Pricing

Value-based pricing: Il prezzo migliore

L'Impresa: Rivista Italiana di Management

Il pricing è la leva più importante per migliorare il risultato. Il value-based pricing è particolarmente indicato per tutte le aziende che non vogliono competere esclusivamente in base al prezzo più basso. In questo modo è possibile aumentare sia il profitto sia la soddisfazione dei clienti.  

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Wertorientierte Preisgestaltung

Erich Schmidt Verlag

Die wertorientierte Preisgestaltung ist ein wichtiger Hebel zur Gewinnsteigerung: Der Beitrag zeigt, wie Unternehmen durch Wertquantifizierung höhere Preise rechtfertigen und wertbasierte Preisstrategien umsetzen können.

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Zes mythes over prijzen die dodelijk zijn voor de winst

Management Executive

Houden zeer veel ondernemingen nog steeds vast aan verouderde opvattingen en gedateerde rekenmodellen voor prijsbepaling van hun producten. Het zijn misvattingen (noem ze maar gerust mythes) die een regelrechte bedreiging vormen voor financiële resultaten.

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Primero el valor

Kundenorientierte Unternehmensführung, Gabler, 2009, von Hans Hinterhuber & Kurz Matzler (Hrsg.)

Gestión HSM

Sepa cuál es el método que ha demostrado ser el más efectivo para fijar los precios, incrementar la rentabilidad y lograr un éxito sostenido. 

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Chief Pricing Officer – Der den Preis steuert

Südtiroler Wirtschaftszeitung

Was macht ein Chief Pricing Officer? Warum sollten Unternehmen mit mehr als 15 Mio. € Umsatz und Hotelbetriebe ab etwa 100 Betten ihre Preisgestaltung mit einem Chief Pricing Officer optimieren? Dieser Beitrag hat die Antwort.  

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Book review: The Oxford handbook of pricing management

Journal of Revenue and Pricing Management

Review of the book "The Oxford handbook of pricing management", an edited volume about pricing that is a must-read for any pricing professional.

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Die Flieger als Vorbild

Südtiroler Wirtschaftszeitung

Änderungen im Preis haben einen stärkeren Einfluss auf das Unternehmensergebnis als Änderungen von Umsatz oder Kosten. Ein Interview zu gutem Preismanagement. 

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¿Ha llegado el momento de repensar nuestra estrategia de precios?

Kundenorientierte Unternehmensführung, Gabler, 2009, von Hans Hinterhuber & Kurz Matzler (Hrsg.)

Harvard Deusto Business Review

Nuestra obra maestra: Sin embargo, prácticamente todas las organizaciones pueden mejorar el rendimiento de sus precios, siempre y cuando aborden esta cuestión de una manera estructurada. Porque fijar y obtener precios requiere disciplina, no suerte, y todas pueden mejorar sus capacidades al respecto. 

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Pricing and value

Finance and Management Magazine

Frameworks for implementing value-based pricing via organizational change management. This article also presents an example of a quantified value proposition.

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Valor = precio

Kundenorientierte Unternehmensführung, Gabler, 2009, von Hans Hinterhuber & Kurz Matzler (Hrsg.)

HSM Management

Cómo vencer las resistencias e implementar estrategias de determinación de precios basadas en el valor para el cliente.

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Gutes darf mehr kosten

Südtiroler Wirtschaftszeitung

Führende Unternehmen leiten ihre Preise nicht von Kosten oder von Konkurrenzpreisen ab, sondern vom Wert, den sie für ihre Kunden schaffen. Dieser Beitrag zeigt, was ein kundenwertorientiertes Preismanagement auszeichnet und wie es sich umsetzen lässt. 

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Is It Time to Rethink Your Pricing Strategy?

MIT Sloan Management Review 

Our masterpiece: Price setting and price getting are the two fundamental elements to drive profits via pricing. Through the use of our disciplined approach to pricing - the Pricing Capability Grid - executives can assess and develop the pricing capabilities of their organization.  

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Der Preis ist heiß

Südtiroler Wirtschaftszeitung

„Wie können wir trotz intensivem Wettbewerb höhere Preise realisieren?“, lautet die Frage, die sich Führungskräfte stellen. Die richtige Frage aber müsste vielmehr lauten: „Wie können wir durch Schaffung von zusätzlichem Kundenwert die Zahlungsbereitschaft des Kunden trotz Wettbewerbs erhöhen?“  

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Pricing and positioning

Finance and Management Magazine

An introduction to the pricing capability grid: price setting versus price getting and examples of value-based pricing for new products.

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Pricing und Kundenzufriedenheit

Kundenorientierte Unternehmensführung, Gabler Verlag

Pricing hat einen dramatischen Einfluss auf den Unternehmenserfolg. Wir präsentieren ein Rahmenmodell zur Erarbeitung und Umsetzung von kundenwertoriertiertem Preismanagement.    

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The Profit Impact of Pricing and Revenue Management

Journal of Revenue and Pricing Management

The special issue "The Profit Impact of Pricing and Revenue Management" attempts to provide a preliminary answer to the question on how improvements in pricing improve firm performance.

