Top 6 – February 2008
Published February 1, 2008
A Rose is a Rose by Any Other Name. Embrace Your Inner Thorn.
- Don’t confuse table stakes with key differentiators. While both are necessary to play, one will help you win
- Commoditization is a choice. So is differentiation. Choose with which you wish to compete.
- Congestion pricing is fair for consumers, but expect the nominally profitable major airlines to balk at it in the name of consumer fairness.
- The term may be unpleasant, but the effect of price discrimination is better than the alternatives.
- What drives selection within your category? That’s your category driver.
- The object of your love is likely an irrational choice by outsiders. So is brand loyalty. Feed the emotional bond.
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.