Top 6 – August 2014
Published August 11, 2014
“If you know the enemy and know yourself, you need not fear the result of a hundred battles.” –Sun Tzu, The Art of War
- In every competition you face, you will have advantages over your competitors, and you will have disadvantages.
- If that isn’t the case, it really isn’t much of a competition.
- Every market is different, and presents different competitive challenges.
- Surviving a competitive market requires predicting what your competition will do, knowing what your customers value, and reacting and proceeding accordingly.
- Expect that your customers will act more predictably than your competition.
- If that isn’t the case, it’s time to reexamine your message…or whether it’s reaching your target audience.
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.