Pricing has a substantial and immediate impact on profitability. Most companies, however, still use costs or competition as a main basis for setting prices. Product or business model innovation has a high priority for many companies whereas innovation in pricing has received scant attention. This book examines how innovation in pricing can drive profits. The text examines innovation in pricing from four complementary perspectives. Innovation in Pricing Strategy illustrates how companies implement innovative pricing strategies, such as customer value-based pricing. Innovation in Pricing Tactics deals with innovative tools to measure and increase customer willingness to pay and to communicate value to B2B and B2C customers. Innovation in Organizing the Pricing Function looks at state-of-the art approaches to embed the pricing function in the organization. Psychological Aspects of Pricing illustrates how companies can influence customer perceptions of value and price in their question to implement innovation in pricing. This edited volume brings together 26 articles from academics, business practitioners and consultants.
Authors are from the world's largest companies, leading research-based universities and consulting companies specialized in pricing. This book is the only book dedicated to innovation in pricing and an essential read for business executives and pricing managers wishing to treat innovation in pricing as seriously as they treat product or business model innovation.
Andreas Hinterhuber is a Partner of Hinterhuber & Partners, a consultancy specialized in strategy, pricing, and leadership. He is also a visiting professor at Bocconi USI Lugano and at Bocconi University, Italy Stephan Liozu is President and CEO of ARDEX Americas, a high performance building company. He is also a PhD in Management candidate (2013) at Case Western Reserve University, USA
Part I: Introduction 1. Innovation in Pricing Introduction (Andreas Hinterhuber and Stephan Liozu) Part II: Innovation in Organizing the Pricing Function 2. The Organizational Design of the Pricing Function in Firms: A Center-led Management Approach (Stephan Liozu and Kellie Ecker) 3. Organizational Barriers and the Implementation of Customer Value Map Analysis: A Case Study of a Global Manufacturing Firm in the Polymer Technology Industry (Niklas Hallberg and Linn Andersson) 4. CEO Championing of Pricing and the Impact on Firm Performance (Stephan Liozu, Andreas Hinterhuber, Sheri Perelli and Toni Somers) 5. Who is in Charge of Value? The Emerging Role of Chief Value Officer (Ron Baker and Stephan Liozu) 6. B2B Pricing Systems: Proving ROI (Mark Stiving) Part III: Innovation in Pricing Strategy 7. Effective Pricing Strategies in B2B Markets (Rafael Farres) 8. Why Segmentation Matters ( Linda Trevenen) 9. The Five Fundamental Value Factors ( Ralf Drews) 10. The Journey to Pricing Excellence: The Case of a Mid-sized Manufacturing Firm (Greg Hunsicker and Mike Crouch) 11. Pricing Processes in Fast Paced Business to Business Settings (Magnus Johansson) 12. Pricing Due Diligence in the Mergers and Acquisition Process (David Dvorin, Jered Haedt and Vernon Lennon) 13. Busting the Four Fatal Myths in Pricing (Nelson Hyde) 14. Creating and Communicating Customer Value: How Companies Can Set Premium Prices that Customers are Willing to Pay (Todd Snelgrove) 15. Pricing Strategies for Recessionary Times (Fernando Resende) 16. A Zero-Based Approach to the Pricing Strategy (Roberto Bedotto) Part IV: Innovation in Pricing Tactics 17. Using Economic Value Communication to Bend Business-to-Business Buyers' Value Perceptions (Chris Provines) 18. Value: Distilling the Essence (Harry Macdivitt) 19. Innovation in Estimating Willingness to Pay (Niels Biehn and Craig Zawada) 20. Cross Functional Collaboration in Value-Based Pricing (Steven Forth) 21. Implementing Effective Pricing Strategies: Tools for Tracking Prices (Richard Coopolse) 22. Winning on the Margin: The B2B Value Imperative (Mike Moorman) 23. The Thick and Thin Tails of Pricing (Darren Huxol) Part V: Psychological Aspects of Pricing 24. Behavioral Aspects of Pricing (Ben Lowe, Julian Lowe and David Lynch) 25. Research on Odd Prices: Dead End or Field of Potential Innovation? (Carmen Balan) 26. Consumer Psychology and Software Pricing (Anshu Jalora) Part VI: The Next Frontier 27. The Next Frontier of the Pricing Profession ( Kevin Mitchell)
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