Top 6 – March 2014
Published March 6, 2014
“Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.” -Steve Jobs
- Understanding the psychology of your customers and what drives them to purchase (or not to purchase) is increasingly important. You can’t drive people to you if you don’t understand what drives them.
- It isn’t just knowing what your customer needs—it’s knowing how you can be the BEST at meeting those needs.
- Great firms are leaders in both innovation AND implementation.
- Some firm decisions are made irrespective of the bottom line. Executives who don’t have the guts to make ethical decisions will find themselves leading companies with no moral compass.
- A firm can be defined as much by what it doesn’t sell as by what it does—so stand behind your decisions.
- With increasing choice in many markets, consumers are looking harder at the value of your offering, and also at the values behind that offering.
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.