Top 6 – July 2009


Tim J. Smith, PhD
Founder and CEO, Wiglaf Pricing

Published July 23, 2009

“There is a limit to the information a hungry mind can digest, a limit that often corresponds to the magical number seven, plus or minus two, the capacity of short-term memory.” Gerd Gigerenzer

  1. Clicks aren’t customers. Customers are customers.
  2. “Half my advertising is wasted, the question is which half,” John Wanamaker
  3. Faced with too many choices, customers often end up making no choice at all
  4. Pay-per-click is making room for Pay-per-position.
  5. Markets are people with needs, the money to spend and the willingness to spend it.
  6. Consumers are not economic welfare optimizing machines.
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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.