In his experience with Amazon, they do change prices. The closer you get to an event, whether it's a rock concert or sporting event, you see prices go down. If you are in a business where your product or service doesn't get quote unquote scalped, how do you know if you've got it right? I always ask people on the front line, you know, because they deal with customers.
With rapidly changing markets and emerging technologies, setting the right price is harder than ever. But pricing strategy consultant Rafi Mohammed tells HBR IdeaCast host Sarah Green Carmichael that it’s possible to make better decisions about pricing if you understand how pricing and demand interact in your business and you have good market research to guide you.