This month, we speak with Clinical Professor of Economics at DePaul and Principal at Black & Essington Solutions, Brian Thompson, about the behavioral components of decision-making and strategy. Cognition plays a massive role in how individuals and firms make decisions that ultimately might be suboptimal. With daily updates about the impact of COVID-19 on people, organizations, and the economy at large, we discuss how a couple of industries might experience pivots in the coming year.
We had plans to host alumnus and author of “The New Invisible Hand“, Kyle T. Westra on March 13th, but the event was unfortunately canceled due to the rapidly changing environment related to COVID-19.
However, we were pleased to announce that Kyle agreed to present his Strategy Talk in a webinar format on April 29th, 2020!
From a business strategy perspective, we teach that firms should avoid competing on price because that can ultimately lead to a “race to the bottom”. However, strategies concerned with pricing can be quite nuanced in this digital age where information is plentiful for both consumers and competitors.
Kyle discusses how pricing strategies can be approached in the real world through the lens of his book, “The New Invisible Hand”. His presentation lasted 1 hour and was followed by a Q&A session.