Harrison Metal - Pricing

Pricing is a sacred act of capitalism. Pricing is sometimes thought of as a math problem. But it’s really a judgment problem. The standard economic model of supply and demand many of us learn in school is powerful. It has some very nice features for understanding pricing. But the standard model is less useful when managing pricing. Behavioral economics offers helpful modifications to the standard model. You can use three simple ideas to improve your pricing judgment: Understanding the intuitive and the rational p.o.v. of your customer; Value-based pricing; Assortments.

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