Top 6 – October 2013


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

Published October 2, 2013

“I know he’s a good general, but is he lucky?” Napoleon Bonaparte

  1. Failures happen. The question is will you learn the right lessons from them and get back in the game?
  2. So, when is price discrimination effective? It is effective whenever it works in practice.
  3. Shape the future for your best outcome or evaluate the potential futures to select your best outcome? It’s a choice. Risk is inherently tied to reward.
  4. Value-based pricing means pricing according to the benefits perceived by the customer.
  5. If proper price promotion policy engages corporate strategy, requires organizational coordination, and relies upon technically difficult calculations, then getting all these parts right is never going to be easy.
  6. When trying to right a ship, you can’t oversteer nor leave it to the fates.
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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.