Interview: Les Binet, co-author of The Long and the Short of It, on why volume is a cost and how discounts erode pricing power

Les Binet makes the case that two-thirds of price promotions lose money, and that cutting them could fund the bigger budgets brands need. He joins MichaelAaron and Richard to explain why volume is a cost, how discounting erodes pricing power, and when promotions can actually pay off.