Posts by: Tim J. Smith, PhD

In Pricing, What Is the Goal?

By Tim J. Smith, PhD January 16, 2020

In pricing, what is the goal?  Is it to increase profits, revenue, or some other newfound metric?  It seems profit optimization is…

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Strategic Movements: December 2019

By Tim J. Smith, PhD December 11, 2019

Elon Musk Delivers Pleasant Surprise Tesla Inc. had record deliveries in Q3 2019 resulting in overall profits. Anticipated 2019 production is currently…

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Playbook for Competitive Price Engagement

By Tim J. Smith, PhD December 11, 2019

Sun Tzu wrote that “The best victory is when the opponent surrenders of its own accord before there are any actual hostilities……

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Strategic Movements: October 2019

By Tim J. Smith, PhD October 16, 2019

Market Share? Meh. Customer Satisfaction and Brand Equity? YES, Please! Managers care a lot about market share, but should they? Meta-research by…

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The Purpose of Business and Pricing

By Tim J. Smith, PhD October 16, 2019

Milton Friedman must be turning over in his grave. 49 years after penning an op-ed in the New York Times on the…

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Strategic Movements: September 2019

By Tim J. Smith, PhD September 12, 2019

J.M. Smucker Co Passed Input Savings onto Price Cuts. Profits? They fell of course. Q2 2019 found that net sales (revenue) decreased…

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Organizing for pricing excellence: the pricing organization

Organizing for Pricing Excellence

By Tim J. Smith, PhD September 12, 2019

What organizational factors make for pricing excellence in a company? Moorman and Day discussed the academic research on the development of excellence…

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Pricing transformations graph

Pricing Transformations Are Political Culture Changes. Manage with Care

By Tim J. Smith, PhD August 16, 2019

A major driver behind undertaking a pricing transformation effort is the acknowledgement that price negotiations both take too long and also lead…

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Strategic Movements: August 2019

By Tim J. Smith, PhD August 16, 2019

Online Grocer Pricing Thrive Market requires a $60 annual fee and offers free shipping for orders over $49. Public Goods requires a…

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Can Money Buy Your Morals?

By Tim J. Smith, PhD July 17, 2019

Classical economics assumes that our rational self-interest will guide our decision making. The first part of that assumption, the “rational” part, was…

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About The Author

timjsmith
Tim J. Smith, PhD, is the founder and CEO of Wiglaf Pricing, an Adjunct Professor of Marketing and Economics at DePaul University, and the author of Pricing Done Right (Wiley 2016) and Pricing Strategy (Cengage 2012). At Wiglaf Pricing, Tim leads client engagements. Smith’s popular business book, Pricing Done Right: The Pricing Framework Proven Successful by the World’s Most Profitable Companies, was noted by Dennis Stone, CEO of Overhead Door Corp, as "Essential reading… While many books cover the concepts of pricing, Pricing Done Right goes the additional step of applying the concepts in the real world." Tim’s textbook, Pricing Strategy: Setting Price Levels, Managing Price Discounts, & Establishing Price Structures, has been described by independent reviewers as “the most comprehensive pricing strategy book” on the market. As well as serving as the Academic Advisor to the Professional Pricing Society’s Certified Pricing Professional program, Tim is a member of the American Marketing Association and American Physical Society. He holds a BS in Physics and Chemistry from Southern Methodist University, a BA in Mathematics from Southern Methodist University, a PhD in Physical Chemistry from the University of Chicago, and an MBA with high honors in Strategy and Marketing from the University of Chicago GSB.