Getting Price Right: The Behavioral Economics of Profitable Pricing

Getting Price Right, by Gerald Smith, combines behavioral economics with price management to provide a new approach to pricing. It explores how pricing happens in practice and how to identify and remove psychological blinders that cause suboptimal decisions. It offers a practical model for improving pricing orientation and is a must-read for corporate business leaders, thought leaders, and professionals interested in advances in pricing.

Format: Hardback
Length: 352 pages
Publication date: 12 October 2021
Publisher: Columbia University Press

Winner of the 2022 Leonard L. Berry Marketing Book Award, presented by the American Marketing Association, this comprehensive guide delves into the intricate process of setting prices for leaders, managers, and proprietors. It explores the various biases that influence this crucial decision-making process and offers strategies to debias pricing practices to enhance productivity, strategic positioning, and profitability.

Combining insights from behavioral economics with cutting-edge ideas on price management, the book provides a fresh perspective on pricing. Author Gerald Smith emphasizes the importance of understanding, reframing, and refining everyday pricing processes, which shape a firm's or manager's pricing orientation. By doing so, businesses can develop a more effective long-term pricing strategy.

Smith delves into the actual dynamics of pricing, shedding light on the psychological blinders that often lead to suboptimal decisions and policies. He offers practical techniques to improve pricing orientation by combining soft behavioral skills that intuitively shape and refine pricing practice with hard analytic skills that guide and structure pricing strategy. The result is more rational and profitable pricing, encompassing revenue, profitability, employee productivity, and customer satisfaction.

Getting Price Right is a groundbreaking book that applies behavioral economics to managerial price setting. It is a valuable resource for corporate business leaders, thought leaders, and professionals seeking advancements in pricing. Additionally, managers, entrepreneurs, proprietors, and small and midsize business owners involved in pricing daily tasks will find this book immensely useful.

Weight: 608g
Dimension: 162 x 236 x 29 (mm)
ISBN-13: 9780231190701