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Practical guidance and a fresh approach for more accurate value-based pricing Pricing Done Right provides a cutting-edge framework for value-based pricing and clear guidance on ideation, implementation, and execution. More action plan than primer, this book introduces a holistic strategy for ensuring on-target pricing by shifting the conversation from 'What is value-based pricing?' to 'How can we ensure that our pricing reflects our goals?' You'll learn to identify the decisions that must be managed, how to manage them, and who should make them, as illustrated by real-world case studies. The key success factor is to build a pricing organization within your organization; this reveals the relationships between pricing decisions, how they affect each other, and what the ultimate effects might be. With this deep-level insight, you are better able to decide where your organization needs to go. Pricing needs to be done right, and pricing decisions have to be made—but are you sure that you're leaving these decisions to the right people? Few managers are confident that their prices accurately reflect the cost and value of their product, and this uncertainty leaves money on the table. This book provides a practical template for better pricing strategies, methods, roles, and decisions, with a concrete roadmap through execution. Identify the right questions for pricing analyses Improve your pricing strategy and decision making process Understand roles, accountability, and value-based pricing Restructure perspectives to help pricing reflect your organization's goals The critical link between pricing and corporate strategy must be reflected in the decision making process. Pricing Done Right provides the blueprint for more accurate pricing, with expert guidance throughout the change process.
"Kent Monroe's new edition of Pricing: Making Profitable Decisions marks the return of this classic introduction to the foundations of pricing. Designed to teach you an integrative framework for making pricing decisions, the Third Edition represents a substantial revision of the previous edition. With new topics such as price wars, value-oriented pricing, and competitive signaling incorporated into the text's unique consumer behavior focus, this edition not only focuses on economic reasoning but it also shows you the influences and behaviors behind pricing and how companies and consumers determine the right price for a product or service." "Classroom tested and proven throughout the world in executive seminars, Pricing: Making Profitable Decisions presents clear-cut examples and provides an understandable basis for analyzing pricing alternatives within legal and corporate constraints."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved
First published in 1974, Devaluation and Pricing Decisions is based on case studies of the export pricing decisions made by nineteen major British companies after the 1967 devaluation.The aim was to look in detail at the decisions that major British firms took after devaluation and to see how they had responded to this major change in government policy. This book shows how far the firms had anticipated the devaluation; what company objectives were at that time and what changes in these objectives, or in pricing and marketing policies, were made to take advantage of new opportunities for exporting and for import substitution. The researchers also examined the actual process of decision making to find what information was available to the decision makers and how they used it. The book is directed to businessmen taking decisions on export prices and marketing in the world of today where foreign exchange rates change frequently. It is also directed towards those responsible for shaping national economic policy. For students of economics, it represents a study showing, in considerable detail, how a number of businesses responded to the 1967 devaluation.
These studies, which originated from research on approximately 100 firms earned on at the University of Kentucky under a grant from the Small Business Administration, are an empirical examination of decision making in the small firm. The practices revealed by the investigation have been analyzed within the theoretic framework of managerial economics. The studies make suggestions for improvements that take into account the limited resources of small firms. A third study, Investment Decisions in Small Business by Martin B. Solomon, will be published at a later date. Pricing Decisions in Small Business points out that pricing is more flexible but that competition is more limited than economists have assumed. Though he already makes some adjustment of prices according to the market, the businessman could profit from greater flexibility in his thinking, especially in the consideration of relative changes in costs and revenues.
This book collects results from ad hoc surveys on firms pricing behavior conducted in 2003 and 2004 by nine National central banks of the Euro area in the context of a joint research project (Eurosystem Inflation Persistence Network). These surveys have proved to be an efficient way to test theories on the pricing strategies of economic agents, documenting, in qualitative terms, the underlying rationale of the observed pricing patterns. The book provides an unprecedented amount of information from more than 11,000 euro area firms, addressing issues such as the relevance of nominal and real rigidities, the information set used by firms in the price setting process, the strategy followed to review prices, the frequency of both price reviews and price changes, the reasons underlying price stickiness, and asymmetries in price adjustment. It also compares results for the euro area to those obtained for other countries by similar studies. Finally, it draws the main implications for theoretical modeling and for monetary policy.
