perry, Bridget J., 2016. "Assessing Florida Consumer Attitudes and Beliefs about Locally or Regionally Produced Livestock and Products," Professional Agricultural Workers Journal (PAWJ), Professional Agricultural Workers Conference, vol. 4(1), pages 1-18, October.
    7. Chen, Bo & Zhang, Xiaoheng & Zhou, Qingjie, 2021. "Product differentiation and brand building: a hedonic analysis of yogurt price in China," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 24(3), March.
    8. Hussein, Mohamud & Fraser, Iain & Costanigro, Marco, 2016. "Hedonic Analysis of Origin of Meat In The United Kingdom," 90th Annual Conference, April 4-6, 2016, Warwick University, Coventry, UK 236353, Agricultural Economics Society.
    9. White, Robin R. & Brady, Michael, 2014. "Can consumers’ willingness to pay incentivize adoption of environmental impact reducing technologies in meat animal production?," Food Policy, Elsevier, vol. 49(P1), pages 41-49.
    10. Martinez, Stephen W., 2011. "Brand Premiums in the U.S. Beef Industry," Journal of Food Distribution Research, Food Distribution Research Society, vol. 42(2), pages 1-15, July.
    11. Staudigel, Matthias & Trubnikov, Aleksej, 2018. "How do organic price premiums vary across different supply and demand side factors? A hedonic analysis of the German market for fresh meat," 2018 Annual Meeting, August 5-7, Washington, D.C. 273989, Agricultural and Applied Economics Association.
    12. Taylor, Mykel R. & Tonsor, Glynn T., 2013. "Revealed Demand for Country-of-Origin Labeling of Meat in the United States," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 38(2), pages 1-13, August.
    13. Asche, Frank & Bronnmann, Julia & Cojocaru, Andreea L., 2021. "The value of responsibly farmed fish: A hedonic price study of ASC-certified whitefish," Ecological Economics, Elsevier, vol. 188(C).

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    More about this item

    Keywords

    beef steak; brand premium; hedonic modeling;
    All these keywords.

    JEL classification:

    • Q11 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Aggregate Supply and Demand Analysis; Prices
    • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness

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