OnDemand WTP Pricing Research

This Week in Pricing > 3/2/19

TWIP 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:

Vistaar

Vistaar is leading SaaS software provider that enables companies to optimize pricing, promotion, configuration, and rebate management.  Our solutions are powered by predictive models leveraged by machine learning that deliver profitable growth and maximize shareholder value.  Our world-class customer base spans a broad range of industries throughout the Global 2000 and includes: manufacturing, beverage alcohol, retailers, and many others.

Dynamic Pricing at Target Causes Concern | The Motley Fool

Dynamic Pricing at Target Causes Concern | The Motley Fool

A Minneapolis TV station recently reported that Target (NYSE:TGT)  was showing different prices in its app depending on whether the customer was at a Target store or not. KARE says it found that customers using Target’s mobile app got lower prices on products when they were at home than when they pulled into the store’s parking […]

 

The Age of Congestion Pricing May Finally Be Upon Us | WIRED

The Age of Congestion Pricing May Finally Be Upon Us | WIRED

IN POLICY, ACADEMIC, and urban planning circles, know that they hear your grousing about traffic and roll their eyes. Yep, traffic is bad. It drives you nuts. It’s not good for the environment: All that idling! But in the US, those pragmatic wonks have been pitching the same solution for decades. You just won’t listen. […]

 

Smartphone makers are pricing themselves out of the market | Computerworld

Smartphone makers are pricing themselves out of the market | Computerworld

While demand for entry-level and mid-price smartphones has remained strong, global sales of high-end smartphones like the iPhone XS and XS Max have steadily declined over the past year, according to a new report from Gartner. Less innovation in top-of-the-line smartphones coupled with steep price increases are pushing consumers to wait longer to replace older […]

 

Senate Hearing On Drug Prices Reprises Past Inquiries | NPR

Senate Hearing On Drug Prices Reprises Past Inquiries | NPR

On Tuesday, Kenneth Frazier, CEO of pharmaceutical giant Merck, is set to face senators who say drug costs are “sky-high” and “out of control.” But Frazier doesn’t need new talking points. Sixty years ago, a different panel of senators grilled a different Merck boss about the same problem. To a striking degree, the subjects likely […]

 

Uber-like rental car services to adopt hour, day-based rates: MOTC | CNA ENGLISH NEWS

Uber-like rental car services to adopt hour, day-based rates: MOTC | CNA ENGLISH NEWS

Taipei, Feb. 22 (CNA) Rental car service providers such as ride-hailing company Uber will be required to adopt an hour or day-based fare rate to prevent them from eroding the operating space of local taxi drivers, the Ministry of Transportation and Communications (MOTC) said Thursday. Although rental car companies currently apply a rate based on […]

 

Paper: Dynamic pricing in retail with diffusion process demand | IMA Journal of Management Mathematics

Paper: Dynamic pricing in retail with diffusion process demand | IMA Journal of Management Mathematics

Abstract When randomness in demand affects the sales of a product, retailers use dynamic pricing strategies to maximize their profits. In this article, we formulate the pricing problem as a continuous-time stochastic optimal control problem and find the optimal policy by solving the associated Hamilton–Jacobi–Bellman (HJB) equation. We propose a new approach to modelling the […]

 

Samsung, Huawei double down on Apple’s high-price strategy | TechCentral

Samsung, Huawei double down on Apple’s high-price strategy | TechCentral

Samsung Electronics and Huawei Technologies watched as Apple first priced a mass market smartphone at more than US$1 000 — and now have upped the ante with new models at almost double that cost. Apple kicked off the trend in 2017 with the iPhone X. Its latest premium iPhones, the Xs and Xs Max, cost as […]

 

The Retail AI Adoption Problem | Forbes

The Retail AI Adoption Problem | Forbes

In order to understand the coming AI adoption problem in retail, you first need a little history. A history of price optimization. Climbing the Markdown Hill In the early 2000’s a new technology hit the retail market, called price optimization. The first use-case to be adopted focused on markdown optimization, or pricing inventory near the […]

 

It’s Time to Ban Hidden Fees | Harvard Business Review

It’s Time to Ban Hidden Fees | Harvard Business Review

In the classic shell game of three-card Monte, marks are rewarded if they are able to identify the “money card” among three face-down cards that are being shuffled. In this sleight-of-hand scam, the mark is never able to choose the right card. An increasing number of businesses are playing a version of three-card Monte with […]

 

 

