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This long overdue monograph presents a panorama of portraits from William Coupon. The photographer was given wide access to artists, musicians, politicians, authors and the world's indigenous people on assignment from major publications like 'Time', 'Rolling Stone', 'The New York Times', 'Esquire', and 'The Washington Post'. He photographed his subjects against a mottled backdrop of hand-painted Belgian linen, often in a classically lit medium shot format, inspired by Dutch masters such as Rembrandt and by Holbein. Coupon has remained true to this method, whether working in the Oval Office in Washington D. C. or a tribal hut amongst the pygmies in the Central African Republic, or the Caraja in the Brazilian Amazon.

The use of coupons delivered by mobile phone, so-called \"m-coupons,\" is growing rapidly. In this study, the authors analyze consumer response to m-coupons for a two-year trial at a large shopping mall. Approximately 8,500 people were recruited to a panel and received three text-message m-coupons whenever they \"swiped\" their mobile phone at the mall entrances, with downstream redemption recorded. Almost 144,000 m-coupons were delivered during the trial, representing 38 stores that supplied 134 different coupons. The authors find that an important feature of m-coupons is where and when they are delivered, with location and time of delivery significantly influencing redemption. How long the m-coupons are valid (expiry length) is also important because redemption times for m-coupons are much shorter than for traditional coupons. This finding suggests that their expiration length should be shortened to help signal time urgency. Nevertheless, traditional coupon features, such as face value, still dominate m-coupon effectiveness, as does the product type, with snack food coupons being particularly effective.

\"This book is a guide to the calculations involved in managing bonds, with expert insight on the portfolios and investment strategies that puts the math in perspective. The book explains how to delineate the characteristics of different types of debt securities; calculate implied forward and spot rates and discount factors; work with rates of return, yield statistics, and interest rate swaps; and understand duration-based risk measures\"-- Provided by publisher.

The value of promotional marketing and word-of-mouth (WOM) is well recognized, but few studies have compared the effects of these two types of information in online settings. This research examines the effect of marketing efforts and online WOM on product sales by measuring the effects of online coupons, sponsored keyword search, and online reviews. It aims to understand the relationship between firms' promotional marketing and WOM in the context of a third party review platform. Using a three-year panel data set from one of the biggest restaurant review websites in China, the study finds that both online promotional marketing and reviews have a significant impact on product sales, which suggests promotional marketing on third party review platforms is still an effective marketing tool. This research further explores the interaction effects between WOM and promotional marketing when these two types of information coexist. The results demonstrate a substitute relationship between the WOM volume and coupon offerings, but a complementary relationship between WOM volume and keyword advertising.

With the cooperation of a large mobile service provider, we conduct a novel field experiment that simultaneously randomizes the prices of two competing movie theaters using mobile coupons. Unlike studies that vary only one firm’s prices, our experiment allows us to account for competitor response. We test mobile targeting based on consumers’ real-time and historic locations, allowing us to evaluate popular mobile coupon strategies in a competitive market. The experiment reveals substantial profit gains from mobile discounts during an off-peak period. Both firms could create incremental profits by targeting their competitor’s location. However, the returns to such “geoconquesting” are reduced when the competitor also launches its own targeting campaign. We combine our experimentally generated data with a demand model to analyze optimal pricing in a static Bertrand–Nash equilibrium. Interestingly, competitive responses raise the profitability of behavioral targeting where symmetric pricing incentives soften price competition. By contrast, competitive responses lower the profitability of geographic targeting, where asymmetric pricing incentives toughen price competition. If we endogenize targeting choice, both firms would choose behavioral targeting in equilibrium, even though more granular geobehavioral targeting combining both real-time and historic locations is possible. These findings demonstrate the importance of considering competitor response when piloting novel price-targeting mechanisms. Data are available at https://doi.org/10.1287/mksc.2017.1042 .

We consider a generalization of the classical coupon collector problem, where the set of available coupons consists of standard coupons (which can be part of the collection), and two coupons with special purposes: one that speeds up the collection process and one that slows it down. We obtain several asymptotic results related to the expectation and the variance of the waiting time until a portion of the collection is sampled, as the number of standard coupons tends to infinity.

The authors assess how and why retailer-customized coupon campaigns affect customer purchases. The conceptual model proposes effects on trip incidence and revenues through the mere exposure to campaigns (exposure effect) and the redemption of coupons (redemption effect). The authors propose monetary savings of the coupons, regularity of the campaigns, and coupon fit with customer preferences as moderators. Analysis of data from a group of regional grocery chains that were part of a quasi experiment demonstrates that retailer-customized coupon campaigns have a positive exposure and redemption effect on customer purchases. Mere exposure to customized coupon campaigns contributes more than coupon redemption to campaign returns. Consistent with theoretical expectations, customized coupon campaigns are more effective if they provide more discounts, are unexpected, and are positioned as specially selected for and customized to consumer preferences. The substantial exposure effects suggest that managers should look beyond redemption rates and also consider sales lift from nonredeemers when measuring the effectiveness of customized coupon campaigns.

