The lesson here is to learn what drives customer purchases and use it to tell a good pricing story. Uber’s value-advantaged and it’s resulted in greater profit margins. The convenience factor is a big reason people pay for Uber, and why the higher fares during peak hours are acceptable to some customers. While cab drivers screened me – “depends where you’re going?” – my colleague had known the exact make and model of the car en route, approximate fare, the driver’s rating and name before either of us stepped onto the curb. As I left, the client jumped into a waiting Uber car while I tried to find a cab during rush hour on a rainy, cold day. I was in New York City a few weeks ago for a meeting with a client. In spite of the significant media backlash, Uber has still attracted a loyal fan base, largely because it delivers on its promise of superior service. The perception of value is lower, and Uber will drop its price until there are both fewer cars on the road and fewer requests for rides – that is, until market demand matches supply.įrom a long-term price optimization standpoint, quickly adjusting rates according to customers’ willingness-to-pay in a very competitive market, makes Uber well-positioned to maximize the value captured from each customer ahead of fierce competition. Of course, if too many customers reject the price, the models validity is called into question. Uber’s rates can go as high as 8Xs the normal price when demand is greater than its supply. This ‘smart’ model is what helps Uber adjust prices so quickly when any one variable changes, effectively fast-tracking the painful process of developing a pricing strategy from scratch.Īnd it’s ultimately Uber’s customers that accept or reject the fee, including higher rates during peak periods. Leveraging this information, Uber then generates the optimal price at different times of the day, week and month. Getting back to Uber’s core pricing algorithm, powered by sophisticated big data analytics and rich customer insights, the model incorporates price elasticity and other variables like geography, to predict demand and supply. It Never Pays to Play the ‘Guessing Game’ Casual drivers are less likely to drive during ‘normal’, less lucrative periods. The company tries to entice more cars on the road with higher prices or vice versa. Likewise, Uber’s drivers can turn on or off their availability at a whim. Whichever was of greater need was in higher production. When demand for either pulp or paper changed, the plant was designed to adapt its capacity accordingly. Its capacity model is reminiscent of a former client in the pulp and paper industry. Like airlines and hotels, prices are largely based on how close the service is to full capacity. On the subject of the 5Cs, it’s tough not to mention Uber’s unique capacity model as well. Another important factor is customer willingness-to-pay. While fares in traditional taxis begin at a base fare, calculated according to vehicle and fuel costs among other things, Uber’s overheard is only one of many variables filtered into their much hushed-about pricing algorithm. However, Uber gives us an example of how limiting cost-plus pricing can be. Insight into costs is essential to being profitable. But you must consider all of the 5C’s in order to have a 360 degree view of pricing and enough information to develop a comprehensive pricing strategy. Often companies get hung up on one or two elements, and in particular, put too much emphasis on cost. Costs, competition, capacity, conditions and customers of course make up the 5Cs of Pricing. Let’s not forget about the 5 C’s of Pricing. Most recently, new legislation has even been proposed a ban to surge pricing in the U.S.ĭespite Ubers pricing controversy we could all learn a lesson or two in pricing from Uber. Of course it’s also been the source of much controversy. Uber’s dynamic pricing strategy has always been a critical driver of its success. Six years later, Uber has cars in over 50 countries and ended 2015 on a high note, with a whopping $50 billion evaluation, and more than doubling the company’s worth in just half a year. Ever since Uber first appeared in San Francisco neighbourhoods it has strived for rapid growth and expansion.
