Top 6 – October 2008
Published October 1, 2008
Fall Showers to Financial Storms. Wear boots to traverse the muck!
- Referrals are low hanging fruit. Harvest well.
- Price discrimination is good for profits, but exercise with care or either big brother will visit or backwards flows will be created.
- Parallel importing is an incentive problem. Manage the incentives with both carrots and sticks.
- Don’t just cut costs, invest in consumer monopolistic positions.
- Risk pays, but Stupid Risk is jumping in headfirst without an understanding of what is under there. Informed risk at least has a fact based opinion on the future.
- Don’t throw the baby out with the bathwater – tomorrow will come.
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.