Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

Pricing and CEOs: why top executives need to get involved

Pricing and CEOs: why top executives need to get involved Despite its increased adoption by small, medium and large firms, pricing continues to be ignored in the C-suite. C-suite executives have minimal understanding of what pricing can do and how it impacts a firm’s performance. After two years in the COVID-19 pandemic and the resulting economic crisis, consultants agree that the next wave of strategies and business models will require the development of strategic pricing capabilities, including analytics and software.Design/methodology/approachThe authors conducted 49 interviews with CXOs, VPs of pricing and CEOs of pricing software vendors to understand how the best-performing companies use pricing to drive profits and select pricing technologies. Then, supported by the Professional Pricing Society, the world’s largest organization dedicated to pricing, the authors conducted a 2020 survey of 540 pricing professionals to understand the perceptions of pricing in the C-suite and how top executives prioritize pricing investments. The authors complemented their own research with analysis of publicly available data, analyst presentations and public comments by CEOs on pricing.FindingsThe authors propose a portfolio of 15 activities to include in the CEO’s strategic agenda and 10 actions to get started with in the short term. The next normal will not be based on business-as-usual. For the next three to five years, developing strategic pricing capabilities will give firms a competitive advantage over those who continue to neglect this hidden gem.Originality/valueIn the context of the accelerating economic recovery, the authors address one of the most pressing priority for the C-suite. The authors focus on a series of actions and activities that the C-suite can take to accelerate recovery and focus on profitable growth. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Business Strategy Emerald Publishing

Pricing and CEOs: why top executives need to get involved

Loading next page...
 
/lp/emerald-publishing/pricing-and-ceos-why-top-executives-need-to-get-involved-m4Q41V3sls
Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
0275-6668
eISSN
0275-6668
DOI
10.1108/jbs-02-2021-0024
Publisher site
See Article on Publisher Site

Abstract

Despite its increased adoption by small, medium and large firms, pricing continues to be ignored in the C-suite. C-suite executives have minimal understanding of what pricing can do and how it impacts a firm’s performance. After two years in the COVID-19 pandemic and the resulting economic crisis, consultants agree that the next wave of strategies and business models will require the development of strategic pricing capabilities, including analytics and software.Design/methodology/approachThe authors conducted 49 interviews with CXOs, VPs of pricing and CEOs of pricing software vendors to understand how the best-performing companies use pricing to drive profits and select pricing technologies. Then, supported by the Professional Pricing Society, the world’s largest organization dedicated to pricing, the authors conducted a 2020 survey of 540 pricing professionals to understand the perceptions of pricing in the C-suite and how top executives prioritize pricing investments. The authors complemented their own research with analysis of publicly available data, analyst presentations and public comments by CEOs on pricing.FindingsThe authors propose a portfolio of 15 activities to include in the CEO’s strategic agenda and 10 actions to get started with in the short term. The next normal will not be based on business-as-usual. For the next three to five years, developing strategic pricing capabilities will give firms a competitive advantage over those who continue to neglect this hidden gem.Originality/valueIn the context of the accelerating economic recovery, the authors address one of the most pressing priority for the C-suite. The authors focus on a series of actions and activities that the C-suite can take to accelerate recovery and focus on profitable growth.

Journal

Journal of Business StrategyEmerald Publishing

Published: Aug 12, 2022

Keywords: Pricing strategy; CEO; Pricing; COVID-19; C-suite

References