Better pricing can't create additional value, it is about capturing more of the value that is already in the business

My view is that most businesses aren't capturing all the value they create due to poor pricing decisions. Poor systems, data limitations etc. result in leakage and the business not achieving it full potential whether in profits or business volumes. So there is value to be captured by improving pricing decisions and the processes and infrastructure that support such decision making.

My point is that good pricing alone can't compensate for a poor competitive position created by high costs, poor products, poor service or lack of brand appeal. Business improvement initiatives are needed to address these competitive weaknesses. However then good pricing has an important role in ensuring that these improvements result in the value of the improvements being retained in the business and not leaking out through poor pricing decisions.

Essentially, you can only out perform your competitors in the long term if you have some sustainable competitive advantages.