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Strategisches Preismanagement –Interview

Newsletter der Nürnberger Akademie für Absatzwirtschaft

Ein Gespräch zu Preismanagement, zur Auswirkung von Preisveränderungen, zur zweischneidigen Wirkung von Rabatten und zur organisatorischen Verankerung von kundenwertorientiertem Pricing.   

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Foreword to the book "The Pricing Journey"

Stanford University Press

The book "The Pricing Journey" by Stephan Liozu is one of the best books highlighting the organizational implementation of value-based pricing. The foreword discusses the difficulties of actually changing selling prices.

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Innovative Pricing-Strategien

Managementkompass Preisstrategien, FAZ-Institut

Innovative und unternehmenswertsteigernde Pricing-Strategien orientieren sich in erster Linie am geschaffenen Kundennutzen und berücksichtigen erst in einem zweiten Schritt Wettbewerb und Kosten.

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Implementing pricing strategies

Journal of Revenue and Pricing Management

Implementation is the tricky part in the strategy process. The special issue "Implementing pricing strategies" examines how companies can successfully implement pricing and revenue management.

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Strategisches Preismanagement zur kurzfristigen Ergebnisverbesserung

Newsletter der Nürnberger Akademie für Absatzwirtschaft

Eine Einführung in Preismanagement. Gutes Preismanagement bestimmt Preise nach Kundenwert und nicht nach Kosten oder Konkurrenzpreisen.  

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Thoughts: premium pricing in B2C and B2B

Journal of Revenue and Pricing Management

This conceptual paper focuses on the topic of premium pricing in B2C and B2B. It clarifies the differences between luxury and premium pricing and offers relevant examples.

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Book Review: The strategy and tactics of pricing

Journal of Revenue and Pricing Management

Review of the 6th edition of the book "The strategy and tactics of pricing" - simply the best book on value-based pricing.

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Elevating the cost of doing nothing: an interview with Mark Shafer

Journal of Revenue and Pricing Management

This interview discusses the implementation of pricing and revenue management in a large, diversified company—Disney. The cost of doing nothing is not zero, suggests Mark Shafer, SVP of Pricing and Revenue Management.

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Behavioral and psychological aspects of B2B pricing

Industrial Marketing Management

The special issue "Behavioral and psychological aspects of B2B pricing" explores instances where decisions about prices, by managers and customers in B2B, violate basic principles of rational choice.

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The micro-foundations of pricing

Journal of Business Research

The special issue "The micro-foundations of pricing" aims to explore how individual traits or individual activities influence pricing activities or performance at the organizational level.

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The six pricing myths that kill profits

Business Horizons

Pricing can make a strong contribution to company profits. This is frequently not the case: This article suggests that executives unconsciously believe in a series of assumptions about pricing - myths - that reduce profits.

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Value quantification capabilities in industrial markets

Journal of Business Research

Our masterpiece: This study is the first to explore the relationship between value quantification capabilities and firm performance in industrial markets. The data suggest that value quantification capabilities

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Value assessment and pricing capabilities - how to profit from value

Journal of Revenue and Pricing Management

This article argues that value assessment and pricing capabilities provide the foundation for value creation and value appropriation in B2B markets. We provide complementary perspectives on this emerging topic. 

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Pricing ROI, pricing capabilities and firm performance

Journal of Revenue and Pricing Management

Does an improvement in the ability to measure the returns from pricing (pricing ROI) lead to improved firm performance? In this study with 166 executives from B2B companies globally we find it does. This ability also leads to improved pricing capabilities.  

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Violations of rational choice principles in pricing decisions

Industrial Marketing Management

Our masterpiece:  A comprehensive framework illustrates how decisions about purchase prices by customers and price setting decisions by managers consistently violate principles of rational choice. Understanding these biases allows managers to influence customer choice and to improve the effectiveness of their own pricing decisions. 

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Towards value-based pricing – An integrative framework for decision making

Industrial Marketing Management

Our masterpiece: I present a comprehensive framework for pricing decisions which considers all relevant dimensions for profitable and sustainable pricing decisions. Main focus is, of course, value-based pricing. 

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Is innovation in pricing your next source of competitive advantage?

Business Horizons

In an environment where most efforts are addressed toward product or business model innovation, innovation in pricing may be the most powerful, albeit the least explored, source of competitive advantage. Through an extensive research, we provide as many as 20 possible venues for innovation in pricing: Universal strategies that go beyond size, nationality, or industry of the firm.

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CEO championing of pricing, pricing capabilities, and firm performance in industrial firms

Industrial Marketing Management

In a study of 358 CEOs from B2B firms globally we find that CEO championing of pricing increases pricing capabilities and firm performance. CEO engagement in pricing thus pays off.  

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Willingness to pay is a fluid concept

Financial Times

Willingness to pay is not quality which is inherent in a product. Instead, willingness to pay is a fluid concept that creative marketers can and should influence. Asset values of differentiated products thus reflect subjective perceptions of value.  

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By itself, market share leadership isn’t worth a dime

Financial Times

Contrary to a commonly held belief, market share, we argue, does not confer pricing power. Pricing power stems from the ability to create products or services that serve customers' latent needs.  

