Mack Hanan - Competing on Value

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title	:	Competing On Value
author	:	Hanan, Mack.; Karp, Peter.
publisher	:	AMACOM Books
isbn10 | asin	:	0814450369
print isbn13	:	9780814450369
ebook isbn13	:	9780585023281
language	:	English
subject	Marketing management, Pricing.
publication date	:	1991
lcc	:	HF5415.13.H28 1991eb
ddc	:	658.8/16
subject	:	Marketing management, Pricing.

COMPETING ON VALUE Mack Hanan and Peter Karp amacom American Management Association

This book is available at a special discount when ordered in bulk quantities. For information, contact Special Sales Department, AMACOM, a division of American Management Association, 1601 Broadway, New York, NY 10019. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. Library of Congress Cataloging-in-Publication Data Hanan, Mack. Competing on value/ Mack Hanan and Peter Karp. p. cm. Includes index. ISBN 0-8144-5036-9 1. Marketing management. 2. Pricing. I. Karp, Peter. II. Title. HF5415.13.H28 1991 658.8'16-dc2090-22951 CIP 1991 Mack Hanan and Peter Karp. All rights reserved. Printed in the United States of America. This publication may not be reproduced, stored in a retrieval system, or transmitted in whole or in part, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of AMACOM, a division of American Management Association, 1601 Broadway, New York, NY 10019. Printing number 1314 151617181920

To Don Massaro, who asked us the right question: "What do I need you for? " We told him: "So that your own people will have the right answer when your customers ask them the same question."

Page vii Contents Preface ix 1. The Value Strategy 3 2. Know Your Value 28 3. Price Your Value 61 4. Sell Your Value 90 5. Control Your Value 115 Index 143

Page ix Preface How many times has this happened to you? You are sitting across from a major customer. He tells you that he is considering awarding 100 percent of your category's purchases to you or to your number one competitor. He agrees that your product has a quality advantage and he may prefer certain other aspects about dealing with your company. But your competitor has made a significantly lower price offer and, after all, the quality difference between the two of you is not all that great. Your product may be superior but your competitor's product is good enough. If you can see your way clear to meeting his price, which is discounted by 25 percent compared to your own discount of 15 percent, the customer might be predisposed to favor you. Otherwise, you will probably be out of the picture for the next twelve to thirty-six months. What do you do? Hold your margins, which are already discounted, and risk losing the business-and perhaps losing the customer as well-or do you buy volume business at a low-profit or no-profit price? In situations like this, you must have thought time and again how advantageous it would be if you could avoid this kind of no-win scenario or figure out a third alternative to losing business or losing profits. There is a third alternative, but it requires a very different selling strategy. Using Exhibits A and B of Value Instead of sitting across from a major customer, you are sitting side by side, the way partners do. The customer is

Page x different, too. Instead of being a purchaser, he or she is a manager of either a customer business function or a line of business that you can affect-in other words, a cost-center manager or a profit-center manager. You have only two things to show and tell, neither of which will be your product or service. One of your demonstrations, Exhibit A, is a 3 x 5 card that contains either the average range within which you normally can reduce the key cost contributions made by the manager's business function or, if the manager runs a line of business, the average range within which you normally can increase such a business's contributions to sales and earnings. These are your

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