Top 6 – October 2014
Published October 29, 2014
“Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.” -Warren Buffett
- The research shows that the best pricing decisions usually engage sales, marketing, and finance.
- Are your different functions talking to each other?
- If not, then they’re just talking to themselves.
- Each of your teams—sales, marketing, operations, finance — can give you an expert view of a piece of the picture, but someone in the firm must take these pieces and construct the whole picture.
- Correct pricing is a huge key to profitability. It requires expertise—often from outside experts — and a commitment to developing your internal talent.
- It’s common for firms to ask “Where is the market going?”, but you also need to ask “Where are we going?”
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.