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Pricing orientation, pricing capabilities, and firm performance

Management Decision

Does value-based pricing increase profits? This paper is the first quantitative study documenting a positive relationship between value-based pricing and firm performance, suggesting that other pricing approaches, e.g. cost-and competition-based pricing, are detrimental to firm performance.

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Pricing approaches at industrial companies: cost- versus value-based pricing

Velocity (Strategic Account Management Association)

Our research reveals some fundamental differences between companies practicing cost-based pricing and companies successfully practicing value-based pricing. 

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Pricing capabilities: the design, development, and validation of a scale

Management Decision

What are pricing capabilities? Can we measure them quantitatively? Based on a survey of 1812 CEOs, pricing managers and sales executives we develop a construct that allows to measure pricing capabilities. This construct, PRICECAP, covers all the three critical dimensions of pricing: customers, competition and the company itself. Pricing capabilities are directly linked to relative firm performance. 

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The confidence factor in pricing: driving firm performance

Journal of Business Strategy

In a study of 748 pricing and marketing managers we identify the four critical competencies that drive the effectiveness of pricing: pricing capabilities, organizational confidence, organizational change capacity and CEO championing. This is the first quantitative study documenting a link between confidence - an attitude - and firm performance - tangible results: a 1 point improvement in confidence improves return on sales by 4% on average. 

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Do you even have a pricing strategy?

The Build Network, Inc. Magazine

Summary of our MIT Sloan Management Review article. If you are unsure about the price getting capabilities of key personnel in sales and account management, make sure they take the test.  

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Customer value-based pricing strategies: why companies resist

Journal of Business Strategy

Value-based pricing is the key driver of profitability. Yet, surprisingly, the vast majority of companies sets prices based on costs or competitors. Based on a survey of 126 managers worldwide we identify the main obstacles companies face in implementing value based pricing.  We then offer clear-cut indications on how to overcome these obstacles. 

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Mindful pricing: transforming organizations through value-based pricing

Journal of Strategic Marketing

How do companies change from cost- to value-based pricing? We highlight the role of mindfulness, the process of actively noticing new things. Our empirical study suggests that value-based pricing is not simply adopted but internalized through a long and purposeful process supported by a mindful, experiential, and transformative learning environment. 

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Pricing strategies and pricing capabilities

Journal of Revenue and Pricing Management

While showing the strategic importance of pricing capabilities, this article provides insights on the challenges it takes to build them and in implementing value-based pricing.

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Value delivery and value-based pricing in industrial markets

Advances in Business Marketing and Purchasing

What is value in business markets? Value in B2B is multidimensional. We provide a framework for value assessment and value creation in industrial markets and link this framework to value-based pricing and value delivery in B2B.  

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Profiting When Customers Choose Value Over Price

Business Strategy Review

Value-based pricing is the overall best approach to pricing: It leads to superior profitability and it is aligned with customer needs; yet many obstacles need to be overcome. We sumarize these obstacles while offering compelling arguments for the implementation of value-based pricing.

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Strategic B2B pricing

Journal of Revenue and Pricing Management

This editorial introduces the importance of pricing as a strategic tool. Pricing is strategic if it is a source of differentiation and competitive advantage; furthermore, pricing is strategic if it becomes an integral element of a firm's overall strategy.

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Industrial product pricing: a value-based approach

Journal of Business Strategy

How do firms that practice value-based pricing differ from firms using cost- or competition-based pricing? Interviews with 44 managers in 15 industrial firms reveal important differences. 

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Organizational design and pricing capabilities for superior firm performance

Management Decision

How can executives increase firm performance via pricing? We survey 748 pricing and marketing managers globally on pricing. We find that generic organizational factors – namely center-led price management – as well as firm-specific capabilities – namely organizational confidence, championing behaviors by top management, organizational change capacity, and pricing capabilities – are key requirements to increase firm performance via pricing. Getting pricing right means, in our view, getting the 5C's of pricing right.  

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The conceptualization of value-based pricing in industrial firms

Journal of Revenue and Pricing Management 

How do executives in industrial markets understand "value based pricing"? We interview managers in firms with a value-based, a cost-based and a competition-based pricing orientation and find that executives in the latter two companies typically fail to understand what value-based pricing is. A failure to fully understand value-based pricing may thus explain why cost-based and competition-based pricing are still the dominant pricing approaches.  

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An empirical analysis of the role of industrial brands for industrial distributors

Journal of Strategy and Management 

Do industrial retailers value industrial brands?  We conduct two studies with B2B retailers and find that industrial brands are at least as important as price and margins for B2B retailers as purchase factor. Industrial brands thus create value not only for industrial end-users, but also for industrial distributors. 

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Pricing Strategies for Multinational Companies in China

Internationale Wettbewerbsstrategien, Springer Verlag 

Does value-based pricing work in China as well? We discuss pricing approaches in China and illustrate how a large Chinese B2B company successfully implements value-based pricing. 

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Publications

Pricing is the most important driver of profits; surprisingly, it is also the area most executives overlook.
This research shows how to overcome common Pricing misconceptions.
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