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Sciative Knowledge Series: How to strategically react to competitive price pressures

How to strategically react to competitive price pressures

Monday, May 23rd 2016, 11:00 AM CDT

Abstract

This session will discuss:

  • A competitor lowers or raises their price. Do you follow or hold firm?
  • A new entrant with a disruptive business model enters and you have to decide: react or ignore?
  • Every day competition changes. As pricing professionals, we are called upon to weigh in on the decision of how to react to competitive rice pressures. When should we respond with a pricing action?
  • When should we ignore competitive price moves?
  • What price moves can we take that will improve, or at least maintain profitability?
  • When will a price reaction make no real difference to the outcome?
  • Tim will discuss the Competitive Price Reaction Matrix and how leading firms are using mental calculus to improve their outcomes.

 

Speaker

Tim J. Smith

Bio

Tim J. Smith, PhD, is the founder and CEO of Wiglaf Pricing, an Adjunct Professor of Marketing and Economics at DePaul University, the author of Pricing Strategy: Setting Price Levels, Managing Price Discounts and Establishing Price Structures, and has over 85,000 LinkedIn followers.
At Wiglaf Pricing, Smith is helping executives manage price better™ through productized and actionable consulting services.  Smith’s book, Pricing Strategy, has been described by independent reviewers as “the most comprehensive pricing strategy book” on the market, and better than its competing alternatives.
Tim is the Academic Advisor to the Professional Pricing Society and member of the American Marketing Association and American Physical Society member.
He holds a BS in Physics and Chemistry and BA in Mathematics from Southern Methodist University, a PhD in Physical Chemistry from the University of Chicago, and an MBA with high honors in Strategy and Marketing from the Chicago Booth.

Registration

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