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Principles of Pricing An Analytical Approach

ISBN-10: 1107010659
ISBN-13: 9781107010659
Edition: 2011
List price: $89.95 Buy it from $56.95
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Description: Pricing drives three of the most important elements of firm success: revenue and profits, customer behavior and firm image. This book provides an introduction to the basic principles for thinking clearly about pricing. Unlike other marketing books  More...

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Book details

List price: $89.95
Copyright year: 2011
Publisher: Cambridge University Press
Publication date: 3/5/2012
Binding: Hardcover
Pages: 262
Size: 6.25" wide x 9.25" long x 1.00" tall
Weight: 1.056
Language: English

Pricing drives three of the most important elements of firm success: revenue and profits, customer behavior and firm image. This book provides an introduction to the basic principles for thinking clearly about pricing. Unlike other marketing books on pricing, the authors use a more analytic approach and relate ideas to the basic principles of microeconomics. Rakesh Vohra and Lakshman Krishnamurthi also cover three areas in greater depth and provide more insight than may be gleaned from existing books: 1) the use of auctions, 2) price discrimination and 3) pricing in a competitive environment.

Lakshman Krishnamurthi is the Montgomery Ward Distinguished Professor of Marketing at the Kellogg School of Management, Northwestern University, where he has taught since 1980. He chaired the marketing department from 1993 to 2004 and has served as Academic Director of the Pricing Strategies and Tactics program since 1995. Professor Krishnamurthi is the recipient of the Paul Green and Donald Lehmann awards from the Journal of Marketing Research, the John D. C. Little award from Marketing Science and numerous teaching awards at Kellogg. He earned his doctorate in marketing from Stanford University.

Introduction
Genesis
Acknowledgments
Buyer Behavior
The Ultimatum
Rational Buyer Model
Warts
Defense of the Rational Buyer Model
Price Setting
Key Points
Estimating Price Response
Economic Value to the Customer
Five Steps
Psychology and EVC
Key Points
Uniform Posted Price
Margin versus Volume
Where Demand Curves Come From
Elasticity of Demand
Margin and Elasticity
Choosing Quantity
The Relevance of Costs to Prices
Break-Even Calculations
The Sin of Cost-Pius Pricing
Credibility
Selling to One
Many Products
Negotiation
Selling through an Intermediary
First Vignette
Second Vignette
Adverse Selection
The Price Waterfall
Using the Price Waterfall Methodology
Key Points
Technical Aside
Elasticity of Demand
The Markup Formula
Auctions
The Benchmark Model
English Ascending
Sealed-Bid Second Price
Sealed-Bid First Price
Dutch Descending
Revenue Comparison
Auctions versus Posted Price
Auctions versus Posted Price (Encore)
An eBay Interlude
Beyond Benchmark
Risk
Common Values
Heterogeneous Bidders
Violating the Rules
Multiple Objects
Key Points
Technical Aside
Sealed-Bid First Price
Price Discrimination
The Third Degree
The Second Degree
Versioning
Bundling
Revenue Management
Gray Markets
Legal Aspects of Price Discrimination
Key Points
Technical Aside
Formulation of Example 15
Analysis of Bundling
Nonlinear Pricing
Choosing a Protection Level
Pricing and Competition
The Pricing Dilemma
Objections to the PD
A Silver Lining
Repetition
Collusion and Signaling
Predation
Capacity
Capacity Preemption
Pricing Using the Supply Curve
Differentiation
Differentiation and Substitutes
Loyalty Programs
Competing with Complements
Tale of the Inferior Entrant
An Airline Interlude
A TV Interlude
Loyalty Discounts
Retreating Brands
Key Points
Technical Aside
Analysis of the Capacity Game
Cournot Model
Bertrand-Hotelling Model
Bringing It All Together
Appendix on Game Theory
Representing the Game
Simultaneous-Move Game
Sequential Games
Playing the Game
Dominated Strategies and the Price Game
Backward Induction and the Centipede Game
Equilibrium
References
Index

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