What does Conversion Cost mean?

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Processing Costs The sum of all manufacturing costs except direct materials.

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Processing costs. The sum of all manufacturing costs other than direct materials.

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conversion cost

English [k n v : n k st] American [k n v n k st].

Processing costs. Conversion costs.

Originally coined by Mike Porter in 1980, the term "conversion cost" refers to the one-time cost incurred when a consumer switches from a provider of one product or service to another.

The research on the relationship between customer switching cost and competitive strategy demonstrates the importance of customer switching cost from the perspective of industry competition, but there are few studies on the measurement and importance of customer switching cost, because it is difficult for economists to observe the size of customer switching cost. The cost of customer switching varies from person to person (customer) to some extent, reflecting the human capital required by the customer at the time of switching, which can be regarded as a utility loss that cannot be calculated directly through data. Moreover, the importance of customer conversion tolerance and cost depends on the specific environment, industry, product type and time period, so this kind of micro-level data involving individual conversion is not easy to obtain.

As a result, there are not many studies on the measurement of customer switching costs, which can be broadly divided into two categories according to the current research literature: econometric methods and theoretical modelling and data projection.

Econometric methods.

Borenstein (1991) was the first to use a regression model to study a series of cost-based oils** and empirically analyze the likelihood of discrimination by firms, and the results show that gas stations discriminate against customers with high switching costs. Greenstein used data from the U.S. federal data to analyze the large meter.