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The marketing magazine Horizont refers in a current article to the results of the recently published empirical inflation-pricing study by Prof. Hans-Christian Riekhof and Julius Reutel.

Marketing Magazine Horizont reports on Inflation-Pricing-Study

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Under the title “Companies set prices in inflation across the board – No desire for price differentiation”, Horizont, one of the leading marketing magazines, refers to the recently published inflation-pricing study by the PFH Private University of Göttingen. Pricing expert Prof. Hans-Christian Riekhof and Julius Reutel examined in this empirical study in 2022 how companies implement price increases.

“Rising production costs, supply chain delays, ongoing chip shortages and not least the energy crisis are causing companies to drastically increase prices. According to a current study by the Private University of Göttingen on the subject of inflation, 60 percent of the companies surveyed plan to increase prices by at least 10 percent this year, and 30 percent of the companies even want to increase prices by 15 percent or more”, Horizont reproduces some results. “There is obviously a considerable need for action, among other things due to the raw material price situation”, Horizont quotes from the study.

Further links

Full article (paywall):
Companies set prices in inflation across the board

In times of the Corona pandemic and the Ukraine war, it is a difficult task to communicate price increases successfully. Under the title "Trapped in the Price Spiral", the marketing magazine Absatzwirtschaft investigates the question of how brands can still succeed and interviews, among others, the pricing expert Prof. Hans-Christian Riekhof.

Sales Marketing on the Communication of Price Increases

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In times of the Corona pandemic and the Ukraine war, it is a difficult task to communicate price increases successfully. Under the title “Trapped in the Price Spiral”, the marketing magazine Absatzwirtschaft investigates the question of how brands can still succeed.

In the confusion of raw material shortages, tearing supply chains and record inflation as effects, it is becoming increasingly difficult for brand companies and retailers to adjust prices and to communicate this successfully. In answering the most important questions on the subject, the magazine also sought the assessment and advice of Hans-Christian Riekhof, Professor of International Marketing and expert in price management at the Private University of Göttingen.

Pricing expert Riekhof: Price controlling is underdeveloped in many companies

In response to the question of how marketing should accompany the communication of price increases, he assigns the task to marketing to announce increases and prepare end consumers for them. These messages would always also indirectly address competitors.

At the B2B level between manufacturers and retailers, the role of marketing is less. Here, marketing or product management must develop the line of argument, but the actual implementation of the price increases is the responsibility of sales, the pricing expert is quoted. Subsequently, good price controlling is required, i.e. the subsequent analysis of one’s own price strategy, “a function that is underdeveloped in many companies”, according to Riekhof.

Photo/Screenshot: ©Eva Vasari

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Links

Read the full article on absatzwirtschaft.de:
www.absatzwirtschaft.de/gefangen-in-der-preisspirale-233977

Read/download the full article as pdf:
https://www.unicconsult.com/wp-content/uploads/2022/08/Gefangen-in-der-Preisspirale-Absatzwirtschaft.pdf