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Contextual Pricing by Cecilia Nguyen, John G. Hanson, Michael Barzelay, Robert Docters

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Chapter 1

Context and the Death of List Price

Without a story, I cannot give you a price.The price of used furniture is a point of view.

FROM THE PRICE, ARTHUR MILLER, 1968

Who killed list price? One of the prime suspects is called “competition.” Not a lone killer, however; it was a conspiracy. List price died because one price will never fit different customer comparison points, needs, budgets, timing, and applications. This observation builds upon Economics 101: that the value of one commodity at one time and location is not the same as the same commodity in another time and location.1 Managers involved in price must insist that it reflect the major factors shaping and framing customer choice. Those factors are best labeled “context.”

Context ...

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