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The Strategy and Tactics of Pricing summary
Thomas Nagle
John Hogan
Joseph Zale
A Guide to Growing More Profitably
18 mins
Brief summary
"The Strategy and Tactics of Pricing" by Thomas Nagle, John Hogan & Joseph Zale is a comprehensive guide to pricing strategies and techniques used in various industries. It provides actionable insights for businesses to develop pricing strategies that optimize profits and customer satisfaction.
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The Strategy and Tactics of Pricing
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Key idea 1 of 8
The art of pricing is an essential element in today’s economy.
You might not have noticed, but pricing has become quite a hot topic over the last few years. Why? Well, as a result of the information revolution, we consumers have become more aware of and more sensitive to pricing.
These days, information on the products or services any company has to offer is at our fingertips. By now, many of us are seasoned online shoppers and are quite accustomed to the process of comparing product after product until we find the one we think is best for our budget.
In light of this, many companies have placed pricing at the heart of their commercial strategy. Take the Apple iPhone, for instance. This revolutionary smartphone was considered overpriced when it was first released.
However, knowing that early adopters and tech-obsessed customers wouldn’t mind paying a high price for such a unique product, Apple wasn’t deterred. They kept their high pricing and, in doing so, created a reference point for the market sector and for their entire product range. Later on, when Apple slightly decreased the price of the iPhone, customers viewed this as a brilliant bargain, and sales soared once again.
Retail giant Walmart also owes much of its success to clever pricing. Items that everybody needs, such as toilet paper or disposable diapers, are massively discounted, ensuring that Walmart is the first place customers will head to buy them.
Because competitors can’t afford to lose their profits on essential products like these, Walmart avoids a price war. And because so many customers are buying their everyday items across a vast network of Walmart stores, the discounts aren’t likely to jeopardize their profits. Other items are then priced higher, which allows Walmart to recoup their losses.
Apple and Walmart teach us an important lesson about strategic pricing. It’s not about tweaking prices to perfection, nor is it about selling as much as possible; rather, great pricing strategies are focused on increasing profitability in innovative ways.
Unfortunately, many companies fail to grasp this and make plenty of pricing blunders. In the next blinks, find out which pricing mistakes you should avoid.
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What is The Strategy and Tactics of Pricing about?
The Strategy and Tactics of Pricing (2010) reveals the fundamental importance of how you price your products. By exposing common misconceptions, explaining the three dimensions of effective pricing and the five steps you can take to achieve it, these blinks are an essential guide to maximizing your profits through clever pricing.
The Strategy and Tactics of Pricing Review
The Strategy and Tactics of Pricing (2011) is a valuable resource for understanding the intricate world of pricing strategies. Here are three reasons why this book is worth reading:
- The book provides a comprehensive framework that covers all aspects of pricing, from setting initial prices to managing price changes, enabling readers to develop effective pricing strategies.
- With its real-world examples and case studies, the book offers practical insights into pricing practices across industries, making it highly relevant and applicable to any business.
- Its clear and logical structure and well-organized content ensure that readers can easily grasp complex pricing concepts, keeping them engaged and invested in the subject matter.
Who should read The Strategy and Tactics of Pricing?
- Business students hoping to understand the underlying principles of pricing
- Entrepreneurs planning to launch a new product and struggling to find the right price
- Any shopper curious about how price tags are set
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The Strategy and Tactics of Pricing FAQs
What is the main message of The Strategy and Tactics of Pricing?
The main message of The Strategy and Tactics of Pricing is how to set the right price for your product or service.
How long does it take to read The Strategy and Tactics of Pricing?
Reading time for The Strategy and Tactics of Pricing varies depending on your reading speed. However, the Blinkist summary can be read in just 15 minutes.
Is The Strategy and Tactics of Pricing a good book? Is it worth reading?
The Strategy and Tactics of Pricing is a must-read for anyone looking to master the art of pricing. It provides valuable insights and practical strategies to optimize your pricing strategy.
Who is the author of The Strategy and Tactics of Pricing?
The authors of The Strategy and Tactics of Pricing are Thomas Nagle, John Hogan, and Joseph Zale.
What to read after The Strategy and Tactics of Pricing?
If you're wondering what to read next after The Strategy and Tactics of Pricing, here are some recommendations we suggest:
- What Every Angel Investor Wants You to Know by Brian S. Cohen and John Kador
- Pricing For Profit by Peter Hill
- Priceless by William Poundstone
- Adaptability by Max McKeown
- The 1% Windfall by Rafi Mohammed
- Think and Grow Rich by Napoleon Hill
- Adaptive Markets by Andrew W. Lo
- The Most Important Thing by Howard Marks
- Elon Musk by Ashlee Vance
- How to Know a Person by David Brooks