Smart Pricing: How Google, Priceline, and Leading Businesses Use Pricing Innovation for Profitability
- By Jagmohan Raju, Z. John Zhang
- Published Mar 26, 2010 by Pearson Prentice Hall.
- Copyright 2010
- Dimensions: 6x9
- Pages: 224
- Edition: 1st
- Book
- ISBN-10: 0-13-149418-X
- ISBN-13: 978-0-13-149418-3
- eBook (Adobe DRM)
- ISBN-10: 0-13-707187-6
- ISBN-13: 978-0-13-707187-6
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Product Author Bios
Professor Jagmohan S. Raju is the Joseph J. Aresty Professor at the Wharton School and the Chair of the Marketing Department. He is also the Executive Director of the Wharton-Indian School of Business partnership. Before becoming an academic, Professor Raju worked with the Tata Administrative Service and Philips India Ltd.
He has a Ph.D., M.S., M.A. Stanford University; an MBA from IIM, Ahmedabad; and a BTech from IIT Delhi. He was recognized for the best academic performance in his class for each of the two years he studied at IIM Ahmedabad, a merit scholarship at IIT Delhi, and the President’s Gold Medal at Punjab Public School, Nabha.
Professor Raju is the past Marketing Editor of Management Science and the Past President of the INFORMS Society for Marketing Science. His main areas of research include competitive marketing strategy, pricing, retailing, sales promotions, sales force compensation, corporate image advertising, and strategic alliances. He has supervised 12 doctoral dissertations to date. He coordinated the Wharton Marketing Department’s PhD Program. He serves on Wharton’s Academic Personnel Committee, and Globalization Committee.
His research papers have won the John DC Little best paper award (twice), the Frank Bass dissertation paper award (twice) and several other recognitions. He has received several teaching awards, some of which include the George Robbins Teaching Award and Marketing Teacher of the Year while he was at UCLA; Wharton Executive MBA Teaching Awards; Wharton Miller-Sherrerd Core Teaching Award, and the Indian School of Business Teaching Award. Professor Raju teaches the core marketing class and the pricing elective at Wharton.
Professor Z. John Zhang is a Professor of Marketing and Murrel J. Ades Professor at The Wharton School of the University of Pennsylvania. He earned a Bachelor’s degree in Engineering Automation and Philosophy of Science from Huazhong University of Science and Technology (China), a Ph.D. in History and Sociology of Science from the University of Pennsylvania, and also a Ph.D. in Economics from the University of Michigan.
Prior to joining Wharton in 2002, John taught pricing and marketing management at the Olin School of Business of Washington University in St. Louis for three years and at Columbia Business School for five years. In the past eight years, John has also taught pricing to over two thousand Chinese executives in Mandarin as part of Wharton’s executive education and other outreach and collaborative programs. He also won the 2003 EMBA Electives Teaching Award for teaching pricing to Wharton EMBAs.
John’s research focuses primarily on competitive pricing strategies, the design of pricing structures, and channel management. He has published many articles in top marketing and management journals on various pricing issues such as measuring consumer reservation prices, price-matching guarantees, couponing, rebates, targeted pricing, access service pricing, choice of price promotion vehicles, channel pricing, price wars, and the pricing implications of combative advertising. In recent years, he has also developed a keen interest in the movie and telecom industries. He has also published a number of articles in Chinese on pricing and retailing issues in China. He currently is collaborating with scholars in many countries to explore various pricing and channel issues in emerging markets and beyond. He won the 2001 John D.C. Little Best Paper Award and the 2001 Frank Bass Best Dissertation Award, along with his co-authors, for his contribution to the understanding of targeted pricing with imperfect targetability.
As part of his service to the marketing community, John serves as Associate Editor for Quantitative Economics and Marketing. He is also an area editor for Marketing Science and Management Science.
In Smart Pricing: How Google, Priceline and Leading Businesses Use Pricing Innovation for Profitability, Wharton professors and renowned pricing experts Jagmohan Raju and Z. John Zhang draw on examples from high tech to low tech, from consumer markets to business markets, and from U.S. to abroad, to tell the stories of how innovative pricing strategies can help companies create and capture value as well as customers. They teach the pricing principles behind those innovative ideas and practices.
