Name Your Own Price

The "Name-Your-Own-Price" (NYOP) system is where a buyer specifies a price and a product and/or service, and asks sellers to match that combination. NYOP is a special type of reverse auction originally pioneered on the Internet by Priceline.com.

Name-your-own-price sales are considered "opaque" by marketers because buyers "don't know the name of the supplier (airline, hotel or car rental company) or the schedule (with air tickets) until after" they make a nonrefundable purchase.^[1] Suppliers benefit because they can sell to the most price-conscious travelers without publicly disclosing those low rates.^[1]

By 2005, Priceline began to de-emphasize this system,^[2] and added published price options on their websites.^[1]

In Denmark there have recently (July 2006) been an addition in websites that incorporate and develop this business model. The site (www.prisminister.dk [2]) differs from the priceline strategy, by only collecting a deposit before the deal, rather than making the user commit 100% to the purchase. Furthermore the dealer is allowed to make a return offer, if the price the user requests is too low. After the bidding, if no dealer has accepted the users price, the user receives the lowest bid amongst the dealers.^[3]

Other Uses

The term can also refer to a method of online content distribution where consumers can download a product (usually a film or album) at a price they set, typically starting at one cent. Notable examples of this are Nine Inch Nails' release of their album Ghosts and Radiohead's album In Rainbows.^[4]

References

1. ^ ^{a b c} Perkins, Ed (5 March 2006). "Dwindling name-your-own-price sites still yield some great deals". San Francisco Chronicle. p. F-9. http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2006/03/05/TRGRFHGH9C1.DTL. Retrieved 2006-07-24. 
2. ^ "Priceline.com de-emphasizes "Name Your Own Price"". USA Today. 11 April 2005. http://www.usatoday.com/money/biztravel/2005-04-11-priceline_x.htm. Retrieved 2006-07-24. 
3. ^ An American Name Your Own Price company, (UrbanOffer [1]), also follows this concept as well. "Accepts bids on new white goods (Hvidevarer)". http://www.prisminister.dk. 
4. ^ http://www.billboard.com/bbcom/news/article_display.jsp?vnu_content_id=1003718389

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