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The Art of Pricing: How to Find the Hidden Profits to Grow Your Business

4.5 out of 5 stars 31 customer reviews
ISBN-13: 978-1400080939
ISBN-10: 1400080932
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Editorial Reviews

From Publishers Weekly

Mohammed's breezy, informal account of a range of pricing strategies takes as its starting point the realization that different "customers place different values on the same products." With this in mind, Mohammed (Internet Marketing) recommends a variety of strategies that will attract customers with different product evaluations and yield different profit margins. With emphasis on familiar consumer practices like quantity discounting, early-bird discounts and mixed bundling, Mohammed describes, for example, setting a high initial price to capture extra profits from early adopters, then reducing prices to attract other customers. Alternately, he notes, music and book stores "often take a contrary pricing approach" and give lower prices to their first customers. Mohammed writes clearly but does not offer enough direction on when to choose one strategy over its opposite. Though the book targets anyone who sets prices, including managers, it focuses narrowly on price discrimination without an analysis of the integration of pricing into general marketing or strategy. Nor does Mohammed cover how to estimate the cost and demand factors necessary to evaluate different price schemes. The book is too basic for experienced marketing professionals, but novices interested in price discrimination will find this an easy-to-understand introduction. (Oct. 18)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

Review

“Rafi Mohammed is the ‘da Vinci’ of pricing!”

“A lighthearted, anecdotal, but theoretically sophisticated primer on pricing, highly personal and readable, with abundant illustrations.” —Alfred E. Kahn, Robert Julius Thorne Professor of Political Economy, Emeritus, at Cornell University, and former chairman of the Civil Aeronautics Board

“Rafi Mohammed provides a win-win pricing solution for both businesses and consumers. The pricing strategies that he advocates help companies rightfully profit from their entrepreneurial activities and, just as important, benefit customers by offering a variety of purchasing options. The Art of Pricing is a “must read” for every manager; it will help you better serve your customers as well as make you more money.” —Irving Azoff, CEO, Frontline Management

“In a thoroughly engaging manner, Rafi Mohammed describes how relatively simple changes in price can unleash tremendous profit potential in virtually any company. This book is richly illustrated with stories that show how pricing is as much disciplined science as art, and that the masters of this discipline can reap profit while delighting consumers. Rafi Mohammed is the ‘da Vinci’ of pricing!” —Robert G. Cross, chairman and CEO of Revenue Analytics and author of Revenue Management

“Companies big and small struggle to appropriately price products and services. Rafi Mohammed provides a road map for relatively uncharted territory. With an engaging style and numerous real-life examples, Rafi makes a tough subject accessible.” —Heather J. Myers, senior vice president, Strategic Planning and Business Development, Scholastic

“Rafi Mohammed’s pricing strategy has broad application, creating a new call-to-arms for businesses. Diverse corporate segments from consumer products to entertainment can benefit from Mohammed’s approach and extract new value from their products.” —John Mass, executive vice president, William Morris Agency
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Product Details

  • Hardcover: 240 pages
  • Publisher: Crown Business (October 11, 2005)
  • Language: English
  • ISBN-10: 1400080932
  • ISBN-13: 978-1400080939
  • Product Dimensions: 5.9 x 0.9 x 8.5 inches
  • Shipping Weight: 14.9 ounces
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (31 customer reviews)
  • Amazon Best Sellers Rank: #637,209 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By Craig Thompson on October 27, 2005
Format: Hardcover
This is the first book I've read on the subject that is accessible to anyone with an interest in pricing; no daunting formulas or mathematics. Dr. Mohammed provides an excellent new perspective on the practice of pricing grounded in classic microeconomic priciples. As such, through a down to earth writing style and myriad examples, he liberates the reader from the notion that there is one right price for an item or service.
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Format: Hardcover
Book Review: The Art of Pricing by Rafi Mohammed

First, the good thing about the book: it is very easy to read because it is written in plain, simple English. I applaud the author for that because so many books and articles are just very poorly written

Now some critiques:

1) The author presents ideas about pricing, which are very basic and which we already know -- like, price discounts for volume purchases or the fact that prices per unit (oz, lb, etc.) are lower for large sizes than for small sizes.

2) The author says, bundling products (e.g. selling two books, together) can increase profits for the seller, if s/he has multiple items to sell or can bundle her product with some other product. Amazon offers bundle prices, for example, if you buy more than one book in one order.

I think most people pretty much know these simple pricing strategies from years of shopping experience.

3) The author is a phony (pardon my language) because he did not apply a single strategy for his own book. Even though he has written two books and could have bundled with other books of the same topic or on topics that would interest the readers -- for example, there are hundreds of books on marketing strategies that could have been bundled with the his own book -- The Art of Pricing.

4) I was amazed at the author's claim that prices that end with 00 (like $30.00) are supposed to suggest to potential buyers that the product is of higher value than product prices that end with 99 or 95 (like, 29.99 or 24.95). If that is true, why would any sensible product manager choose a price that ends with 99 or 95? Yet, thousands of well-known brands choose prices ending with 99 or 95.
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When I bought this book I expected to read a book about pricing techniques. Nothing, only 200 pages of tales and well known theoretical concepts like Price Discrimination. Come on! that is something that a first year economics student know. Not recommended for someone who's looking for a good pricing book.
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Format: Hardcover
This book was a delightful read not only because it was short and to the point, but also for it's many real-life examples. I've felt for a long time that prices need to be set to the customer's perception of the value of the product or service, so it was very encouraging to read a book where the author was able to break down the reasons and supply applications for this type of pricing he calls "Value pricing". As with an auction (a theme covered in the book) there is a price for every interested buyer, but it is not always the same for everyone. Just as only one person is willing to pay the highest "winning" bid, there are those who will pay more for any product or service than the average customer. This book helps you to identify those people.
Rich
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One of my struggles with my business has been pricing, or the lack thereof. This book is so full of great information that if you ever had doubts about how you priced products, you are sure to find answers and inspiration from this book.

So many different pricing strategy's to go over, it will make light bulbs go off and make you say ' Why did I not think of that'?

Read the book, make more money, brilliant!

Robert
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Format: Hardcover
If you are new to the field of pricing this book will help you start asking some of the right questions about how to establish a pricing system in your organization. For those of you that have had some experience in the field already it will draw your attention again to the fact that price differentiation has a much larger impact than statistical price optimization.
The book is full of fun examples and is a quick read.
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Format: Hardcover
Rafi's treatment of the subject of pricing was just what I needed to open my eyes to a whole new set of strategies for increasing profits. As a former Corporate Engineer and Manager turned entrepreneur, I needed a more thorough understanding of pricing and found exactly what I was looking for in The Art of Pricing. I appreciated the easy to read and entertaining writing style along with the many examples presented in the book. Books that make it easy for me to remember new concepts also make it easier for me to quickly apply those concepts in real world situations. I will be honing my new pricing skills for years to come. The Art of Pricing has become one of my favorite books to recommend to others.
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Format: Hardcover
Setting pricing can be a daunting task but Rafi breaks it down into easily understandable chunks of information. Instead of pricing your products and services based on costs, think about the value that it provides to your customer and base your pricing on the Value Decoder that's in this book.

If there is any book you want to read about pricing strategies, this is the book.
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