Sales, Marketing, & Entrepreneurship

June 2009
WJ 8.2 Multicultural Marketing, Social Media ROI, and PWYW Pricing Structures

Multicultural Marketing: A Misunderstood Concept and Untapped Business Strategy

Loida Rosario

Newly released census figures show that the nation’s minority population has reached 102.5 million people, or one in three Americans. This burgeoning population—and the buying power it represents—makes effective multicultural marketing imperative for businesses to succeed. Yet many firms in our businesses community lack both a clear understanding of these diverse consumers and a disciplined approach to investing in and managing multicultural marketing. So, how can companies begin or improve multicultural initiatives?

[Full Story]

Success in Social Media

J.D. Gershbein, Graphic Editor

How is success in Social Media defined? Is it an input-equals-output argument? Can expenditures by companies in this area be justified? With so many individuals and corporations unable to attach logic to the concept, let alone the possibility of payoff, how does the use of the Social Media translate into black ink on the balance sheet? These are the questions imposed on businesses that seek to advance and flourish in the Internet Age

[Full Story]

If a Business Lets You “Pay What You Want,” Could It Survive?

Tim Smith, PhD, Chief Editor

Come into most executives’ offices and say “I have a great promotional idea: Let’s let customers pay what they want. It will be great!” and your career there is all but over. Yet, experiments recently demonstrated that it was great, and more specifically, it was great for profits. How can this be?

[Full Story]


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From the archives

Social Media ROI

The Power of Engagement: Making a Case for Business Blogging

Review of Don Tapscott's and Anthony Williams' Wikinomics

Paradoxes in Pricing

O’Coineen: A Case Study in Entrepreneurship

Value Base Pricing
Pricing Above the Competition and Still Winning the Market

Fractional Ownership: The Renaissance of TimeShare





Dr. Wiglaf's Top 6

An economist, finance executive, and marketer walk into a PWYW bar. The finance executive says: “With pricing like this, how can this bar stay open?” The economist looks around and sees a customer paying and says: “That guy is irrational.” The marketer replied: “Perhaps, but he is predictably irrational, and therefore reliably profitable. Now, who is up for slivovitz?”

  1. One in three Americans classify themselves as a minority.
  2. In democratic societies, on average, people have a strong desire for an equal allocation of resources. This moderates the concept of fairness as one traverses the globe.
  3. We have moved into the “relationship economy.” Traditional marketing has reached an impasse. Social Media is no myth.
  4. Under PWYW, any homoeconomicus customer would rationally pay a price of zero. Yet, we people are not simply homoeconomicus and PWYW can be profitable.
  5. Companies miss the whole enchilada when they cling to the concept of the melting pot.
  6. From Tequila to Slivovitz, now that is multicultural marketing … AND a normal afternoon in Texas.

Tim Smith, PhD of Wiglaf Pricing Presents
Bundling's Impact on Pricing
an Pricing Online Course
Produced by the Professional Pricing Society

Hotels bundle Saturday brunch with a Friday-night stay-over. Microsoft bundles Word with Excel in Office. O2 bundles ADSL with Mobile. Restaurants bundle a three course meal into a price fixed offering. Business customers ask for "the entire bundle, but at a discount."

Has bundling become silver-bullet pricing tool for all pricing and selling problems or is it a pernicious value destroying discount disguised as a rose?
Clearly, it lies somewhere in the middle, and pricing professionals need to know where.

Bundling's Impact on Profits reveals the power of bundling to improve profits as well as its limitations and potential pitfalls using case studies, economics, financial analysis, and marketing strategy.

Register for Bundling's Impact on Profits





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