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It seems obvious that you should do so to achieve optimal results. Why would you not take the opportunity to leverage that knowledge to make decisions about how you will structure your life going forward? You now know that the Pareto principle is real and has existed for virtually all of human history. Why should you use the Pareto principle for time management? We want some consistency in how rewards are distributed, which is why we have always stuck by a system that showers those who provide the most effort into their work with the bounties of those efforts. The Pareto principle appears to work in many areas of life simply because that is how humans have always structured their affairs. Thus, many of the rewards in life go to a select group of people with the talents necessary to achieve those heights in life. Humans tend to reward exceptional efforts made by various individuals (think about how much compensation professional athletes receive, for example). It seems as if this is something that exists in the fabric of human existence itself. However, it also appears in many other places throughout the world. He first observed it in terms of the uneven wealth distribution in his home country. From 1906 when the Italian economist Vilfredo Pareto first discovered the principle, until now, we see this principle in action all over the world. It is one thing to understand that the Pareto principle exists and works, but it is something else to know why it works. Why does the 80-20 time management rule work? When you start to put more of your efforts into the work that will yield more results, you can start to gain momentum on your overarching goals. The Pareto Principle can help you put the time in your day towards the things that matter. Putting the Pareto principle to work in your own life is possible. They are likely putting in extra hours and taking on additional assignments to maintain high-performance levels. They understand what needs to be done and work diligently to make it happen. They are a small minority of people, but they are getting it done. Those are the people who are consistently churning out top-notch performances for the company regularly. They can review employee performance and see where their standout superstars are. One may easily see the 80-20 time management rule at work when pouring over numbers. People like that they can apply something like the Pareto principle to something in their life that has hard numbers (such as business growth). The Pareto principle may be applied to virtually every aspect of life, though it is most often used for business and industrial purposes. When you apply it to your life regularly, you can achieve much more than ever. You should make sure that you keep the 80/20 rule in your mind at all times. Ignoring the hard math right before our eyes regarding time management is a recipe for disaster. Thus, the 80/20 rule may be used to ground us back into the type of work that truly creates value in our lives. When we dedicate too much time to other pursuits, it is easy to lose sight of the fact that we are putting too much effort into activities that will ultimately not reward us nearly enough. In these high-yield/low-effort activities, we should invest our focus and energy. Why is the 80-20 rule important in time management?Įighty percent of your results will yield just 20 percent of your effort. Interestingly, this principle continues to hold up repeatedly under various conditions and as a result of various factors that are often beyond our understanding. 80% of traffic accidents are caused by 20% of drivers.
probably because we've been sort of keeping a low profile for a while and not talking about ourselves too much. It's probably the most positive record we've made, and the band have been, yeah, the most optimistic we've been since before we had any encounter with the music industry. the mood of those people when they recorded it, and there were quite a few things that sort of came up as ideas, but Right Thoughts, Right Words, Right Action seemed to sum it up best. You also want to choose something that reflects not just the mood of the record, but the mood of the people who made it. I think when you name a record, you have to choose something which you feel reflects the record or that collection of songs. Kapranos had talked about the background of the album title in a documentary about the album: Maybe the album is about how to shed those scales." Album title Socially awkward asthmatic with a self-consuming imagination. I've always liked the lead character in Alasdair Gray's Lanark growing the hard scales to defend the soft inner-self from the world. The idea of the cynic's search for optimism and the sceptic's search for a manual crop up here and there. Kapranos described the album direction as "forward" and revealed that the band decided to keep a low profile about things as their last album was "tainted" by misinformation prior to its release. Instead of recording all the music at once, they sought out to record different batches of songs over a period of time. The band recalled having about five or six sessions of recording. According to band drummer Paul Thomson, most of the material on the album had been written and demoed at Sausage Studio and Black Pudding. The album was recorded during 2013 at Alex Kapranos' Black Pudding Studio in Glasgow, Scotland, Nick McCarthy's Sausage Studios and Mark Ralph's Club Ralph in London, England, and Björn Yttling's Ingrid Studio in Stockholm, Sweden. The band previewed many of their new tracks at live performances over 20. The album spawned six singles: " Right Action", " Love Illumination", " Evil Eye", " Bullet", " Fresh Strawberries", and " Stand on the Horizon". It also had a significant commercial performance, with the album charting in the top 10 in several countries, including the band's home country of Scotland, where it peaked at number 2, and the UK, where it peaked at number 6. The album received generally favourable reviews from music critics upon its