Managing pricing affects a company’s growth and profitability more quickly than any other decision. Most markets know the three Cs of pricing: cost sets the floor, customer willingness to pay sets the ceiling, and competitive prices set the benchmarks.
This seminar will help participants use price to achieve strategic objectives, successfully introduce new products to the market, respond to significant price competition, achieve prices that reflect the true value of their products and services. In addition, participants will learn to strategically manage pricing to defend or increase their profitability, even in highly competitive markets.
- Strategic versus tactical pricing framework
- Strategic pricing tools and applications process
- The logic of pricing decisions as part of marketing strategy
- Setting profit maximising prices
- Pricing psychology and how to measure price sensitivity
- Costing and financial analysis
- Managing price competition
- Organisational transformation
- The tactics of pricing: versioning, product line pricing, channel pricing and communication value
Key Learning Outcomes
At the end of this programme, you will be able to;
- Change customers’ price perceptions to capture more value
- Standardise discounting criteria to enable sales people respond more quickly and consistently with price offers that meet customers’ needs.
- Monetise the value of offerings you provide to customers
- Transform pricing policies to position and reposition products
- Combat increasing price pressures and recessionary blows in a down economy
- Evaluate the financial implications of pricing decisions
- Use pricing to strategically guide a business to long-term profitability, rather than to reactively solve short-term problems.
- Determine when it is best to compete on price
- Determine which value-added alternatives to price competition are appropriate for your business.