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Setting price is where we lack statistical tools. Case in point: Printer-publisher with a specialty is doing well. Now wants to sell idle time available on his press. How to price it? George Accountant says use a manufacturing or full absorption cost and mark it up. Ugh.
"Hey, George, price is an external measure of the customer's perception of value-added, limited by competition. What is the customer's value perception? How do we find that out? What would competitors charge? How do we discover that?"
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