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Executives in industries impacted by the tariffs, retaliatory tariffs, and threatened future tariffs must react. The playbook for executives in this trade war will vary.
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Traditionally, pricing is considered one of the Four Ps of Marketing, along with product, promotion, and place. But thinking about pricing as simply a subset of marketing is a mistake.
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Trump has an ultra-loyal 35-40% of the electorate who will follow him anywhere. On the other hand, the anti-Trumpers have an equal or greater percentage of the population that feels exactly the opposite.
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“Those who are insistent that human beings cannot cope with determining what to do unless all values are somehow reduces to no more than one, are evidently comfortable with counting (‘is it more or less?’), but not with judgment (‘is this more important than the other?’).”
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Pricing balances the needs of very disparate interests. Pricing professionals consider profitability, shareholder interest, customer demands, customer psychology, and much more in our recommendations.
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Middlemen make for an easy target for disgruntled customers and observers of the economy. At times it can be unclear how they are adding value to a transaction. Sometimes it looks like middlemen are simply inserting themselves into a transaction to increase costs and take a cut.
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According to Foley: “Many People find it easier to see the benefits that come with cutting costs and looking for efficiencies and worry that what may come with growth could be elusive.”
More It is past time for Corona to raise prices in response to trucking cost inflation, but will competitors follow? The cost hits everyone. Someone needs to lead and then all others should fast follow.
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At some point, we must separate hype from reality. Concurrently, we can also reduce confusion created by terms like “data scientist,” “wisdom of crowds,” and “machine learning” with clarity and plain language.
More In my upcoming book, preliminarily titled The New Invisible Hand, I’ll explore the most important technological trends affecting pricing and commercial strategy. One chapter will focus specifically on this issue: unpacking the promise and perils of dynamic pricing.
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