How do we protect ourselves and our business interests from the unethical behaviors of others? In this article, the author connects time-honored ethical principles to real-world cases and offers the building blocks and counter-strategies you need to fight unethical actions in your organization.
The topic of ethical pricing is one that challenges companies to balance their economic goals with the need to maintain ethical practices. The struggle to remain profitable while upholding ethical standards is a complex and multifaceted issue that requires a comprehensive solution that takes into account the needs of all stakeholders. By embracing innovative solutions that balance profit and principle, companies can ensure that they are able to remain competitive and profitable while maintaining the highest ethical standards, as the author explains.
Charging different prices is often fairer than charging everyone the same price. While there are no standard answers to the question of what makes a price fair, business leaders can embrace market transparency, understand what drives the perceptions of fairness in their market, and ensure that they offer prices that customers will perceive as fair. With the right understanding and the right approach, companies can vary prices in ways that mutually benefit themselves and customers, and perhaps society as well, as the author explains.
For many companies, the notion that ethics may be a powerful driver of annual revenues is a novel concept. However, for some, this is foundational for their longer-term growth. All may benefit from applying explicit ethical rules, as the authors explain.
A pricer’s job is to capture value, but we tread a fine line between optimizing short term revenues and jeopardizing customer trust by becoming what is labelled as “greedy.” In this article, the author explains what constitutes “greed” in pricing provides strategies to help pricers avoid these tactics.
The rapid spread of the Coronavirus is causing uncertainty for consumers, suppliers and markets. Consumers decry increased prices in the face of a crisis, but suppliers are working to meet increased demand and prevent scarcity at a more rapid rate. Emergency situations call for emergency pricing responses, but what are the best responses for all concerned? In this article, the author explores the pricing complexity and ethical considerations pricers face in these types of situations.
Price gouging during times of natural or economic disaster has been a common tactic for bringing demand in line with supply. However, social media has begun to change this trend, as many companies who appear to be taking advantage of demand have been publicly shamed. In this article, the author explores your pricing strategy and how your prices affect customers during their times of need; these are integral components of your company’s brand.
In this article, the author provides a case study of a recent and drastic price increase that, because poorly implemented, is causing significant consumer backlash. This Canadian cable-industry specific example provides valuable lessons for pricers considering a price increase.
For many pricers, it is easy to under- stand consumer’s end pricing options to gauge the strength of your own pricing strategy and market presence. However, in markets where pricing data is not publicly available, attaining any kind of competitor pricing information becomes a legal and ethical issue. In this article, the author examines challenges for pricers in these markets.