In a recent HBR IdeaCast episode, Rafi Mohammed discusses the pitfalls of instinctual pricing strategies during crises, such as lowering or raising prices to attract or capitalize on demand. He emphasizes that these approaches can be shortsighted and counterproductive. Companies often face consumer uncertainty and should focus on effective pricing strategies that involve creativity, rather than simple price adjustments. This adaptability can be critical in maintaining financial viability during challenging economic periods, not just during crises like the Covid-19 pandemic.
During a crisis, instinctual pricing strategies such as slashing or raising prices can backfire, highlighting the need for more thoughtful approaches to pricing strategies.
Correct pricing is crucial in challenging times; a company's financial guidance often reflects uncertainty, necessitating a creative approach to pricing beyond simple adjustments.
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