Despite the average daily commuting time of commuters increasing by the day, the way marketers can benefit from our commuting behaviors has not yet been thoroughly examined. Commuting can serve as one of the most attractive contexts that mobile marketers can target not only because of commuters’ high level of mobile engagement during long daily commutes but also because of its effortless and accurate identifiability. In collaboration with one of the largest global mobile service platform providers, this study investigates how contextual targeting with commuting is associated with responses to mobile coupons. The key findings indicate that commuters are about three times as likely to redeem their mobile coupon at a faster rate compared with noncommuters. However, multiple-coupon distribution strategy increases response rates more effectively among noncommuters than commuters. Moreover, the response rates of commuters and noncommuters are higher for coupons with shorter and longer expiration dates, respectively. The findings serve as useful guidance on who and which context to target, when to send mobile coupons, how many coupons to distribute, which coupons are more attractive, and what products should be advertised on mobile coupons. Despite the average daily commuting time of commuters increasing by the day, the way marketers can benefit from our commuting behaviors has not yet been examined. In collaboration with one of the largest global mobile telecom providers, this study investigates how contextual targeting with commuting impacts user redemptions of mobile coupons. The analysis is based on a rich field study in which 14,741 mobile coupons were sent to 9,928 public transit app users consisting of commuters and noncommuters. The key findings indicate that commuters are about 3× as likely to redeem their mobile coupon compared with noncommuters. However, a multiple-coupon distribution strategy is more effective in increasing redemption among noncommuters than commuters. Moreover, the redemption rate of commuters is higher for coupons with shorter expiration periods, whereas that of noncommuters is higher for coupons with longer expiration periods. On the basis of theories from psychology and physiology, we argue that stress, which is exacerbated by commuting, increases commuters’ coupon redemption rate. We provide empirical support for this argument and show that marketers can increase response rates by focusing on specific periods of the day when commuting stress is relatively high (e.g., rush hours). By carefully exploiting commuting, which is easily identifiable and occurs throughout the world, managers may improve their mobile marketing effectiveness.

•We model coupon trading and its impacts on consumer purchase and firm profits.•Retailer and manufacturers can benefit from coupon trading, but not simultaneously.•Coupon trading enables firms to charge higher prices and obtain higher profits.•Firms can be more profitable with coupon trading than improved coupon targeting.•Coupon trading combined with incentive mechanisms may lead to a Pareto improvement. When a retailer distributes manufacturer coupons to consumers without perfectly identifying their product valuations, consumers may have incentives to trade coupons. We develop a model to capture the coupon trading phenomenon and compare three scenarios: (I) no coupon, (II) coupon without trading, and (III) coupon with trading. We find that coupon trading can increase the profits of either the retailer or the manufacturers, but not at the same time. The retailer benefits from coupon trading when the coupon market is competitive and consumer hassle cost is low, while the manufacturers benefit from coupon trading when the coupon market is uncompetitive and consumer hassle cost is high. In addition, coupon trading does not always increase total demand. Firms benefit from coupon trading by charging higher prices, which leads to a decreased total demand. As a result, consumers end up with a higher average cost under coupon trading. We also compare coupon trading with improved coupon targeting, and find that coupon trading may allow firms to gain higher profits than improved coupon targeting. Further, we extend the main model to a competitive setting where the products are substitutable, and find that the main results still hold. Finally, we employ numerical analysis to identify the optimal coupon face values in different scenarios, and the results suggest that coupon trading combined with incentive mechanisms may lead to Pareto improvement for the channel as a whole.

This study proposed a mixed linear modeling framework for revealing the average treatment effects of coupon promotions as well as for figuring out what kind of customers are more responsive to coupon promotions. The analysis used detailed data on 2,469 households who are frequent shoppers at a retailer over one year. A series of models starting from fixed parameters OLS regression to more flexible random coefficient models were built. The results showed that receiving more coupon promotions does not lead to higher spending among households. None of the available demographic characteristics was significantly linearly related to the responsiveness to coupon promotions according the initial model with cross-level interaction terms. However, exploratory analysis of random slopes with the help of a regression tree allowed to correct the specification, which allowed confirming that people aged 25+ with annual household income exceeding $25,000 are more responsive, yet their response is insignificantly different from zero.