release. Band member Alex Kapranos, who provided production on the album, labeled it the band's "most positive record", stating that the album title reflects the mood of the album as well as the mood of the band members during the recording of the album. The band focused on making a generally positive and uplifting album with Right Thoughts, Right Words, Right Action. Similar to Tonight, the album features more of a dance-oriented sound throughout. It also features production from a number of musicians. Recorded during 2013, the album was recorded in multiple studios in different locations. It is also the band's final album to feature guitarist Nick McCarthy. It was the band's first studio album since Tonight: Franz Ferdinand, which was released four years earlier. It was released through the Domino Recording Company on 26 August 2013 in the United Kingdom and on 27 August in the United States. Right Thoughts, Right Words, Right Action is the fourth studio album by Scottish indie rock band Franz Ferdinand. It is only when Orpheus expresses his regret, and his desperation to be reunited with Eurydice even if that means travelling to Hadestown that Hermes softens to him again and agrees to help. When Orpheus appears, asking Hermes where Eurydice is, Hermes is curt and cold with him, ‘Why do you care? You’ll find another Muse somewhere?’. However, as far as sea-dwelling monsters of the deep go, the Sirens were considered some of the most formidable foes. The crew encountered Harpies, Talos, and some fire-breathing bulls. He convinces Hades and Persephone to let Eurydice go, but her release comes with a catch: Eurydice must walk behind him as they ascend to the upper. During his adventures with the Argonautic expedition, Orpheus encountered some of the most fearsome creatures from Greek mythology. Overcome with grief, Orpheus travels to the Underworld to bring her back to life. After Eurydice descends to the Underworld, Hades turns against Orpheus completely. Orpheus and Eurydice get married, but later that night, Eurydice is bit by a snake and dies. Hades lets Orpheus lead Eurydice out, knowing that he’s likely to fall (Men are weak, men are frail / Give them the rope and they’ll hang themselves sing the Fates). Initially Hermes’ tone when talking about Orpheus is admiring and affectionate – ‘Orpheus was a poor boy, but he had a gift to give: he could make you see how the world could be… in spite of the way that it is.’ This changes as Orpheus continues to ignore Eurydice’s worries and Hermes becomes more stern and harsh with Orpheus, ordering him to ‘Look up!’. This is most apparent in Hermes’ relationship with Orpheus. Hades, for example, is consistently referred to in negative terms, while his wife Persephone is generally referred to positively. Similarly, Hermes’ reactions to the characters indicate how sympathetic they are in the narrative. Determined to get her back he follows her down, wins her freedom and, as in the original myth, loses it again, separating them both forever. Even the rulers of the underworld were moved by h. When Orpheus returns, he learns that Eurydice has boarded a train to Hadestown. Here, before the King and Queen of Hades, Orpheus sang his sad, sweet song and pleaded to have his bride back. He stepped out to the sunlight, to the grass, To fields where honey bees were singing songs, To where the wars of. Orpheus is focused on his song and so does not notice as Eurydice grown more desperate. Shortly after they get together, winter returns and food grows scarce. His plans are stymied when he meets, falls in love with, and marries Eurydice. Orpheus is a young man with a musical gift, and plans to write a song so beautiful that it turns the world back the way it was. As a result of Hades and Persephone’s marital discord, spring and autumn have disappeared form the world, (‘ it’s either burning hot or freezing cold’) with Hades keeping Persephone with him longer and longer, and then collecting her earlier and earlier each year. Set in a world where the estrangement of Hades and Persephone has spilled into the mortal world, ‘Hadestown’ remains very close to the original legend, while adding to and developing the source material. The joke is everybody in Hollywood is a fake-ass stooge who got lucky, but nobody more so than Smith, who had to essentially strong-arm all his famous friends into appearing in his film. “People love monkeys!” he reassures Shannen Doherty, also playing herself, who starred in Smith’s Mallrats and likely owes him a favor too. Likewise, the late Wes Craven helms a Scream sequel featuring an ape as Ghostface. When prompted to direct by a couple pissed off actors, Van Sant responds, “I said I’m busy” (Ben Affleck and Matt Damon play themselves as a favor to Smith, of which they inform the audience by breaking the fourth wall and looking directly to camera, utterly unamused). Take, for instance, Gus Van Sant’s hilarious cameo, which finds the esteemed filmmaker quite literally counting stacks of money. The chubby kid who grew up in Highlands, New Jersey might have always dreamed of making it in Los Angeles, but Smith’s affection for the entertainment industry just makes it easier for him to poke fun at it. Though they can still enjoy the various pops at Hollywood that Smith, a long-time industry nerd who still regularly reads Variety and The Hollywood Reporter just to keep abreast of upcoming projects, is well-positioned to make. Suffice to say, anybody looking for an entry point into the View Askewniverse should start elsewhere since those without a working knowledge of Smith’s oeuvre will be hopelessly lost. Jay and Silent Bob Strike Back is a Marvel team-up movie released long before Marvel team-up movies were even a thing, featuring characters from Smith’s entire back catalogue and even including a couple played by the same actor - Jason Lee portrays Banky Edwards and Brodie Bruce at different points in the movie, with only a backwards baseball cap and slight change in facial hair denoting it’s a different person. |
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