The function of price is to make the product affordable or attractive to the target market while also reflecting the value of the benefits provided. In other words, price is an indicator of how the value of products or services is perceived by the buyers based on the pain points solved. Three concepts need to be understood: Value, Price, and […]
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A couple of clients from different industries asked me to comment about their intended price increase, so I wrote about the “7 Options to Increase Profit Without Increasing Price“. This is a follow up article to those without any other recourse but to increase price. In other words, this is to prepare for a Plan B scenario if any of the […]
Costs of goods and services have gone up because of the recent oil price hike which has multiplying effects along the value chain. The usual option considered is to increase price. As part of good governance practices, many companies require executives not just to show actual and expected cost increases but also alternatives to avoid any price increase during sensitive […]
Thank you for the comments and messages from readers regarding my article “Decoding Taylor Swift Concert Economics (see Josiah Go’s blog https://josiahgo.com/decoding-taylor-swift-concert-economics/).” I have received more questions to answer and additional information to share. Let me share some data from the perspective of Singapore. If we analyze Singapore as an institution, its tourism market share versus competitors has been declining, […]
(Note: This talk was delivered at the 20th MarkProf annual Marketing Leadership Bootcamp, a transformative eight-Saturday free training program in marketing and business. Out of 1000 graduating collegiate student leaders nationwide who competed for a limited 25 slots, participants had the opportunity to engage with distinguished speakers, delve into topics not typically covered in academic settings, and benefit from personalized […]
Companies often think offering massive discounts, like 50% off or more, is a smart way to attract customers. It might bring in a lot of sales initially, but let’s take a closer look. The people it draws in the most are bargain hunters – those who love a good deal but might not stick around to buy at regular prices. […]
In this exclusive interview, Joaquin Sy, former Secretary-General of the Federation of Filipino-Chinese Chamber of Commerce and Industry, and past President of Kaisa Para sa Kaunlaran, an organization dedicated to integrating Chinese culture into the wider Filipino community, delves into the intricacies of Chinoy consumers. Our discussion explores various facets of the Chinoy culture, values, and experiences, with the goal […]
Shark fin soup may exude an air of luxury and prestige, often gracing the tables of traditional events such as weddings and banquets. However, a darker reality shrouds the acquisition of shark fins, giving rise to ethical and environmental concerns. Sharks are frequently captured, subjected to the cruel removal of their fins while still alive, and callously tossed back into […]
Starting a business is like setting off on an exciting journey, but it’s not always a smooth ride. As you venture into the world of entrepreneurship, some key ideas can steer you towards long-term success. Let’s break down these marketing principles in a way that’s easy to understand for budding entrepreneurs. Principle no. 1. Awareness Before Revenues: The Power of […]
Bacolod-based social entrepreneur and marine engineer, Auke Idzenga, has been residing in the Philippines since 1985. His remarkable work in providing clean water to 600 remote villages, previously devoid of easy and convenient access, is truly inspiring. On behalf of his organization, the Alternative Indigenous Development Foundation, Inc (AIDFI), Auke received the Ramon Magsaysay Award in 2011 and has recently […]