Ep 43 : Tim J Smith on Customer Value Based Pricing, Strategies & Examples. How to Make Good Pricing Decisions and Policies

What is the concept of value based pricing. Why competitor’s price is not sufficient for determining the prices a firm can extract ? How does business strategy impact pricing? How can a firm influence a customer’s perception of value ? What is the role of branding in influencing value ? In reacting to competitor’s pricing actions or the entrance of a new competitor, how do executives use the  Competitive Price Reaction Matrix and identify the reaction most likely to yield a better outcome? Tim J Smith, answers the above questions, as he makes a case for Value Based Pricing. Tim J Smith  is the Founder & CEO of Wiglaf Pricing. He is a pricing strategy consultant, chief editor of the Wiglaf Journal and author of two books -Pricing Strategy, Pricing Done Right.  Please connect with Tim on Linkedin - https://www.linkedin.com/in/drwiglaf/ His company blog - https://wiglafjournal.com/ His book - https://www.amazon.in/Pricing-Done-Right-Successful-Profitable/dp/111918319 Jagged with Jasravee is facilitated by Jasravee Kaur Chandra, Director- Brand Building, Research & Innovation at Master Sun, Consulting Brand of Adiva L Pvt. Ltd. Jasravee has over 20 years experience as a Strategic Brand Builder,Communications Leader and Entrepreneur.  Please connect with Jasravee on Linkedin at  https://www.linkedin.com/in/jasravee/ 00:00 Introduction to Tim 01:09 Principles of Value Based Pricing 07:19 Alignment of Business Strategy & Pricing 12:38 Role of Branding in Pricing 15:00 Psychological Influences that Impact Perception of Value 17:56  Price Competition Matrix 24:24 Tim's Talent Show  28:03 The Rapid Fire - Personally Speaking with Tim Follow Jagged with Jasravee on Social Media Facebook Page : https://www.facebook.com/jaggedwithjasravee Instagram : https://www.instagram.com/jagggedwithjasravee/ Podcast Page : https://anchor.fm/jagged-with-jasravee Youtube Page : https://www.youtube.com/c/jaggedwithjasravee Linktree : https://linktr.ee/jaggedwithjasravee Jagged with Jasravee, is an initiative of Master Sun, the Consulting Brand of Adiva Lifestyle  Pvt Ltd. Please visit our blog at http://www.mastersun.in/ #pricingstrategies #pricingdecision #pricingmethods