Posts by: Tim J. Smith, PhD
In the long run, markets equilibrate and entropy wins. But I don’t live in the long run. I live in the here…
MoreGE has long been known as a process firm, but what processes do they use when it comes to pricing? What do pricing initiatives look like at GE Oil & Gas Subsea Systems? Who contributes to those pricing decisions? How does the pricing function fit within the larger organization? What pricing decisions does the pricing function directly engage? What techniques and tools have been found useful for pricing at GE Oil & Gas Subsea Systems? And are there any external resources that they have found particularly useful?
MoreHats & Messy Hair. Wintertime in the northern hemisphere: Little kids don’t care about the hair, maybe we shouldn’t either. You can’t…
MoreDoes value-based pricing work in highly competitive environments, even retail environments? When competitive discounting happens, like Black Friday, does the concept loose meaning? Let’s take a look.
MoreTeam building and leadership have some roots in Machiavelli. If they are not following, you are not leading. At some point, team…
MoreValue-based pricing aims to price offerings according to the value customers’ associate with the offering in comparison to its alternatives. This is a…
MoreValue-based pricing aims for prices to reflect the value customers associate with a product or service offering. Simple enough to state, but what does this mean?
More“Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.” -Warren Buffett The…
MoreI was asked at Riot Fest Chicago what I did and chose “Economics” as my answer for the moment. He continued: “Micro…
MoreIn Econ 101, we are taught that lower prices lead to higher sales volumes. In sales, we hear directly from customers that the prices are high and they want a discount. And in marketing communications, we learn to “sweeten the offer” in promotions and advertising. But is price really the most important driver to customer purchasing behavior?
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