History will be kind to me, for I intend to write it.
—WINSTON S. CHURCHILL
Many writings on price strategy focus exclusively on relative market power among competitors. While immediate market power is indeed very important, there are a few other factors that can strongly influence results. One of them is time: if you lack market power, you are likely to need some time to accomplish your goals. Time and power are the primary commodities required to construct a pricing strategy.
Why time? The primary reason is that market power changes over time, and the strategy rule is to take price at a time and in a market when and where your customer or competitor is least ready to fight you on it. When we say ...