Lechi: Ndubuisi, after school, you will manage the yam store in Oriendu Market. And once it is about 3.30pm, cut the prices as follows….
Ndubuisi: Thanks Grandma. I have noted as you said, and will be leaving school as soon as possible to join in the market.
Good People, join me tomorrow as we discuss the physics of product pricing and what we can learn from what happens in Oriendu Market Ovim to the Wall Street trading desks in New York City. In Oriendu Market, the prices of everything will drop once big merchants and traders from Umuahia, Aba and Okigwe, begin to leave for the day. In other words, everyone knows that anything you do not sell by 5pm would likely have to go home, with the risk you can lose that item before the next major market day (in 8 days). (Limited storage facility for agro produce remains a big challenge). So, once it gets to 3.30pm, you mark everything down on prices.
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In Wall Street, they have their own playbook. How do you price equities and financial instruments? What is the business model of that firm, the grand logic of how that company plans to make money?
Today in Nigeria, how do you price in this age of challenging economic paralysis? Value-based? Cost-based? Or derivative pricing methods like sachetization, BNPL, etc? Join me at Tekedia Mini-MBA live tomorrow for the physics of product pricing, and how pricing can provide competitive positioning in your business. Pick a seat in our next edition here
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