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Price Elasticities Demystified

While intuitive in theory, price elasticity measurements are often too simplistic in scope for practical use in day-to-day pricing decisions. To make better use of this metric in daily pricing decisions, price elasticity should be assessed considering multiple complex factors, which can only be achieved by applying algorithms in an artificial intelligence/machine learning system environment where the algorithm is programmed to evolve in a dynamic way, as the authors explain.

By admin|2022-04-08T14:19:40+00:00December 31, 2021|Journal of Professional Pricing, Price Elasticity|0 Comments

Should You Be Concerned about Price Collusion? – Machine Intelligence

While the technology may not be in place to make price collusion a reality, price discrimination is certainly happening and is something that consumers should be aware of. To avoid being duped into paying higher prices because of location, net worth, past shopping history, etc., consumers must shop wisely, protecting as much of their purchase behavior as possible. Now more than ever, it’s important to take the time to research and compare in order to get the best possible price, as the author explains.

By admin|2022-03-23T21:07:25+00:00November 30, 2021|Machine Intelligence, Pricing Articles|0 Comments

How COVID-19 Changed the Consumer

BCG Executive Perspectives offer insights on global topics that matter most to leaders in the public and private sectors. This edition delves into the different ways the pandemic is affecting consumption habits and what this means for companies trying to keep up. Although not pricing specific, this article presents key insights for pricers working to develop effective post-COVID pricing strategies.

By admin|2022-03-23T20:58:07+00:00November 30, 2021|Pandemic Pricing, Pricing Articles|0 Comments

Defying cost volatility: A strategic pricing response

While input cost increases and volatility are challenging, they present an opportunity to improve pricing and institutionalize best practices—but margins will likely suffer if these are not executed in a strategic way, as the authors explain.

By admin|2022-03-23T20:59:29+00:00November 30, 2021|Pricing Articles, Strategic Pricing|0 Comments

Data-Driven Pricing Can Increase Your Profit

Many pricing professionals believe that a value-based approach is the best way to set a fair price for your products and services. But data-driven pricing, when done right, will also lift your profit margins in the short term. Here’s the story of how hunting down hidden data turned profits around for one company.

By admin|2022-03-23T21:31:44+00:00October 31, 2021|Data-Driven Pricing, Pricing Articles|0 Comments

When Pricing, Don’t Forget Your Story

Pricing professionals have many tools in their toolboxes, but in this article, the author reminds pricers to not underestimate the power of storytelling in pricing projects. Shepherding a management decision can be difficult. Without a story that goes beyond presenting pricing analysis and clearly communicates the results of the analysis, it is nearly impossible.

By admin|2022-03-23T21:25:41+00:00October 31, 2021|Pricing Articles, Pricing Skills|0 Comments

Partner Pricing Strategies and the Semiconductor Power Struggle

Strategic partnerships go hand-in-hand with strategic pricing. As the explosion of electronic devices and demand for them continue, and as the shortage of semiconductors continues to exacerbate issues, it’s never been more apparent that all companies need to adapt by understanding their customer and building value beyond pricing. Although focused on the semiconductor industry, this article highlights post-COVID pricing challenges and potential solutions for many sectors.

By admin|2022-03-23T21:20:50+00:00October 31, 2021|Pricing Articles, Pricing Strategy|0 Comments

What is in a Price?

What is contained within a price? Price is a composite that integrates the solution, the value drivers the solution offers and a connection between the value metrics and the pricing metrics. It is more than a number. Even as a number, how a price is perceived is determined by anchoring and framing effects, as the author explains.

By admin|2022-03-23T21:14:37+00:00October 31, 2021|Pricing Articles|0 Comments

Price Inflation on the Rise: 9 Steps for Managing Your Price Increase Process

Increased raw material prices, costs incurred due to the effects of the COVID-19 crisis, backlogs of price increases not delivered in 2020: as predicted, these factors are all driving up inflation rates. However, the majority of companies are unprepared for the commercial implications. This article explores how companies can manage and pass on cost increases through the development of robust price increase processes.

By admin|2022-03-24T17:05:55+00:00September 30, 2021|Inflation Pricing, Price Increases, Pricing Articles|0 Comments

What does England’s “Freedom Day” mean for UK Cinemas and Restaurants?

After months and months of COVID induced lockdowns and restrictions, many parts of the UK were recently able to celebrate “Freedom Day,” as the government removed almost all remaining restrictions on its citizens and enabled businesses to dial-down some of the social distancing measures in place for the last 18 months. In this article, one UK pricing expert examines what this means for restaurants, cinemas and other experience economy-based businesses looking to attract customer and regain much needed revenue.

By admin|2022-03-24T16:58:58+00:00September 30, 2021|Pandemic Pricing, Pricing Articles|0 Comments

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