Thomas Peterffy Quotes

That doesn't mean you have to have the lowest costs in the industry to succeed. But you need to make sure the activities and product attributes that increase your costs above the other guy bring in at least that much more in revenue, and hopefully more.

If we look at pricing holistically, we'll create a more solid business.

It's widely assumed that you can't compete with free, and that seems like a reasonable thing to think. But this has not been my experience.

I look at companies as price-players or quality-players. The only way to go with J.Crew was quality.

In business, every phase of things counts. Companies that just yell out a low price today to win business aren't going to make money in the long term.

Cutting prices or putting things on sale is not sustainable business strategy. The other side of it is that you can't cut enough costs to save your way to prosperity.

Cutting prices or putting things on sale is not sustainable business strategy.

In general, you don't want competitors to understand your business outside of telling people your revenue and profitability numbers.

If your goal is to provide a service at terms your customers can afford, you have to figure out how to offer your services at price points such that your aggregated costs are lower than your aggregated revenues.

It's easier to build a business around a first-class product, even if it's a more expensive product to produce.

You need to understand the market, know how you can differentiate yourself in it, and grasp the price and the functional differentiation competitive points that are going to allow you to be disruptive.

Entrepreneurship is all about an idea that creates differentiated business value to one's customers. You must be able to convince your customers about the benefits that association with you or your products will give them. People are ready to pay if they are convinced about your services or products.

Creating value isn't enough - you also need to capture some of the value you create.

Whatever business you're in - it doesn't matter - it's going to commoditize over time. It's going to devalue. You've got to keep moving it to a higher value.

... whatever business you're in, it doesn't matter, it's going to commoditize over time, it's going to devalue, you've got to keep moving it to a higher value. Keep going to a higher value in whatever it is that you do and force yourself and force the organization to always do it ahead of time

Costco pays their workers good wages with benefits while selling good products at competitive prices and remaining quite profitable.

We are market based and have to differentiate our product in many ways; pricing isn't the only one.

Never ever compete on prices, instead compete on services and innovation.

Differentiate your products, provide great service and don't even think about trying to compete with Wal-Mart on Price.

Only a few businesses will succeed by having the lowest price, so most will need a strategy that includes customer services.

The most essential thing for us was to get the business model right, then put the world-class technology under it to support it. At Merrill, that meant not doing what people expected.

When looking at trends I always ask myself basic and timeless questions about business, and the one I seem to always come back to is, 'How is this different than anything else in the marketplace?'

I do think there is a lot of potential if you have a compelling product and people are willing to pay a premium for that. I think that is what Apple has shown. You can buy a much cheaper cell phone or laptop, but Apple's product is so much better than the alternative, and people are willing to pay that premium.

I learnt the hard way about positioning in business, about catering to the right segments.

And so if your competitors aren't growing, if there isn't a competitive reason to grow, and you want focus and discipline to add customers to existing stores, you adjust your strategy.