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Six Sigma Pricing: Improving Pricing Operations to Increase Profits by [Sodhi, ManMohan S., Sodhi, Navdeep S.]
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Six Sigma Pricing: Improving Pricing Operations to Increase Profits Kindle Edition

5.0 out of 5 stars 2 customer reviews

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Review

 

From the Back Cover

Apply Six Sigma to Your #1 Business Challenge: Pricing

 

“Six Sigma is well known for having helped companies save billions of dollars. This book is the first to show us how to use it on the revenue side of the equation to generate profitable growth. This step-by-step guide will be an instant classic–a seminal book on a topic critical to profitability.”

–Robert Cross, Chairman and CEO, Revenue Analytics Inc. and author of Revenue Management

 

“Six Sigma Pricing provides companies with a practical toolkit to improve their price management. The authors show executives how to use Six Sigma tools in their pricing processes and instantly improve profits and their bottom-line. This is a truly ‘must-have’ resource for managers everywhere.”

–Eric Mitchell, President, Professional Pricing Society

 

Many companies have developed solid sales strategies― but without equally good pricing operations, those strategies alone will not add a dime to the bottom line.

 

The goal of pricing operations is to consistently control price deviations in transactions and contracts over time and across customer segments. This goal of ensuring the prices are not too low or too high in different transactions relative to guidelines lends itself perfectly to Six Sigma. Using the authors’ breakthrough Six Sigma-based approach, you can systematically eliminate pricing-related revenue leaks, driving higher profits without alienating customers. You’ll learn how to define pricing “defects,” gather and analyze relevant pricing data, review pricing-agreement processes, identify and control failures, implement improvements, and then ensure continuous, ongoing improvement in price, profits and customer satisfaction.

 

The book reflects the authors’ pioneering experience implementing Six Sigma pricing. Whether you’re a business leader, strategist, manager, consultant, or Six Sigma specialist, it will help you or your client recover profits that have been slipping through the cracks in pricing operations.

 

Learn why Six Sigma Pricing makes sense

    Why you should target pricing operations, and how to do it 

 

Identify profit leaks from inefficient pricing operations

    Why “sloppy pricing” occurs, how to find it, and how to root it out 

 

Illuminate your current pricing processes, so you can improve them

    Understand your market-facing and internally focused pricing processes pertaining to product launch and lifecycle price management, price increases due to escalation in costs of raw materials, promotions, and discounting

 

Set up your pricing operations for continuous improvement in line with your pricing and sales strategy 

    Use Six Sigma to improve and control processes, ensuring alignment with agreed-upon strategy for pricing and sales

 

Create an organization that is successful at pricing

    Align different functions and levels of the company to achieve targeted profits


Product details

  • Format: Kindle Edition
  • File Size: 2997 KB
  • Print Length: 292 pages
  • Simultaneous Device Usage: Up to 5 simultaneous devices, per publisher limits
  • Publisher: FT Press; 1 edition (17 Sept. 2007)
  • Sold by: Amazon Media EU S.à r.l.
  • Language: English
  • ASIN: B004M18NEI
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Enhanced Typesetting: Enabled
  • Average Customer Review: 5.0 out of 5 stars 2 customer reviews
  • Amazon Bestsellers Rank: #1,610,475 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Format: Hardcover
As an academic, I have been searching for a good book, which can be used in Business School classes to introduce students to pricing operations as a marketing topic and also Six Sigma for process improvement. It is one of a few books available, which is serious enough to be used as a text book but also full of real-life and relevant industry examples. Sometimes, I feel really uncomfortable to hear from students discussing Six Sigma, who obviously had read jargon filled Six Sigma books with little substance. This book is an exception, since it presents Six Sigma and pricing concepts clearly and in an applied context.
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Format: Hardcover
Six Sigma Pricing: Improving Pricing Operations to Increase Profits provides a welcome complement to literature on pricing theory. In pricing it's about front and back doors. After a lot of broader publications on strategies, price setting, and pricing policies it's nice to see that the Sodhi brothers address the importance of pricing processes and pricing execution; the back doors of pricing.
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Most Helpful Customer Reviews on Amazon.com (beta)

Amazon.com: HASH(0x8f13a294) out of 5 stars 11 reviews
7 of 7 people found the following review helpful
HASH(0x8ef04e10) out of 5 stars Nitty gritty pricing 14 Dec. 2007
By Jim Geisman - Published on Amazon.com
Format: Hardcover
Of all the books on pricing, very few are written for the pricing professional. When they are, often the discussion centers on a strategy, tactic or analytic technique and what it means for profitability or revenue. At the end of the day, all these ideas, frameworks and techniques must degenerate into action. Someone has to do something. However, most books remain mute on the details of getting work done - all except Six Sigma Pricing. This book is a gem!

Six Sigma Pricing provides a roadmap to improving the realized price of products to anyone concerned with managing and implementing pricing in an organization. Drawing on the techniques of Six Sigma, the authors (one a practitioner the other an academic) focus on pricing operations - the boiler room where all the pricing details are sweated out and the work gets done in an organization.

