Summary of Pricing for Profit

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Rating

8 Overall

8 Applicability

7 Innovation

7 Style


Recommendation

Few aspects of business are as vital as pricing. All other things being equal, the higher your prices, the higher your earnings and profits. Given the primacy of pricing, it’s ironic that most executives who set prices don’t know what they’re doing, says veteran accountant Peter Hill. He discusses common pricing myths, explains how pricing works best and offers easy-to-implement pricing recommendations that could increase your profits. Pick the suggestions that fit your business: Not every car dealer needs to send out Christmas calendars or pens to bring customers back, though that suggestion fits Hill’s charming, down-home style. Hill says his pricing ideas “apply just as well to Apple as they do to the corner shop selling apples.” getAbstract recommends this smart, pragmatic manual to “CEOs, finance directors, sales managers, marketing analysts, accountants and strategic planners,” and to anyone who sells a product or service.

In this summary, you will learn

  • Why managers are afraid to raise prices,
  • How common pricing myths mislead you,
  • What methods you should use to set your firm’s prices and
  • How accurate prices can increase your profits.
 

About the Author

Peter Hill is a partner at Mark Holt & Co Ltd. and Healium LLP. Hill is also a featured speaker on pricing and profit improvement.

 

Summary

To Increase Profits, Increase Prices
To improve your profitability, you have five choices: 1) Find more customers; 2) persuade current customers to buy more; 3) cut costs and become more efficient, or become more productive, or do both; 4) increase the “average value” of your product – ...

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