Smart Pricing introduces many innovative approaches to pricing, as well as the research and insights that went into their creation. Filled with illustrative examples from the business world, readers will learn about restaurants where customers set the price, how Google and other high-tech firms have used pricing to remake whole industries, how executives in China successfully start and fight price wars to conquer new markets.
Smart Pricing goes well beyond familiar approaches like cost-plus, buyer-based pricing, or competition-based pricing, and puts a wide variety of pricing mechanisms at your disposal. This book helps you understand them, choose them, and use them to win.
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28 of 31 people found the following review helpful
Flatter to Deceive..., By
This review is from: Smart Pricing: How Google, Priceline, and Leading Businesses Use Pricing Innovation for Profitability (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
This has to be a perfect example of an effective tagline "How Google..." Unfortunately, that's where the goodness of the book ends. Overall, the book does not live up to the expectations helped set by the sub-title or the glowing quotes from professional reviewers/authors.First of all, it is not clear who the target audience is. While the authors words "....gain more confidence in pulling the price lever and perhaps sparks an idea about innovative way to price....we will have achieved our main objective", suggests they aimed the book at pricing professionals/executives. They are likely to be the most disappointed with the book - it lacks specificity of tactics or strong theoretical models to help that audience (except a basic IBEA analysis section and abstracting key principles of pay-as-you-wish model). The general business audience will be baffled by the directionless nature of the examples and the neither-academic/neither-general audience style of narration and... Read more
11 of 11 people found the following review helpful
Don't Pay the Price! Poor effort riddled with errors, By
This review is from: Smart Pricing: How Google, Priceline, and Leading Businesses Use Pricing Innovation for Profitability (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
Having recently read Free: How Today's Smartest Businesses Profit by Giving Something for Nothing, I was looking for something a bit more in-depth. I didn't find it here. For a book written by two professors, and endorsed by four more on the back cover, I expected at least a couple of charts or graphs, plus some scholarly analysis. Unfortunately, what was delivered was a long magazine article with no analysis and few "facts," some of which are erroneous.Some examples: P. 132: "Tesco's (a leading British grocery store chain) Clubcard operation also used this data to send personalized coupons and other offers to every Clubcard household every quarter, a huge operation that accounts for more than 6% of the UK's annual postal volume." Using the 13 million household number found on page 131, this means that annual UK... Read more
11 of 13 people found the following review helpful
Anything but, By Rags Srinivasan "Rags" (Colorado) - See all my reviews
This review is from: Smart Pricing: How Google, Priceline, and Leading Businesses Use Pricing Innovation for Profitability (Hardcover)
The opening paragraph of the book is very impressive. The authors being by making a very strong case for the need for strategic pricing by using farmer metaphor - a farmer who toils in his field from planting the seeds to tending the crops does not rest on the harvest day - so why are business that work so hard to innovate and develop new products take it easy when it comes to pricing? This is a great metaphor!It is downhill from there. I have read articles by the authors and just like the previous reviewer, I had great expectations for the book. The title was also another factor. But I was very disappointed in the output. From simple things like poor editing (authors say Visa's tag-line is Priceless), lack of a common theme to complete disregard for analytics and counter arguments, this book failed to capture my imagination. The chapters seem to be thrown together based on what is already popular - free, pay what you wish, priceline and google. Do not look for... Read more |
Online Sample Chapter
Table of Contents
About the Authors xi
Introduction Fingerprints of the Invisible Hand 1
Chapter 1 "Pay As You Wish” Pricing 19
Chapter 2 Why the Best Things in Life Are Free 41
Chapter 3 The Art of Price Wars 59
Chapter 4 Thinking Small 79
Chapter 5 The Automatic Markdown 101
Chapter 6 Name Your Own Price 119
Chapter 7 Subscribe and Save: Pricing for Marketing Profitability 139
Chapter 8 The Snob Premium 161
Chapter 9 Pay if it Works 181
Chapter 10 Conclusion 201
Index 207
Sample Pages
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