Top 6 – August 2007
Published August 1, 2007
Communicate, Align, Capture
- Leegin decision should have a larger effect on prices of consumer products characterized as high-value branded goods, complex product, or difficult to experience products.
- Leegin decision could act as a deterrent to the long term trend of reducing service and costs in distribution, thus shifting the competitive relationships between distributors towards adding value.
- Product marketing is a cross-functional and inter-firm strategic role, involve all key stakeholders in aligning goals with actions.
- Good competitors can control the urge to compete on prices even during a declining market.
- Email marketing, like other marcom efforts, needs quantifiable goals, monitoring, evaluation, and improvement planning.
- When new information arises, incorporate it in your pricing strategy.
About The Author
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.