What are the Types of Price Elasticity of Demand? Avoid a Messed Up Pricing Formula 🛢️
What are the types of price elasticity of demand? Is your formula messing up your pricing decisions lately? For example, consider the influence that this famous business economics 101 chart still has on most business executives’ view of price and revenue management. Yes, there’s a…
Comparative Price Analysis – Using Data Effectively To Maximise Value 💎
Often pricing analysts complain about the quality of the data. There are many instances where the data coming out of the corporate systems is incomplete, inconsistent, untidy, non uniform. Before a pricing manager can understand customer value, they first need to have uniform and accurate data. This article explains why clean data is vital to customer pricing.
Pricing Options and Strategies – Does Game Theory Work for Pricing Leaders? 🎲
Does game theory work for pricing leaders? The market is tough and competitors are becoming increasingly creative. What are your pricing options? What does your pricing strategy and tactics look like to your competitors? Getting ahead of the competition is a much-discussed topic. However, understanding the…
Restaurant Industry Sales: Stay Competitive in the Even When Business is Bad! 🍹
In the new normal, how can you stay relevant in the restaurant industry and keep sales performance ahead of the game? How should restaurateurs price their menu when times are bad? What is menu pricing? The COVID-19 pandemic has completely shaken up the food industry,…
Elements of A Sales Pitch Strategy: How to Negotiate With Cost-Cutting Procurement Teams ✂️
Procurement approaches are not always sophisticated. Today we will mention a number of the funnier (in retrospect procurement approaches) told to us by a client from a large industrial and materials company in Australia. Our client wanted us to share this case example with you because it changed their thinking about procurement and taught them some important lessons on how to prepare for meetings with their national key account partners when the size of prize was worth over $4M.