In Section I of the book, Motivation and Context, the reader gets some background on how pricing and six sigma are related. Section II, Basics - Pricing Operations and Six Sigma, deals with the relationship between six sigma and pricing operations. Section III, Doing a Six Sigma Project, is self explanatory but is unique in its use of a single case study throughout. Section IV deals with the ins and outs of an enterprisewide deployment of a Six Sigma project.

Overall, I think this book is a useful addition to a pricing professional's library. It provides encouragement when there is doubt that any change will occur. It provides a map including road signs and danger signs. But most of all, it tells you that pricing operations can be improved and how.
7 of 8 people found the following review helpful
HASH(0x8ef04e64) out of 5 stars A practical guide executing negotiated pricing policies 17 Oct. 2007
By Reuben Swartz - Published on Amazon.com
Format: Hardcover
If your company negotiates prices, you need to read this book. The authors provide a welcome operational complement to the much broader literature on pricing theory. Pricing theory typically focuses on what price to set, and what policies to consider. This book focuses on how to execute those policies effectively, without the "defects" that sap profitability. Using a Six Sigma framework, the book identifies defects, or "sloppy pricing" in both prices per se, and pricing processes. Prices can be defective if they are too low, leaving money on the table, or too high, reducing purchases and leading to customer attrition. Processes can be defective if they do not meet defined service level agreements for turning around price approval requests (or if there is no defined service level). Eliminating or reducing these defects can lead to substantial profit gains, just as earlier Six Sigma efforts did with manufacturing defects.

The book comes in four parts, the "Motivation and Context," "Basics--Pricing Operations and Six Sigma," "Doing a Six Sigma Pricing Project," and "Enterprisewide Deployment." Throughout, the authors use an anonymized case study, based on their personal experience, to explicate the concepts in the book. For people familiar with the challenges described in the book, the first two parts will be a refresher, and the real interest will lie with the second half of the book. For executives and others who are not familiar with the concepts, the first half will be illuminating, while the second half may contain too much detail. Project managers and pricing wonks will want to cover the whole book.

So what if your company does not have expertise with Six Sigma? This is my only real problem with the book--not that you can't use the concepts, but that the title implies that the book applies primarily to Six Sigma junkies. Sodhi and Sodhi provide templates, common opportunities, and suggestions for managing scope to achieve not just conceptual improvements, but real-life, measurable benefit. There is enough information here to guide novices through the process, although you might want to consult with an expert. The authors also emphasize that Six Sigma is one possible methodology to improve pricing operations, and the one that the authors have direct experience practicing, but it is not the only road. One benefit of going with Six Sigma, however, is that it provides a framework for collaboration between different parts of the company.

This book will not help you set list prices, or build a pricing practice, but it will help you build a pricing project team, and get much more benefit from your current pricing organization. For companies that have a multi-step pricing process, especially one that involves sales negotiations, this will be one of the most valuable books you will read this year.
4 of 4 people found the following review helpful
HASH(0x904b5e58) out of 5 stars A good business school text book! 30 Jan. 2008
By Bober - Published on Amazon.com
Format: Hardcover
As an academic, I have been searching for a good book, which can be used in Business School classes to introduce students to pricing operations as a marketing topic and also Six Sigma for process improvement. It is one of a few books available, which is serious enough to be used as a text book but also full of real-life and relevant industry examples. Sometimes, I feel really uncomfortable to hear from students discussing Six Sigma, who obviously had read jargon filled Six Sigma books with little substance. This book is an exception, since it presents Six Sigma and pricing concepts clearly and in an applied context.
3 of 3 people found the following review helpful
HASH(0x8efef108) out of 5 stars Six Sigma Pricing 18 Mar. 2008
By Dean M. Mccaskill - Published on Amazon.com
Format: Hardcover
Pricing, getting it "right" and positioning a company with a cohesive plan to address this critical process is always a challenge. While some may think of Six Sigma as a cold, clinical tool (which it can be), the authors get it right with Six Sigma Pricing. From my perspective, the volatile economic environment in which we find ourselves operating today, with the Euro surging past US$1.55, profit margins can dissipate more quickly than one can imagine if you are not on top of your game. The authors couple Six Sigma processes and good business sense with proven processes to help companies manage this critical process. Very well done.
2 of 2 people found the following review helpful
HASH(0x8efef348) out of 5 stars An intriguing and important perspective on pricing 12 Feb. 2008
By Frank Luby - Published on Amazon.com
Format: Hardcover
The authors admit early in the book that they've taken on a very challenging task: to provide readers a way to bring what might be the most unwieldly and convoluted corporate process - the "pricing process" - under some semblance of control. To a large degree, they succeed. They do a wonderful job of using Six Sigma as a means to make this challenge manageable, without letting Six Sigma gain the upper hand. In other words, this is a very useful and practical book about removing defects from your decision-making process on pricing. It's not a book which treats pricing as just more grist for the Six Sigma mill. This book is definitely worth reading if you feel your company's pricing process needs more discipline, rigor, and structure.
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