Pricing decisions are among the most important and impactful business decisions that a manager can make. How to Price Effectively: A Guide for Managers and Entrepreneurs introduces the value pricing framework, a structured, versatile, and comprehensive method for making good pricing decisions and executing them. The framework weaves together the latest thinking from academic research journals, proven best practices from the leading pricing experts, and ideas from other fields such as medical decision making, consumer behavior, and organizational psychology. The book discusses what a good pricing decision is, which factors you should consider when making one, the role played by each factor-costs, customer value, reference prices, and the value proposition- and how they work together, the importance of price execution, and how to evaluate the success of pricing decisions. You will also be introduced to a set of useful and straightforward tools to implement the value pricing framework, and study many examples and company case studies that illustrate its nuances. The purpose of How to Price Effectively: A Guide for Managers and Entrepreneurs is to provide you with a comprehensive, practical guide to making, executing, and evaluating pricing decisions.
The price of a product or a service is a critical element of the marketing mix. Price influences product demand, and the firm's revenue and profits. Prices also signal product quality and value, customer self-image, and the seller's pricing practices. With appropriate balance of theory, applications, and analytics, this book provides business students and practitioners the tools to make profitable pricing decisions under a variety of real-life contexts — current and emerging.Theoretical foundations for pricing decisions come from microeconomics, psychology, and behavioral decision theories. Well-established economic principles, with available data and analytics, help firms customize prices based on customers' willingness to pay, quantity purchased, timing and urgency of purchase, and by bundling their products and services. Pricing and promotional strategies of firms are further informed by the consideration of consumer psychology as well as the decision rules that consumers employ in framing of and responding to prices.As a practical step-by-step guide for firms, the book presents a comprehensive framework for pricing decisions. The framework illustrates how firms' pricing decisions are shaped by customer valuation of the product or service, firm cost, and competition within the category. Additional considerations include: channel arrangements, legal and regulatory limits, public sentiments, and the overriding strategy for the firm. Short cases and numerical examples help illustrate how these factors can be incorporated in firm making decisions.In addition to offering the theoretical foundation and practical guidelines for pricing, there are several distinctive features of the book.Pedagogically, the book takes a quantitative approach to pricing decisions and places a special emphasis on the utilization of data and analytics. Nevertheless, sound intuition and judgments remain a prerequisite.
In the era of e-commerce and digitalization, new commercial patterns and opportunities are emerging. For example, in addition to traditional reselling marketing channels, manufacturers can easily open direct channels using a variety of digital marketing strategies. These new marketing channels will cause conflict and competition between manufacturers and resellers. This raises the important question of how to make optimal decisions for multiple players in dual-channel supply chain contexts. Within changing and uncertain operation environments, business enterprises must face tougher challenges than before to survive in competitive markets.This book aims to address representative decision-making problems in dual-channel supply chains with risk-averse channel members. The most recently developed risk assessment technique, Conditional Value-at-Risk (CVaR), will be adopted as the predominant criterion to measure the risk-averse attitude. Based on game theory, important issues such as channel selection, pricing, order quantity, manufacturer encroachment, greening strategy, consumer return policies, financing strategies, channel coordination, contract design, information asymmetry, and capacity constraint will be modeled and analyzed. This book will help readers better understand operations management in dual-channel supply chain contexts with risk-averse behaviors, and will also provide effective techniques and tools for researchers and offer managerial insights for practitioners.
Pricing is an essential aspect of the marketing mix for brands and products. Further, pricing research in marketing is interdisciplinary, utilizing economic and psychological concepts with special emphasis on measurement and estimation. This unique Handbook provides current knowledge of pricing in a single, authoritative volume and brings together new cutting-edge research by established marketing scholars on a range of topics in the area. The environment in which pricing decisions and transactions are implemented has changed dramatically, mainly due to the advent of the Internet and the practices of advance selling and yield management. Over the years, marketing scholars have incorporated developments in game theory and microeconomics, behavioral decision theory, psychological and social dimensions and newer market mechanisms of auctions in their contributions to pricing research. These chapters, specifically written for this Handbook, cover these various developments and concepts as applied to tackling pricing problems. Academics and doctoral students in marketing and applied economics, as well as pricing-focused business practitioners and consultants, will appreciate the state-of-the-art research herein.
"The primary theme of Pricing Strategies is that pricing should be guided by the marketing concept, which indicates that success is achieved through a focus on the needs and sensitivities of the customer. This customer-focus theme is evident throughout the text. The author helps to overcome the mathematical anxieties of students with an intuitive approach to understanding basic pricing concepts, and presents mathematical techniques as simply more detailed specifications of these concepts"--Provided by publisher.