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This Week in Pricing > 8/10/19

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

This Edition is brought to you by:

PriceBeam

The struggle is real for B2B and B2C Pricing, Marketing, and Finance team leaders to capture fresh, reliable, and actionable Pricing Intelligence data to be able to effectively optimize all prices for all market segments GLOBALLY.

  • Are you confident that you have the right price for your existing products or services in every market?
  • Do you know what the price should be for a new product yet to be launched, or existing products into new markets?
  • Do you know what features are REALLY driving your customers willingness to pay by micro-market segment?
  • Do you have the tool to capture the data required to support REAL value-based pricing?

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China trade war won’t affect Apple pricing | AppleMagazine

China trade war won’t affect Apple pricing | AppleMagazine

Tariffs implemented by the United States won’t impact the pricing of Apple products, according to a report from reliable Apple analyst Ming-Chi Kuo. Thanks to supply chain changes implemented by Apple CEO Tim Cook, Apple won’t pass on the potential tariffs to customers, with careful pre-planning helping Apple overcome the risks. According to Kuo, Apple […]

 

Dual pricing and why it is possible to treat customers fairly | Insurance Business

Dual pricing and why it is possible to treat customers fairly | Insurance Business

How do insurers build loyalty when consumers are told that sticking with the same insurance company or phone contract year after year costs them more money? The dual pricing model used by many insurers exploits customer loyalty rather than rewards it. Enticing new customers with cheap introductory offers while existing customers see their premiums increase […]

 

The trick that makes you overspend | BBC Worklife

The trick that makes you overspend | BBC Worklife

When you buy a cup of coffee, you might have noticed that of the three size options – small, medium and large – the medium-sized serving often costs almost as much as the large. Given the apparent bargain, have you ever opted for the biggest and most expensive option? If so, you have been nudged […]

 

Tyson posts mixed 3Q gains; price-fixing inquiry disclosed | Arkansas Online

Tyson posts mixed 3Q gains; price-fixing inquiry disclosed | Arkansas Online

Tyson Foods Inc. posted third quarter earnings Monday that rose from last year’s results, but not as high as executives wanted. Tyson’s beef and prepared foods businesses bolstered earnings, while chicken and pork lagged behind for the quarter. The nation’s largest meatpacker reported a net income of $676 million, or $1.84 per share, in the […]

 

Ibiza, the restaurant that changed wine pricing in Houston, is closing | HoustonChronicle

Ibiza, the restaurant that changed wine pricing in Houston, is closing | HoustonChronicle

Back in 2001, thirtysomethings Charles Clark and Grant Cooper were out-of-the-box-thinking game-changers when they opened their Ibiza Food & Wine Bar. They remain so today, having announced this morning — still some 6½ months before the fact — that they will close the long-popular restaurant south of downtown on Louisiana Street. The final day of […]

 

What is a Diaper Worth? An Example of Value and Pricing | Drew Boyd

What is a Diaper Worth? An Example of Value and Pricing | Drew Boyd

When it comes to pricing a product, one principle rises above the rest.  A price is inextricably linked to the value a customer places on that product. If a customer thinks a product is worth the price you’ve set, they will purchase it. And the more they value the product, the higher the price you […]

 

 

Uber Eats trials new Dubai pricing structure that could hike delivery fees 140% | Arabian Business

Uber Eats trials new Dubai pricing structure that could hike delivery fees 140% | Arabian Business

Uber Eats is experimenting with a new delivery fee structure that sees its flat AED5 fee raised by up to 140 percent to AED12 for select customers in Dubai, depending how far a user is from a restaurant. An Uber spokesperson told Arabian Business delivery fees will be “more affordable” for users who order from […]

 

Amazon Penalizes Sellers That Offer Better Prices on Walmart.com | Fortune

Amazon Penalizes Sellers That Offer Better Prices on Walmart.com | Fortune

Amazon’s determination to offer shoppers the best deals is prompting merchants selling products on its marketplace to raise their prices on competing websites, a testament to the company’s growing influence over the e-commerce market. Amazon constantly scans rivals’ prices to see if they’re lower. When it discovers a product is cheaper on, say, Walmart.com, Amazon […]

 

Thai Tourism minister addresses dual pricing for foreigners, says it should be the same as Thai pricing | The Pattaya News

Thai Tourism minister addresses dual pricing for foreigners, says it should be the same as Thai pricing | The Pattaya News

Thailand may be seeing the beginning of the end to a subject that angers many visitors and residents in the kingdom, dual pricing for foreigners and tourists. Thailand’s new Minister for Tourism and Sports Pipat Ratchakitprakarn was speaking to Thai reporters this morning, August 6th, 2019, about what needs to be done to stimulate the […]

 

Disney Confirms Disney+, ESPN+ & Hulu Bundle Pricing | CBR

Disney Confirms Disney+, ESPN+ & Hulu Bundle Pricing | CBR

A rumored media package bundling Hulu, Disney+ and ESPN+ was confirmed today by Disney CEO Bob Iger during the company’s quarterly earnings call. The bundle will be available for purchase on Nov. 12, the same day the Disney+ streaming service launches, and will be priced at $12.99 per month. Rumors of the media bundle first […]

 

