VALUE OF BEEF STEAK BRANDING: HEDONIC ANALYSIS OF RETAIL SCANNER DATA
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Consumers rely upon certain experience and credence attributes when purchasing beef products from the retail meat case. It is essential for all beef industry sectors to recognize the complexity of consumers buying behavior. A hedonic pricing model was estimated to determine if there are incentives to brand beef steaks and to determine what types of brands entertain price premiums and at what levels these premiums exists. Most branded steaks garnered premiums along with organic claim, religious processing claim, and premium steak cuts. Factors influencing brand value were new brands targeting emerging consumer trends, brands with regional prominence, and those positioned as special-labels, program/breed specific, and store brands.