JOURNAL ARTICLE

Expand Your Pricing Paradigm.

  • Published In: Harvard Business Review, 2023, v. 101, n. 1. P. 66 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Mohammed, Rafi 3 of 3

Abstract

The article focuses on innovative pricing strategies that companies can adopt by borrowing models from other industries to better meet diverse customer needs and respond to economic pressures. It highlights examples such as Allstate’s telematics-based auto insurance programs, which charge customers based on actual driving behavior or mileage, and discusses various pricing tactics grouped into five categories: accommodating different usage levels, appealing to budget-conscious customers, providing price breaks, setting prices when value is uncertain, and enhancing business efficiency. The article emphasizes the importance of creatively mixing pricing options to expand customer choice and suggests a structured approach—including brainstorming, cost-benefit analysis, market research, and piloting—to identify and implement effective pricing models.

Additional Information

  • Source:Harvard Business Review. 2023/01, Vol. 101, Issue 1, p66
  • Document Type:Article
  • Subject Area:Social Sciences and Humanities
  • Publication Date:2023
  • ISSN:0017-8012
  • Accession Number:160701548
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