Practical Guide to Understanding Your Pricing Options: Price Your Product or Service for Strategic Objectives - Paperback

by Steven Imke (Author)

Pricing is one of the most unsung elements of marketing. Practical Guide to Understanding Your Pricing Options teaches the reader how to price their products or services strategically. By implementing the suggestions in this book, the reader will be able to use pricing to not only encourage customers to buy but to maximize their profit margins. This book is broken into 3 parts. In the first part, "Pricing Strategies," the author describes 14 pricing strategies to drive specific customer behaviors such as building customer loyalty, ensuring more consistent business cash flow, and encouraging customers to buy in larger quantities. Part two, "Pricing Concepts," looks at such concepts as price elasticity and pricing at the margins so a business has the tools to maximize its profit margins. The final part, "Behavioral Economics," introduces the reader to customer psychology. For example, this section looks at how customers have an irrational, yet predictable reaction to free products, decoy prices, and fear of loss. Practical Guide to Understanding Your Pricing Options is a concise and easy to read guide packed with solid advice that will help the reader implement pricing strategies to achieve specific business objectives.

Author Biography

Steve Imke, has lived in Monument Colorado since 1986 with his wife (Kim) and their three boys. Steve has founded several small business in Colorado most significant was Horizon Interactive which he started in 1994. Steve grew this business to over 30 employees and three million in revenue with operations in Colorado and Massachusetts in under 5 years. In 1999 he sold Horizon Interactive to a publicly traded business (Interleaf) and was hired as Vice-President of Operations (Service Division). With Horizon Interactive at its core and with the resource of a publicly traded company, Steve helped grow the services business during the next two years to over 32 million in sales and over 250 employees. In 2002 Interleaf was purchased by another public company (Broadvision). Broadvision didn't require the service business of Interleaf so Steve formed IC Interactive and purchased the assets of the Broadvision Service Division along with its operations in Massachusetts, Wisconsin, and Colorado. He sold IC Interactive in 2003 to a private investor who still operates the business today. Before starting Horizon Interactive, Steve owned an Invisible Fence Franchise and worked for Digital Equipment Corporation as Course Developer and ultimately Site manager for their Colorado Documentation and Course Development Operations. Steve gained his technical and management experience as a Fire Control Technician with the US Coast Guard. Before moving to Colorado, Steve lived in Massachusetts and New York. Currently Steve owns several LLCs, which he uses to manage his passive income portfolio primarily through Residential and Commercial Real Estate holdings and Oil and Gas investments. Steve also writes a small business blog (SteveBizBlog.com) and is the author of many small business related books design to help entrepreneurs start and grow their businesses. Steve also volunteers his time to many civic organizations. Steve is an accredited SCORE and SCORE Plus counselor and was their Chapter Chairman. He also is a counselor for the Small Business Development Center (SBDC) and sits on their Advisory Board. Lastly, Steve was the Treasure and member of the Board of Directors for the ARC of the Pikes Peak Region, a local non-profit helping individuals with developmental disabilities.