Top 6 – January 2011
Published January 3, 2011
“No sensible person would claim that [quantification] can tell the whole story.”
Angus Maddison, professor at the University of Groningen and authority of quantitative macroeconomic history, (1926-2010)
- The purpose of the firm is to serve customers profitably.
- Value exchange is the driver of all transactions.
- Understand the value to the customer to understand your market opportunity.
- As the economy returns to growth, the pressure will return to customer, employee, and vendor relationships.
- If you want to capture value, sell value.
- Good pricing enables mutually beneficial value exchange.
Posted in: Top 6
Tagged:
Tagged:
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.