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)
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