Preface xi
Acknowledgments xvii
Chapter 1 The Value-Based Pricing Framework for Getting Pricing Done Right 1
Embedding the Culture of Value-Based Pricing 3
Overarching Pricing Decision Areas 3
Analytical Routines 7
Decision Teams 8
Chapter 2 Value‐Based Pricing 11
The Purpose of Firms: Serve Customer Needs Profitably 11
Value Engineering 15
Value‐Based Pricing 17
Differential Benefits 20
Differential Price 26
Exchange Value to Customer 28
Design Costs against Price to Profit 32
References 34
Chapter 3 Business Strategy Alignment 35
Business Strategy 36
Customers 39
Competitors 47
Company 51
References 53
Chapter 4 Pricing Strategy 55
Price Positioning 56
Price Segmentation 62
Competitive Price Reaction Strategy 65
Pricing Capability 74
References 76
Chapter 5 Price Management 79
Market Pricing 82
Price Variance Policy 87
Price Execution 92
Pricing Analysis 95
Chapter 6 Defining the Pricing Decision Team 99
Marketing 103
Sales 107
Finance 112
Pricing 114
References 116
Chapter 7 Pricing Continuous Improvement and Analytics 119
Continuous Improvement Process 120
Offering Innovation and Pricing Decisions 123
Price Variance Policy Continuous Improvement 131
Market Pricing Continuous Improvement 135
References 138
Chapter 8 Organizational Design of the Pricing Specialist Function 139
Pricing Community Distribution 140
Pricing Reporting Structure 143
Pricing Talent 145
References 153
Chapter 9 A Decision You Control 155
References 157
Appendix A: Economic Origins of Competitive Advantage 159
Appendix B: Getting Pricing Done with Jesse Finch Gnehm of GE Oil & Gas 163
The Value‐Based Pricing Journey 163
Context of Subsea Systems within GE 165
Pricing Community Cultivation 166
Focal Contributions of the Pricing Experts 167
Pricing Framework 169
Pricing Analysis Techniques 171
Price Automation and Analytical Tools 172
External Resources 172
Appendix C: Getting Pricing Done with Robert Smith of Eastman Chemical Company 175
Pricing Organizational Design 176
Pricing Mission 178
Pricing Functional Architecture 180
About the Author 181
Index 183
TIM J. SMITH, PHD, is the founder and CEO of Wiglaf Pricing, where he helps executives manage price better. Also an adjunct professor of marketing at DePaul University, he began his career as a research scientist in quantum mechanics before pursuing business strategy. He is the author of Pricing Strategy and Hawks, Seagulls, and Mice.
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