What a “Price Vocabulary” Is, and Why Companies Need One | Harvard Business Review

What a “Price Vocabulary” Is, and Why Companies Need One | Harvard Business Review

The next time you visit a Costco warehouse store, observe the price tags. In addition to showing the cost of an item, Costco’s price tags encode unique information. The price endings, such as $8.99 versus $8.97, convey special meanings to the subset of shoppers who are literate in Costco’s price vocabulary. As one example, when […]

 

Raley’s brings online pricing strategy to stores | Chain Store Age

Raley’s brings online pricing strategy to stores | Chain Store Age

Regional grocery chain optimizes store prices in real time. Privately-owned Raley’s, which operates 129 stores in California and Nevada, is applying artificial intelligence (AI) technology to bring intelligent, dynamic pricing to its stores. Raley’s recently completed a pilot of the AI-based Eversight pricing suite, focused on optimizing multiple product categories across various strategic goals. As […]

 

Theme Parks Fail Disney at the Worst Possible Time | The Motely Fool

Theme Parks Fail Disney at the Worst Possible Time | The Motely Fool

Use the Force A brutal summer heatwave and tourism-snuffing political tension have been challenging for Disney, but the House of Mouse also pulled some strings to swap quantity for quality when it comes to revenue-generating guests this summer. Disney raises ticket prices every year, but this has been a rare case with double-digit percentage hikes […]

 

Merkley | Americans have been ripped off by drug companies for too long | East Oregonian

Merkley | Americans have been ripped off by drug companies for too long | East Oregonian

Every year, I hold a town hall in every Oregon county. From coast to grasslands, Gorge to high desert, blue to red, there is one consistent issue that Oregonians ask me to address — the price of prescription drugs. Albert, in Linn County, pays $800 per dose for his wife’s immunosuppressant medication. I don’t know […]

 

Hertz and Avis Double Down on Ridehailing Strategy | Skift

Hertz and Avis Double Down on Ridehailing Strategy | Skift

Car rental companies Hertz and Avis have been investing in technology and alternative services to weather the advent of ridehailing apps. Although the efforts are still in early stages, they show signs of growing success. The Hertz Corporation posted solid results Wednesday for the second quarter of 2019, driven by increased pricing from its three […]

 

Price Transparency – Again: Eating the Elephant In Little Bites | Forbes

Price Transparency – Again: Eating the Elephant In Little Bites | Forbes

The Trump administration appears bent on helping consumers gain better insight into their healthcare purchases, though painstakingly doing so one small bite at a time. As contemplated in an earlier article, “Why Healthcare Price ‘Transparency’ Is A Myth, And What Consumers Can Do About It”  (https://www.forbes.com/sites/jeffgorke/2019/01/23/why-healthcare-price-transparency-is-a-myth-and-what-consumers-can-do-about-it/#301c2bb97c3f), I offered that in 2018 the Centers for Medicare […]

 

Hordes and their money descending for ‘Hamilton’ | Times Union

Hordes and their money descending for ‘Hamilton’ | Times Union

To help prepare the business community to better welcome visitors new to the city or to the theatergoing experience, Proctors and the Downtown Schenectady Improvement Corp. co-hosted a meeting last week attended by about 40 stakeholders. Salengo said the DSIC is collecting parking, shopping, dining and lodging information, as well as other “Hamilton”-specific promotions for […]

 

Is This The Real Reason Bitcoin Suddenly Soared? | Forbes

Bitcoin suddenly soared this week, with the bitcoin price rising more than 20% in the last seven days and jumping over $500 per bitcoin in a matter of minutes last night, only to fall back again. The abrupt bitcoin price rally was largely put down to the escalating U.S. China trade war that’s being stoked […]

 

New Survey Uncovers the Perceived Value in Free Apps | Yahoo! Finance

New Survey Uncovers the Perceived Value in Free Apps | Yahoo! Finance

A new study brings to light the dollar value consumers place on the free apps billions of people around the world use every day. Commissioned by McGuffin Creative Group and conducted by Digital Third Coast, the study shows that many of the most popular apps — from Google Maps to Instagram — have loyal user […]

 

Health Care Price Transparency: Reality or Mirage? | Managed Healthcare Executive

Health Care Price Transparency: Reality or Mirage? | Managed Healthcare Executive

On June 24, 2019, President Trump signed the Executive Order on Improving Price and Quality Transparency in American Healthcare to Put Patients First. The stated goal of the Order is to lower health care costs by providing patients with more cost information, in particular for “shoppable” services (i.e., services provided by numerous providers that patients can […]

 

Drake Addresses OVO Fest Ticket Price Complaints | Rap-Up

Drake Addresses OVO Fest Ticket Price Complaints | Rap-Up

Drake brought OVO Fest back to his city, but not everyone was able to attend. Some fans took to social media to complain about the high ticket prices at the 9th annual festival in Toronto. One in particular took to Instagram to call out Drake for not being a “6 God at all” for reportedly […]

 

 

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.

 

15th Annual European and Global Pricing Workshops & Conference November 27-29, 2019 in Berlin, Germany | PPS

We are excited to announce we’ll be in Berlin, Germany for our 15th Annual European and Global Pricing Workshops & Conference to be held November 27-29, 2019!

 

“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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