Mark Cohen, Columbia GSB Professor and former CEO of Sears Canada, Lazarus and Bradlees, discusses the evolving approach of using technology in order to make more informed decisions on new product design, selection and pricing.
Cohen recommends that retailers identify their customers and determine their preferences before assigning product pricing.
“Some brands afford you pricing power, if you have assortments that are exclusive to you. Other brands are open market. At the end of the day, the consumer has a tremendous value orientation — she always has, she always will.”
Mark was also a panelist at First Insight’s “Big Ideas” session: "Everyday Low Pricing? Promotions? Markdowns? How to Get Entry Pricing Right!" In case you missed Mark during our Big Ideas Session you can replay the panel discussion by clicking here.