Posts by: Tim J. Smith, PhD

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Product Variety Management and Sales Volume

By Tim J. Smith, PhD July 23, 2009

Choice is good, more choice is better … or is it? Is it always better to offer customers more choices, or should companies restrict the choices available to customers in some situations?

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Top 6 – June 2009

By Tim J. Smith, PhD June 13, 2009

An economist, finance executive, and marketer walk into a PWYW bar. The finance executive says: “With pricing like this, how can this…

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Multicultural Marketing: A Misunderstood Concept and Untapped Business Strategy

By Tim J. Smith, PhD June 13, 2009

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?

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

By Tim J. Smith, PhD June 1, 2009

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?

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Effectual Decision Making of Revolutionary Entrepreneurs

By Tim J. Smith, PhD May 6, 2009

Entrepreneurs are a different breed, but what is this breed? Recently, Reed et al. examined the decision making practices of highly successful entrepreneurs, individuals who have grown a company to $200 million or more in annual revenues. They found that entrepreneurs tend to use a more effectual logic rather than predictive logic. What is effectual logic versus predictive logic and how does it help entrepreneurs? … Read on.

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Top 6 – May 2009

By Tim J. Smith, PhD May 1, 2009

Turtles have shells, but they only progress when they get their head out of their shell. Get your head out and move…

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What Can Business Learn from Nonprofit Organizations about Inspiring Customers?

By Tim J. Smith, PhD May 1, 2009

To inspire the consumer, you must help him believe in something that he once thought was impossible. This is where innovators will thrive and institutions will die. Innovators will think in quantum leap fashion. “Institutions” will think incrementally

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Top 6 – April 2009

By Tim J. Smith, PhD April 1, 2009

April Showers Rain … Rein … Reign … Recovery Expectations Rain … Rein … Reign … Brand value and stock value are…

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Is Starbucks in an Existential Wilderness?

By Tim J. Smith, PhD April 1, 2009

What is Starbucks? Is it a momentary retreat from the stress of work and life? Is it a fast-service coffee chain? Is it a snack shop? Is it a luxury coffee manufacturer? What is Starbucks reason for existence?

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Market Smarter in 2009: Make the Right Choices

By Tim J. Smith, PhD March 22, 2009

For many companies, 2008 has been a challenging year. The new realities of our current market and economy have impacted many sectors, and even more expect to feel the effects in 2009. This makes it even more important than ever to plan smarter, more effective ways to market to industrial and technical buyers in the year ahead. Based on research into market trends, here are strategic recommendations to achieve marketing success in 2009. All of these recommendations have something in common: better decision making when it comes to marketing choices.

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About The Author

timjsmith
Tim J. Smith, PhD, is the founder and CEO of Wiglaf Pricing, an Adjunct Professor of Marketing and Economics at DePaul University, and the author of Pricing Done Right (Wiley 2016) and Pricing Strategy (Cengage 2012). At Wiglaf Pricing, Tim leads client engagements. Smith’s popular business book, Pricing Done Right: The Pricing Framework Proven Successful by the World’s Most Profitable Companies, was noted by Dennis Stone, CEO of Overhead Door Corp, as "Essential reading… While many books cover the concepts of pricing, Pricing Done Right goes the additional step of applying the concepts in the real world." Tim’s textbook, Pricing Strategy: Setting Price Levels, Managing Price Discounts, & Establishing Price Structures, has been described by independent reviewers as “the most comprehensive pricing strategy book” on the market. As well as serving as the Academic Advisor to the Professional Pricing Society’s Certified Pricing Professional program, Tim is a member of the American Marketing Association and American Physical Society. He holds a BS in Physics and Chemistry from Southern Methodist University, a BA in Mathematics from Southern Methodist University, a PhD in Physical Chemistry from the University of Chicago, and an MBA with high honors in Strategy and Marketing from the University of Chicago GSB.