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Pricing News Daily > 6/21/19

PND is a digest of pricing focused news, thought leadership, events, jobs, training and certification resources for pricing professionals.

This Edition is brought to you by:

Perfect Price

The Perfect Price AI platform makes millions of pricing decisions for forward-thinking companies around the world. Our cloud-based service allows customers to quickly anticipate and react to changes in demand in real-time – enabling them to maximize revenues, profit, and utilization.

Its machine learning leverages proprietary data – the biggest competitive advantage–to increase average rates, utilization, and profit. Perfect Price works with forward-thinking companies in industries ranging from rental car and airline to sports clubs and gas stations.

 

Wales delays minimum unit pricing until 2020 | Drinks Retailing News

Wales delays minimum unit pricing until 2020 | Drinks Retailing News

Wales has been forced to delay plans to introduce a minimum unit price of 50p on alcohol until at least 2020 after a challenge from Portugal. The Welsh government aims to follow in the footsteps of Scotland by introducing MUP in a bid to “reduce the devastation caused by alcohol harm”. Lawmakers in Scotland had […]

 

New DoD policy aims to crack down on alleged price gouging by TransDigm | Federal News Network

New DoD policy aims to crack down on alleged price gouging by TransDigm | Federal News Network

Defense procurement officials have taken a step toward cracking down on what they have called price gouging within the military spare parts market. They issued a new edict that requires DoD contracting officers to gather cost and pricing data when they enter into agreements with TransDigm Group. The memo, signed on Friday by Kim Herrington, […]

 

Merck CEO sees legal challenge if U.S. adopts drug pricing based on other countries | Reuters

Merck CEO sees legal challenge if U.S. adopts drug pricing based on other countries | Reuters

NEW YORK (Reuters) – Merck & Co Chief Executive Ken Frazier said on Thursday a rule to base the price the U.S. government pays for some prescription drugs in it Medicare program on lower prices in other countries would face legal challenges if adopted. FILE PHOTO: Ken Frazier, Chairman and CEO, Merck & Co., speaks […]

 

India will not allow multi-brand retail by foreign firms, predatory pricing | liveMint

India will not allow multi-brand retail by foreign firms, predatory pricing | liveMint

NEW DELHI: The government will not allow foreign companies to operate in multi-brand segment and necessary action will be taken against people indulging in predatory pricing, Commerce and Industry Minister Piyush Goyal said Wednesday. The minister said this in a meeting with representatives of associations of kirana stores, traders and retailers here. He “reiterated that […]

 

Intel to Slash Desktop Processor Pricing up to 15 Percent as Ryzen 3000 Nears | tom’s Hardware

Intel to Slash Desktop Processor Pricing up to 15 Percent as Ryzen 3000 Nears | tom’s Hardware

DigiTimes reported today, citing sources at motherboard makers, that Intel plans to cut the pricing of its eighth- and ninth-gen processors by 10-15% and has already notified its partners of the change. If true, that could mean that pricing for some Intel processors could drop anywhere from $25 to a whopping $75 for pricier SKUs. […]

 

Pennsylvania’s Failed Experiment in Flexible Pricing | FreedomWorks

Pennsylvania’s Failed Experiment in Flexible Pricing | FreedomWorks

As with 16 states — including like Alabama, Ohio, and Virginia — at the end of Prohibition, Pennsylvania chose to establish a system of total state control over alcohol, banning private alcohol sales and creating a state monopoly. Established in 1933 to comply with the 21st Amendment, the Pennsylvania Liquor Control Board (PLCB) elected to […]

 

Oilfield Services’ Pricing Power is Rising  | Rigzone

Oilfield Services’ Pricing Power is Rising  | Rigzone

Things are looking up for oilfield services companies. After several years of gloom, oilfield service companies are now able to raise prices for their products and services, according to energy research firm Rystad Energy. “Oil and gas investments are on the rise, and so too is the pricing power of service companies,” said Audun Martinsen, […]

 

What Is Restaurant Psychology (And How Successful Restaurants Use It) | Institute of Culinary Education

What Is Restaurant Psychology (And How Successful Restaurants Use It) | Institute of Culinary Education

Visits from the innovators at Chipotle and Sixpoint Brewery and field trips to Daniel and Blue Smoke have been a few of the highlights. The end result is information and networking overload. While that might sound intimidating, it’s actually the intellectual equivalent of stuffing yourself on Thanksgiving: though you can barely fit another bite, you […]

 

Webinar (On-demand): Successful Price Increases using Market Insights | PriceBeam

Digitalization is everywhere of course. But whereas some industries are 100% digital from birth, others are still transforming from traditional consumer or industrial products to more of a digital service industry. Regardless of where your industry and company is on the digitalization path, pricing practices are severely impacted. Digitalization means increased transparency, more information,  as well as internationalization of buying and selling, but also new opportunities for value-adding and new services that can be offered and monetized.

Participants and viewers of the webinar will learn about:

  • What trends in digitalization mean for pricing.
  • Avoiding (some) pricing pitfalls when digitalizing existing offerings
  • Using digital insights to better understand opportunities
  • How to predict optimal prices for digital services using market research

The webinar will be available from the end of May 31st, 2019. If you have already signed up you will receive a link by the end of this date. Otherwise, sign up on the right and receive a link by email to view the recording.

 

 

Webinar (On-demand): Setting the Right Price on New Products or Services | PriceBeam

In this webinar PriceBeam co-founder and Chairman, Finn Hansen, together with The Pricing Coach, Mark Peacock walk viewers through various challenges around the pricing of new products or services.

This on-demand webinar covers:

  • Common challenges when creating new products or services
  • How pricing should play a more prominent role in the innovation process
  • The various steps of product development and how pricing can add value at each step
  • Different types of price research that can improve the value of the new product
  • Psychological pricing tactics to improve the introduction of the new product or service.

 

Webinar (On-Demand): Using AI To Get C-suite Attention For Pricing | Perfect Price and PPS

Pricing is high impact, but are you getting the attention you deserve? In any enterprise environment, the struggle for attention and resources is always an issue. As a pricing professional, how can you get c-suite attention for prioritizing pricing initiatives and allocating budget?

Aligning yourself with your company’s digital transformation initiatives is a great way to move pricing into the fold as a key driver. In particular, focusing on disruptive technologies like Cloud Technologies, AI, Machine Learning, and Decision Automation, can help to spark executive interest.

By choosing an AI vendor over other pre-internet vendors you’ll find more approachable budgets and rapid implementation timelines, which will aid immensely in getting executive buy-in. AI-based pricing tools, like Perfect Price, have measurable ROI and are proven to simulate pricing better than other technologies.

 

 

30th Annual Fall Conference & Workshops October 15-18, 2019 | PPS

We are excited to announce we’ll be in Las Vegas, NV for our 30th Annual Fall Pricing Conference & Workshops October 15-18, 2019! You can register now and take advantage of our Early Bird Offer.

 

 

“The single most important decision in evaluating a business is pricing power,” Buffett told the Financial Crisis Inquiry Commission in an interview…

“If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you’ve got a terrible business.”

     – Warren Buffett

 

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