Hyundai Dealers Reportedly Price Gouging On Kona Electric | Inside EVs

Hyundai Dealers Reportedly Price Gouging On Kona Electric | Inside EVs

$5,000-$8,000 markups over MSRP?! Hyundai Kona Electric is a well-received electric car with one major problem – heavy production constraints compared to demand.  This apparently shoots prices at dealerships through the roof. There are multiple reports coming in now of $5,000-$8,000 markups over MSRP, which makes the Kona Electric way less attractive, especially when you […]

Scientists: ‘Hollywood Stars’ Are Pricing Dinosaur Fossils out of Museums, Research Projects | Breitbart

Scientists: ‘Hollywood Stars’ Are Pricing Dinosaur Fossils out of Museums, Research Projects | Breitbart

Hollywood stars and other wealthy individuals are reportedly pricing dinosaur fossils out of museums and the hands of scientists, resulting in paleontologists calling for a worldwide halt of private sales. According to the Guardian, a “booming market for specimens, driven by their popularity with wealthy private collectors, including Hollywood stars, is pushing up prices and […]

U.S. senators tell drug company executives pricing is ‘morally repugnant’ | Reuters

U.S. senators tell drug company executives pricing is ‘morally repugnant’ | Reuters

WASHINGTON/NEW YORK (Reuters) – U.S. senators called drug pricing practices “morally repugnant” and told drug company executives they do not want to hear them blame others for the high prices, taking an aggressive stance at a Senate hearing on the rising costs of prescription medicines. … In his opening statement, Senator Ron Wyden, the Finance […]

 

Lower Super Bowl Food Pricing To Stay? | Venues Now

Lower Super Bowl Food Pricing To Stay? | Venues Now

AMB Sports would not a disclose a Super Bowl per cap, which makes it difficult to say whether the deep price cuts had an effect on total sales. Over the past eight years, the Super Bowl has generated food and drink revenue of $6 million to $8 million, producing per caps of $72 to $95. […]

 

 

Webinar (On-Demand): Pricing in New Product Development – From Afterthought to Integral Part of the Process | PriceBeam

This webinar looks at how pricing can and should play a more integral role in New Product Development (NPD) instead of being an afterthought once the product is already designed and produced.

Participants and viewers will learn about:

  • How to use pricing and willingness-to-pay research to create new products or services that have higher success rates once launched
  • How to integrate willingness-to-pay research in the product design process
  • How to better understand what prospective customers actually value, and what they don’t value
  • How to test different concepts for market viability and ability to achieve solid prices in the market place.

 

Webinar (On-Demand): Machine Learning & Data – The Latest Pricing Opportunity | PPS and Vistaar

In today’s ever-evolving world, data and software driven strategies are imperative to creating sustained commercial success.

Computers are more adept than humans at sorting through data with complex variables such as frequently fluctuating costs, rapidly evolving pricing models, and shifting customer priorities. Modern pricing software solutions, powered by advanced algorithms and machine learning techniques, enable businesses to constantly analyze data on an unparalleled scale and drive decision making based on data.

In this PPS webinar, Vistaar’s Director of Product Management, Dushyant Zutshi, discusses how advanced algorithms and machine learning techniques drive intelligent pricing and sales strategies for success in the data-driven world.

 

Webinar (On-Demand): Machine Learning & Pricing with PPS | Perfect Price

Watch CEO of Perfect Price, Alexander Shartsis, discuss machine learning and pricing with the Professional Pricing Society (PPS).

PPS is the world’s largest association of pricing professionals, and usually asks tough questions!

 

Webinar (On-Demand): Value-Based Pricing foundation done right – Conjoint Analysis | PriceBeam

Value-Based Pricing is considered a superior strategy for most industries and businesses. But it also requires a solid foundation of data and market insights. In this webinar we will take an in-depth look at the powerful insights that can be created through price research, in particular using conjoint analysis

Participants and viewers will learn about:

  • How Value-Based Pricing can be supported with price research
  • Different price research methods
  • How Conjoint Analysis can provide powerful insights and support for a Value-Based Pricing strategy
  • Tips and tricks for running a conjoint analysis price research project.

 

30th Annual Spring Workshops & Conference May 7-10, 2019 | PPS

We are excited to announce we’ll be in Atlanta, GA for our 30th Annual Spring Pricing Workshops & Conference May 7-10, 2019! You can register now and take advantage of our Early Bird Offer (Buy 2 Get 1 Free, expires March 29th).

 

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“The single most important decision in evaluating a business is pricing power,” Buffett told the Financial Crisis Inquiry Commission in an interview released by the panel last week. “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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