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Written by a leading pricing researcher, this book provides a simple unified system for the setting and management of prices. The pricing procedures described are grounded in basic research and are generally applicable over products, situations, and times. The result is that students gain a deeper, more generally useful understanding of this essential aspect of business.
The author demystifies the math necessary for making pricing decisions. Using clear, direct language, he explains in detail how to apply expected value, multiple regression, price elasticity, and generalized breakeven analysis to essential pricing tasks. He uses a descriptive approach to explaining mathematical techniques so that formulas can be seen as simply more detailed specifications of intuitive ideas.
Used in dozens of college and MBA classes all over the world, Pricing Strategies is now available in a second edition. This revised edition includes updated examples and exercises as well as expanded coverage of topics such as freemium and in-app pricing, subscriptions, tipping, pay-what-you-want pricing, pricing algorithms, and dynamic pricing.
Robert M. Schindler is a Professor of Marketing at Rutgers University, USA.
List of contents
Pricing as an Element of the Marketing Mix
Part I. Setting of Initial Prices
Starting Points for Setting an Initial Price
Assessing Value to the Customer
Basic Pricing Strategies and Breakeven Analysis
Part II. Modification of Existing Prices
The Generalized Breakeven Formula and Its Use
Predicting Price-Change Response: Economic and Competitive Factors
Predicting Price-Change Response: Knowledge-Related Factors
Predicting Price-Change Response: Feeling-Related Factors
Empirical Measurement of Price-Change Response
Part III. Developing a Price Structure
Fences for Price Segmentation
Time as a Price-Segmentation Fence
Place as a Price-Segmentation Fence
Pricing to the Less-Informed Segment
Pricing of Interrelated Products
Part IV. Flexible Pricing
Auctions and Competitive Bidding
Negotiation and Participatory Pricing
Systematizing Pricing Decisions
Societal Implications of Pricing
About the author
Robert M. Schindler is professor of marketing at Rutgers University in Camden, New Jersey. He has carried out numerous studies of consumer perception and motivation, especially concerning the effects of price endings and price promotions. His work has appeared in publications such as the Journal of Consumer Research, the Journal of Marketing Research, the Journal of Retailing, the Journal of Advertising, and the Journal of Consumer Psychology. He has been ranked among the most published researchers in the area of pricing and has received a Lifetime Achievement Award from the Fordham University Pricing Center.
Professor Schindler received a BA in biochemistry and psychology from the University of Pennsylvania and an MS and PhD in cognitive psychology from the University of Massachusetts. He has been teaching courses in marketing, consumer behavior, and pricing at Rutgers – Camden since 1989. He is a recipient of the Rutgers University Scholar-Teacher Award and the Chancellor’s Award for Teaching Excellence.
Summary
Written by a leading pricing researcher, this book provides a simple unified system for the setting and management of prices.
