Nelson Higher Education

Higher Education

Pricing Strategy: Setting Price Levels, Managing Price Discounts and Establishing Price Structures, 1st Edition

  • Tim Smith
  • ISBN-10: 0538480882
  • ISBN-13: 9780538480888
  • 344 Pages | Hardcover
  • COPYRIGHT: 2012 Published
Request a Copy for Review

Overview

About the Product

Show students how to use pricing decisions to maximize a firm's profits by creating and capturing customers. PRICING STRATEGY: SETTING PRICE LEVELS, MANAGING PRICE DISCOUNTS AND ESTABLISHING PRICE STRUCTURES is written by Tim J. Smith, recognized pricing thought leader and successful principal of a respected pricing firm. The most comprehensive pricing text on the market, PRICING STRATEGY highlights the stakeholder's importance in making decisions, as well as key trade-offs to consider when choosing between opposing outcomes. Students will gain a better understanding of the most important influences to consider when making pricing decisions. This text strikes an appropriate balance between quantitative skill sets and the qualitative concepts necessary for business growth. Core concepts are presented in chapters with optional appendices that require more rigorous knowledge of introductory calculus. The book draws the best thinking from numerous disciplines, including marketing, economics, and finance, to deliver a comprehensive presentation that comes alive through numerous case studies, memorable examples, and graphs. Assist students in developing the pricing strategies and skills needed for business success with Smith's PRICING STRATEGY.

Features

  • HIGHLIGHT THE IMPORTANCE OF THE STAKEHOLDER IN MAKING POWERFUL PRICING DECISIONS. This unique, comprehensive book emphasizes the pivotal role of the stakeholder in making pricing decisions. Students learn which key trade-offs to consider when selecting between opposing outcomes as well as which influences should guide successful decision making

  • LEVERAGE THE BEST THINKING FROM MULTIPLE DISCIPLINES FOR A COMPREHENSIVE PRESENTATION. As a field of study, pricing spans many disciplines. To meet that need, this unique text leverages the best thinking in marketing, economics, competitive strategy, consumer behavior, and finance to deliver a comprehensive presentation on pricing.

  • ADDRESS THE CURRENT MAJOR PRICING DECISIONS FACING EXECUTIVES TODAY. With this comprehensive approach, you ensure that students have the skills needed to manage today's most pressing price decisions. PRICING STRATEGY is more direct than an economics text focused on industry-level dynamics or a marketing text that emphasizes price as one of several management levers. This text extends beyond the accounting text that provides the mechanics of price-to-profit relationships but lacks the strategy and insight needed to make price decisions. This book goes beyond a strategy text that focuses on competitive dynamics.

  • CHOOSE THE RIGHT LEVEL OF QUANTITATIVE INSTRUCTION FOR YOUR INDIVIDUAL COURSE. To strike the right balance of quantitative instruction, PRICING STRATEGY is structured to allow you to choose the level of quantitative instruction that is best for your students. Core chapters in the text are written at a level appropriate for students familiar with basic algebra. For more advanced students, the book includes numerous appendices that require little more than an introductory level of calculus.

  • EMPHASIZE REAL PRICING CONCEPTS THROUGH NUMEROUS CASE STUDIES, MEMORABLE EXAMPLES, AND MEANINGFUL GRAPHICS. Contributing to an effective learning environment for future or practicing professionals, actual case studies, significant examples, and clear tables and graphics further communicate key pricing concepts from the text.

Reviews

"The book is the most comprehensive pricing strategy book currently available on the market. It explains conceptual pricing topics that can be readily understood and applied by managers setting and managing price." --Steve Shook, University of Idaho
— Steve Shook

About the Author

Tim Smith

Well-known in the industry as a thought leader in pricing, Dr. Tim Smith is Managing Principal of Wiglaf Pricing as well as Adjunct Professor of Marketing at DePaul University. Dr. Smith is a researcher, an instructor, and a consultant in pricing strategy. He is a regular presenter at THE Professional Pricing Society conferences, in both the United States and Europe. With hard-hitting, focused messages for executives, he regularly presents actions that lead to dynamic results. At Wiglaf Pricing, Dr. Smith provides strategic pricing support for globally leading firms such as Symantec, as well as a host of entrepreneurial firms and portfolio companies of private capital. Dr. Smith has developed his insights into pricing through past roles, including Chief Marketing Officer of ISB Development, a software subsidiary of Nonolet in Novosibirsk, Russia, and Business Development Manager of SPL WorldGroup, a software product and consulting firm. Dr. Smith began his career as a research scientist in quantum mechanics before his interest in strategy prompted him to pursue an MBA. His focus on pricing is a natural culmination of his deep love of math and his market orientation. Dr. Smith holds an MBA with High Honors in Strategy and Marketing from the University of Chicago GSB, a PhD in Physical Chemistry from the University of Chicago, a BS in Chemistry and Physics, and BA in Mathematics from Southern Methodist University. In addition to this text, he has authored another book on systematically growing revenue in business.

Table of Contents

Part I: SETTING THE PRICE.
1. Boundaries of a Good Price.
2. Profit's Sensitivity to Price.
3. Consumer Perception Driven Pricing.
4. Price to Value.
5. Psychological Influences to Price Sensitivity.
Part II: MANAGING PRICE VARIANCES.
6. Price Segmentation.
7. Price Promotions.
8. Discount Management.
Part III: ESTABLISHING PRICE STRUCTURES.
9. Price Structures and Multipart Tariffs.
10. Add-ons and Accessories.
11. Versioning.
12. Bundling.
13. Subscriptions and Customer Lifetime Value.
14. Yield Management.
Part IV: PRICING STRATEGY.
15. Competition and Pricing.
16. Product Life Cycle Pricing.
17. Pricing Decisions and the Law.