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Pricing skills training

Profitable Pricing Strategies & Tactics

Pricing skills training. This course deals with managing and setting pricing strategies for business organizations. It provides an organization strategies to make them willing to incorporate major issues like Meaning and significance of pricing, Pricing objectives, Factors affecting pricing decisions, Basic methods of determining price, Pricing procedure, Pricing policies and strategies. Moreover, this course deals with managing and setting pricing strategies for medium and large enterprises, and micro and small enterprises including home based business. The major topics subsumes in this course includes; contribution of effective structuring to the process of pricing, developing alternative pricing strategy”, rationale of setting pricing strategy”.

Why You Should Attend This Course:

Organizations are using pricing strategies to drive more profitable growth in response to relentless pressure to produce profits.

Although pricing is an easy-to-understand marketing mix element, changing prices can have an impact on the company, the products and portfolio. An uncoordinated pricing strategy or trial-and-error approach to pricing can reduce a firm’s bottom line.

Note: Participants are required to bring laptop for hands on exercises

Learning Outcomes:

  • Understand the framework that supports a set of pricing strategies
  • Identify customer value as the basis for successful pricing and understand how dynamic customer needs can influence pricing decisions
  • Examine the fundamental basics for pricing like the economics of supply & demand and the overall determinants of demand
  • Plan and create relevant pricing strategies for the products

Course Outline:

DAY 1

Introduction: Purpose of the course & expectations

  • Warm-up exercise: “The Price is Right”
  • Issues & Challenges with Pricing Products
  • Pricing factors: problems
  • Distinguishing successful pricing strategies from unsuccessful pricing strategies
  • Align pricing with other marketing mix elements
  • Factors Affecting Pricing Decision: Internal vs. External
  • Role of demand
  • Influences of supply
  • Elasticity of demand and the impact on pricing
  • Pricing & its relationship to forecasting
  • Pricing & regulatory environment
  • Pricing Influence Puzzle

Customers & Value

  • Industry & Competition: Porter’s Model & Market share issues
  • Costs/Profit: Impact of profitability when dealing with cost & volume
  • Marketing Mix: How it affects pricing strategies
  • Impact of Life-cycle state on products, technology & market adoption
  • Exercise: Your Pricing Strategy

DAY 2

Price reasonability strategies

Strategic versus Tactical Pricing: Asking the Right Questions

  • Why pricing “to cover costs” undermines profit 
  • Fundamentals of value-based pricing
  • Creating value – the use of EVC 
  • Communicating value and value maps 
  • Why pricing “to achieve sales goals” wastes profit
  • Why pricing “for competitive advantage” undermines value

Costing and Financial Analysis

  • Determining the relevant costs for pricing
  • Incremental costing versus fully allocated costing
  • The importance of contribution margin
  • Calculating break-even sales changes
  • Analysing the profitability of price changes

Managing Price Competition

  • Mastering the pricing “game” and planning for profitable competition
  • Using information strategically
  • Managing resources for competitive advantage
  • Understanding the legal issues in pricing

Pricing Psychology

  • Understanding how customer information processing strategies affect price perceptions and judgments
  • Determining effective pricing communication tactics
  • Managing customer risk to maximize value

Strategic Pricing Tools and Application

  • Determining the product/service economic value
  • Creating tiered offerings to drive margin and growth
  • Using price analytics to identify opportunities for policy and process change

Setting Profit-Maximizing Prices

  • The role of value
  • Segmented pricing
  • Accounting for price sensitivity factors
  • Using price to achieve strategic objectives
  • Managing price over the life cycle

Organizational Transformation

  • Building a pricing capability
  • Road map for transitioning to strategic pricing
  • Planning for organizational change

Who Will Benefit?

Any sales, marketing or product personnel of the management team whose responsibility is to develop an effective pricing and communication strategy for their products/services.

Profitable Pricing Strategies & Tactics

This course deals with managing and setting pricing strategies for business organizations. It provides an organization strategies to make them willing to incorporate major issues like Meaning and significance of pricing, Pricing objectives, Factors affecting pricing decisions, Basic methods of determining price, Pricing procedure, Pricing policies and strategies. Moreover, this course deals with managing and setting pricing strategies for medium and large enterprises, and micro and small enterprises including home based business. The major topics subsumes in this course includes; contribution of effective structuring to the process of pricing, developing alternative pricing strategy”, rationale of setting pricing strategy”.

Why You Should Attend This Course:

Organizations are using pricing strategies to drive more profitable growth in response to relentless pressure to produce profits.

Although pricing is an easy-to-understand marketing mix element, changing prices can have an impact on the company, the products and portfolio. An uncoordinated pricing strategy or trial-and-error approach to pricing can reduce a firm’s bottom line.

Note: Participants are required to bring laptop for hands on exercises

Learning Outcomes:

  • Understand the framework that supports a set of pricing strategies
  • Identify customer value as the basis for successful pricing and understand how dynamic customer needs can influence pricing decisions
  • Examine the fundamental basics for pricing like the economics of supply & demand and the overall determinants of demand
  • Plan and create relevant pricing strategies for the products

Course Outline:

DAY 1

Introduction: Purpose of the course & expectations

  • Warm-up exercise: “The Price is Right”
  • Issues & Challenges with Pricing Products
  • Pricing factors: problems
  • Distinguishing successful pricing strategies from unsuccessful pricing strategies
  • Align pricing with other marketing mix elements
  • Factors Affecting Pricing Decision: Internal vs. External
  • Role of demand
  • Influences of supply
  • Elasticity of demand and the impact on pricing
  • Pricing & its relationship to forecasting
  • Pricing & regulatory environment
  • Pricing Influence Puzzle

Customers & Value

  • Industry & Competition: Porter’s Model & Market share issues
  • Costs/Profit: Impact of profitability when dealing with cost & volume
  • Marketing Mix: How it affects pricing strategies
  • Impact of Life-cycle state on products, technology & market adoption
  • Exercise: Your Pricing Strategy

DAY 2

Price reasonability strategies

Strategic versus Tactical Pricing: Asking the Right Questions

  • Why pricing “to cover costs” undermines profit 
  • Fundamentals of value-based pricing
  • Creating value – the use of EVC 
  • Communicating value and value maps 
  • Why pricing “to achieve sales goals” wastes profit
  • Why pricing “for competitive advantage” undermines value

Costing and Financial Analysis

  • Determining the relevant costs for pricing
  • Incremental costing versus fully allocated costing
  • The importance of contribution margin
  • Calculating break-even sales changes
  • Analysing the profitability of price changes

Managing Price Competition

  • Mastering the pricing “game” and planning for profitable competition
  • Using information strategically
  • Managing resources for competitive advantage
  • Understanding the legal issues in pricing

Pricing Psychology

  • Understanding how customer information processing strategies affect price perceptions and judgments
  • Determining effective pricing communication tactics
  • Managing customer risk to maximize value

Strategic Pricing Tools and Application

  • Determining the product/service economic value
  • Creating tiered offerings to drive margin and growth
  • Using price analytics to identify opportunities for policy and process change

Setting Profit-Maximizing Prices

  • The role of value
  • Segmented pricing
  • Accounting for price sensitivity factors
  • Using price to achieve strategic objectives
  • Managing price over the life cycle

Organizational Transformation

  • Building a pricing capability
  • Road map for transitioning to strategic pricing
  • Planning for organizational change

Who Will Benefit?

Any sales, marketing or product personnel of the management team whose responsibility is to develop an effective pricing and communication strategy for their products/services.

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