In this book, the world's foremost experts on pricing integrate
theoretical rigor and practical application to present a comprehensive
resource that covers all areas of the field. This volume brings together
quantitative and qualitative approaches and highlights the most current
innovations in theory and practice.
Going beyond the traditional constraints of "price theory" and "price
policy," the authors coined the term "price management" to represent a
holistic approach to pricing strategy and tactical implementation. They
remind us that the Ancient Romans used one word, pretium, to mean both
price and value. This is the fundamental philosophy that drives
successful price management where producer and customer meet.
Featuring dozens of examples and case studies drawn from their extensive
research, consulting, and teaching around the world, Simon and Fassnacht
cover all aspects of pricing following the price management process with
its four phases: strategy, analysis, decision, and implementation.
Thereby, the authors take into account the nuances across industry
sectors, including consumer goods, industrial products, services, and
trade/distribution. In particular, they address the implications of
technological advancements, such as the Internet and new measurement and
sensor technologies that have led to a wealth of price management
innovations, such as flat rates, freemium, pay-per-use, or
pay-what-you-want. They also address the emergence of new price metrics,
Big Data applications, two-sided price systems, negative prices, and the
sharing economy, as well as emerging payment systems such as bitcoin.
The result is a "bible" for leaders who recognize that price is not only
a means to drive profit in the short term, but a tool to generate
sustained growth in shareholder value over the longer term, and a primer
for researchers, instructors, and students alike.
Praise for Price Management
"This book is truly state of the art and the most comprehensive work in
price management."
- Prof. Philip Kotler, Kellogg School of Management, Northwestern
University
"This very important book builds an outstanding bridge between science
and practice."
- Kasper Rorsted, CEO, Adidas
"This book provides practical guidelines on value creation,
communication and management, which is an imperative for businesses to
survive in the coming era of uncertainty."
- Dr. Chang-Gyu Hwang, Chairman and CEO, KT Corporation (Korea
Telecom)
