He has a Ph.D., M.S., M.A. Stanford University; an MBA from IIM, Ahmedabad; and a BTech from IIT Delhi. He was recognized for the best academic performance in his class for each of the two years he studied at IIM Ahmedabad, a merit scholarship at IIT Delhi, and the President’s Gold Medal at Punjab Public School, Nabha.

Professor Raju is the past Marketing Editor of Management Science and the Past President of the INFORMS Society for Marketing Science. His main areas of research include competitive marketing strategy, pricing, retailing, sales promotions, sales force compensation, corporate image advertising, and strategic alliances. He has supervised 12 doctoral dissertations to date. He coordinated the Wharton Marketing Department’s PhD Program. He serves on Wharton’s Academic Personnel Committee, and Globalization Committee.

His research papers have won the John DC Little best paper award (twice), the Frank Bass dissertation paper award (twice) and several other recognitions. He has received several teaching awards, some of which include the George Robbins Teaching Award and Marketing Teacher of the Year while he was at UCLA; Wharton Executive MBA Teaching Awards; Wharton Miller-Sherrerd Core Teaching Award, and the Indian School of Business Teaching Award. Professor Raju teaches the core marketing class and the pricing elective at Wharton.

Professor Z. John Zhang is a Professor of Marketing and Murrel J. Ades Professor at The Wharton School of the University of Pennsylvania. He earned a Bachelor’s degree in Engineering Automation and Philosophy of Science from Huazhong University of Science and Technology (China), a Ph.D. in History and Sociology of Science from the University of Pennsylvania, and also a Ph.D. in Economics from the University of Michigan.

Prior to joining Wharton in 2002, John taught pricing and marketing management at the Olin School of Business of Washington University in St. Louis for three years and at Columbia Business School for five years. In the past eight years, John has also taught pricing to over two thousand Chinese executives in Mandarin as part of Wharton’s executive education and other outreach and collaborative programs. He also won the 2003 EMBA Electives Teaching Award for teaching pricing to Wharton EMBAs.

John’s research focuses primarily on competitive pricing strategies, the design of pricing structures, and channel management. He has published many articles in top marketing and management journals on various pricing issues such as measuring consumer reservation prices, price-matching guarantees, couponing, rebates, targeted pricing, access service pricing, choice of price promotion vehicles, channel pricing, price wars, and the pricing implications of combative advertising. In recent years, he has also developed a keen interest in the movie and telecom industries. He has also published a number of articles in Chinese on pricing and retailing issues in China. He currently is collaborating with scholars in many countries to explore various pricing and channel issues in emerging markets and beyond. He won the 2001 John D.C. Little Best Paper Award and the 2001 Frank Bass Best Dissertation Award, along with his co-authors, for his contribution to the understanding of targeted pricing with imperfect targetability.

As part of his service to the marketing community, John serves as Associate Editor for Quantitative Economics and Marketing. He is also an area editor for Marketing Science and Management Science.

Introduction  Fingerprints of the Invisible Hand     1

Chapter 1    "Pay As You Wish” Pricing     19

Chapter 2     Why the Best Things in Life Are Free     41

Chapter 3    The Art of Price Wars     59

Chapter 4    Thinking Small     79

Chapter 5    The Automatic Markdown     101

Chapter 6    Name Your Own Price     119

Chapter 7    Subscribe and Save: Pricing for Marketing Profitability     139

Chapter 8    The Snob Premium     161

Chapter 9    Pay if it Works     181

Chapter 10  Conclusion     201

Index     207

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