Pricing and Profit Strategies

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Course Overview

Pricing is one of the most important tasks that any marketer can tackle. The impact of effective pricing on the bottom line is immediate and can be dramatic. Yet many marketers avoid pricing issues - often because they see it as too complex, too difficult, or the domain of another department in the company. This course presents modern pricing concepts and techniques in marketing terms that can be applied immediately.

Audience

This course is suitable for marketing personnel who are new to pricing or have limited experience of the subject. Familiarity with basic accounting concepts and spreadsheet tools will be helpful, but not essential.

Previous participants have included sales managers, account managers, product managers, marketing managers, pricing analysts and managing directors.

Skills Gained

Organisations will benefit from:

• An improved and more rational approach to setting, managing and changing prices
• Avoiding margin loss caused by panic discounting
• The ability to present and defend prices in the context of the customers' value proposition
• The knowledge to maintain profitable prices even in a cost cutting environment

The course will enable you to approach your pricing tasks in a more logical and systematic fashion. Assessing the potential impact of your decisions on profitability by:

• Being able to analyse pricing situations
• Utilising the tools to make informed pricing decisions
• Understanding how and when to use (and when not to use) specific pricing strategies
• Understanding and being able to apply basic psychology to pricing decisions
• Knowing when and how to apply specific pricing tactics
• Being able to calculate the profit impact of different pricing approaches and selecting the most suitable one for your situation

Course Outline

• Describe and use key accounting concepts, theory and economics as applied to pricing decisions
• Understand and apply techniques such as competition based pricing, cost plus pricing, market pricing and value based pricing
• Understand the advantages and disadvantages of alternative pricing approaches
• Understand how pricing approaches change as the product progresses through its life cycle
• Add economic value to customer concept and use this when pricing new products or services
• Understand and apply a range of pricing tactics, achieving competitive superiority
• Deal with current issues such as price competition, price negotiation, discounting, commoditisation and price wars

Pricing and Profit Strategies / 0201