Chapter Ten. Price and value
I’ve not gone into theoretical strategy much in this edition; I have in the past but I reckon now that it’s not useful to generalize. There is one area of strategy that is worth talking about though and it’s pricing. It’s worth talking about for a handful of reasons—one primary one is the value of bargains. Bargains are brilliant in almost every store—upmarket boutique or down-and-dirty pound store (I love pound stores, incidentally—Poundland, especially, is a fantastic example of focused and thoughtful retailing).
Everyday low prices (ELP)
Everyday low pricing is an interesting modern pricing technique. It’s also the best example of the failure of slavish dedication to a rigid price proposition. The theory of ELP ...