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This Week in Pricing > 6/22/19

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

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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 […]

 

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, […]

 

New York Advances a Bill to End Gender Discrimination in Product Pricing | Pacific Standard

The New York state assembly passed legislation this week that seeks to eliminate product discrimination, or charging different prices for men’s and women’s products. Women’s products, on average, cost 7 percent more than equivalent products targeted to men, a study by New York City Department of Consumer Affairs found. The study found specifically that, for […]

 

Bitcoin Hits Year-To-Date Highs As Litecoin Soars–Here’s Why | Forbes

Bitcoin Hits Year-To-Date Highs As Litecoin Soars–Here’s Why | Forbes

Bitcoin, which has been rallying hard over recent months, has hit a fresh year-to-date high, breaking the psychological $9,000 level for the second time this year and leaving investors eyeing the $10,000 mark. The bitcoin price reached highs of $9,387 per bitcoin on the Luxembourg-based Bitstamp exchange before falling back slightly, up almost 7% over […]

 

USPS changes parcel pricing strategy; shipper impact unclear | FreightWaves

USPS changes parcel pricing strategy; shipper impact unclear | FreightWaves

On June 23, the U.S. Postal Service (USPS) implements a pricing change that subjects more parcels to rates pegged to their dimensions instead of their actual weight. What impact, if any, this has on the USPS shipper universe won’t be known for months. Under the new policy, USPS will, for the first time, price parcels […]

 

Laptop Prices Will Jump 19% Due to Tariffs, Report Claims | tom’s Hardware

Laptop Prices Will Jump 19% Due to Tariffs, Report Claims | tom’s Hardware

A new report commissioned by The Consumer Technology Association, a consumer trade organization, states that the Trump administration’s proposed tariffs on imported goods from China would raise the U.S. price of laptops and tablets by 19%. Cnet first reported on the study. According to the report, United States-based customers can expect about a $120 increase […]

 

Considering a Subscription Model? Avoid These Rookie Mistakes | IndustryWeek

Considering a Subscription Model? Avoid These Rookie Mistakes | IndustryWeek

The subscription economy is taking business by storm. Entire industries have moved to subscription-based pricing, leaving behind some of the slow movers but also giving new life to companies that were struggling. Some talk about the end of ownership and the start of usership. It is a real revolution. Industrial companies have lately been getting […]

 

Disney World annual pass prices go up; how much will you pay now? | USA Today

Disney World annual pass prices go up; how much will you pay now? | USA Today

Walt Disney World is raising prices on some of its annual passes, according to reports. Disney fans and bloggers woke up Tuesday to find prices for most passes had gone up overnight, as much as $150 in some cases, according to Orlando NBC affiliate WESH2 and The Orlando Sentinel. The price increases come ahead of the Aug. 29 opening […]

 

Watch Your Coins, Dollar Tree’s Raising Prices | Forbes

Watch Your Coins, Dollar Tree’s Raising Prices | Forbes

Dollar Tree’s one dollar promise may be going away as the U.S. tariff war with China continues to play out. The discount chain has been testing pricier products in its “Dollar Tree Plus” collection in an effort to increase sales. CultureBanx reported minority communities across the country may be shelling out more money as they […]

 

Amazon shows a 43% price difference in the same item shipped to the same address, but to a different account | Boing Boing

Amazon shows a 43% price difference in the same item shipped to the same address, but to a different account | Boing Boing

Internet Archive founder Brewster Kahle (who also founded the company Alexa, now an Amazon division) ordered a pack of Sharpies from Amazon using the Internet Archive’s business account, then, minutes later, ordered another pa ck using his personal account, both to be delivered to the Internet Archive: the order for the Internet Archive was priced […]

 

 

Alcohol sales in Scotland hit 25 year low after minimum unit pricing introduced | The Independent

Alcohol sales in Scotland hit 25 year low after minimum unit pricing introduced | The Independent

Alcohol sales in Scotland fell to their lowest level since records began in 1994 in the first year that ministers set a minimum price of 50p per alcoholic unit. In 2018, the volume of alcohol sold in Scotland fell 3 per cent from 2017. However this was still equivalent to 9.9 litres of pure ethanol per adult on average – or […]

 

The Cost of Price Transparency: Why Some Dealers Would Rather Alienate You Forever Than Reveal the Price of an Artwork | artnet News

The Cost of Price Transparency: Why Some Dealers Would Rather Alienate You Forever Than Reveal the Price of an Artwork | artnet News

After receiving a PDF blast about a gallery’s forthcoming show of a new artist, San Francisco-based collector and arts publicist Florie Hutchinson replied to ask about prices. “Thanks so much for your interest,” came the response. “Just to warn you it is fairly unlikely there will be a painting available as we have a lot of […]

 

Harnessing Big Data For Better Pricing Results | Professional Pricing Society

Harnessing Big Data For Better Pricing Results | Professional Pricing Society

Pricing strategies, like big data, can be key to improving profits in business. According to a study conducted by McKinsey & Company, even a 1 percent price increase can translate into an 8.7 percent boost in operating profits (assuming no loss of volume). However, companies continue to fail to price their products and services appropriately, […]

 

MTA And City Move Forward On Congestion Pricing | Gothamist

MTA And City Move Forward On Congestion Pricing | Gothamist

The MTA and the city’s Department of Transportation (DOT) are moving forward with preparations for implementing congestion pricing. For now, that means issuing a “Memorandum of Understanding” (MOU) on what the next steps are to get the program up and running. This is so both agencies are on the same page when it comes to […]

 

 

Elon Musk Teases Tesla Pickup Pricing | 4x4AT Blog

Elon Musk Teases Tesla Pickup Pricing | 4x4AT Blog

Elon Musk has been making some bold claims about his upcoming all electric Tesla pickup. Elon has stated that Tesla are aiming to keep their pickup, that is set for an unveiling later this year, at under $50,000. Elon stated that “We don’t want it to be really expensive. I think it has got to […]

 

Report: Tesla’s Solar Roof Pricing Is a Real Shocker | Breitbart

Report: Tesla’s Solar Roof Pricing Is a Real Shocker | Breitbart

A recent quote for a Tesla solar roof installation reveals the high cost of the technology. The cost of going green with Tesla, according to one customer quote, is $85,000. According to a customer quote obtained by Electrek, a Tesla Solar Roof could be far more expensive than many had previously expected. The company has […]

 

House Democrats’ internal feud over prescription drug prices, explained | Vox

The United States has some of the highest prescription drug prices in the world, and this summer, Democratic House leadership will unveil a plan to fix that — though questions remain about just how effective this measure will be. Reducing prescription drug prices was a key plank of House Democrats’ platform during the 2018 midterms. […]

 

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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