多样性(控制论)
文件夹
产品(数学)
业务
客户保留
实证研究
稳健性(进化)
营销
微观经济学
产业组织
新产品开发
计量经济学
经济
经验证据
集合(抽象数据类型)
芯(光纤)
顾客满意度
核心产品
客户的声音
投资(军事)
产品扩散
市场份额
工具变量
客户对客户
价值(数学)
市场细分
顾客终身价值
关系(数据库)
现代投资组合理论
变量
产品类别
投资决策
作者
Ulrich Kaiser,Reinhold Kesler,Markus Reisinger
出处
期刊:Management Science
[Institute for Operations Research and the Management Sciences]
日期:2025-09-23
标识
DOI:10.1287/mnsc.2023.00985
摘要
The optimal number of products to offer consumers is one of the core strategic problems that firms face. This is increasingly so in digital markets where many firms offer a large product variety. In these markets, consumers purchase products repeatedly, making customer retention an important aspect for firm performance. In this paper, we study the interplay between these two variables, product variety and customer retention. First, we provide a novel game-theoretic model to analyze this interplay and also determine how the optimal product variety depends on the market environment. Second, we provide suggestive evidence for our theoretical predictions using data for video games from Steam. Our data set allows us to measure the key variables in our game-theoretic model and additionally contains plausible instrumental variables for empirical identification. We show theoretically that investment in product portfolio size and investment in customer retention are substitutes because the former increases demand from switching consumers, whereas the latter increases the repurchase probability of current consumers. We then derive predictions on how market conditions determine a firm’s product variety, for which we find evidence in our empirical analyses: there is (i) a negative relation between product portfolio size and customer retention, (ii) an inverted U-shaped relationship between market value and product variety, and (iii) a positive relation between consumer heterogeneity and product variety. Both our theoretical and empirical results are robust to a wide set of robustness checks. This paper was accepted by Alfonso Gambardella, business strategy. Funding: This work was supported by Deutsche Forschungsgemeinschaft (DFG) [Grant 462020252]. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2023.00985 .
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