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Another retail consultant Steve Dresser is also quoted in the BBC article: “Even if they (Toys R Us) didn’t want to give over their stores to the kinds of hands-on experience that you get in Hamleys or a Lego store, they should have done more to keep customers happy, been less functional, more on-trend.
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”… Think of value generation and leadership development as the chariot wheels that support a transformation, and the quest as the horse that provides direction and momentum. Alignment of the three is critical if you want to reach your destination.”
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If you find yourself in this situation, reducing price can help to clear existing inventory but it will not solve the fundamental problem of lacking a product that people want. Better to preserve what profits you can and invest them into developing a product that addresses a customer need.
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As Amazon and Wal-Mart continue to dominate e-commerce, Nordstrom has been faced with a unique challenge of growing its own e-commerce presence, and continuing to promote its differentiators against this duopoly.
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From a business strategy standpoint, Dollar General has positioned themselves to avoid direct competition with Amazon and Walmart, having successfully demonstrated a way to deal with the duopoly’s increasing presence in the retail market.
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Not only will the American economy be hurt, these actions by an American President with very limited knowledge about economics, will affect the economies of many nations.
More In his book Pricing: The Third Business Skill, EJ Bouter made the case for pricing to become its own department, right next to finance, marketing, sales, and operations in chapters 14-16.
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A good pricing decision is two-fold: One defines an aspirational list price and a commercial policy that deducts from this list price known discounts, which lead to the expected target prices by customer segment and perhaps channel.
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Shortages can be signals of excitement, quality, even virtue. “Sold out” is a powerful story for the right kind of product. Musk’s goal isn’t optimizing his earnings from flamethrowers. His goal is building excitement and investment around his companies. Selling out a flamethrower, and even a hat, does that in a big way.
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If you can successfully explain why implementing a value-based pricing strategy will be instrumental in moving your company towards their goals and targets, you should be in a pretty good position to get buy-ins.
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