About
With increased globalisation and competition, pricing is a burning issue for many businesses.
This course has been designed to develop and improve your organisation’s pricing strategy. During this course you will learn to assess your pricing opportunities, utilise tools to measure value, understand the implications of product and market life cycles and determine when and how to increase price or stem price erosion.
You will lean to develop value pricing tactics to improve profitability and reduce your exposure to under-pricing of over-pricing your product. In just two days, you will have new ideas and tolls that you can immediately apply to your business.
COURSE OBJECTIVES
- Develop pricing strategies that drive sales and profits successfully
- Build strategic pricing capabilities within your company
- Develop a template that provides a structure to identify the most profitable pricing opportunities
WHO SHOULD ATTEND
- Pricing Analyst & Strategist
- Sales Managers
- Product Innovation Manager
- Product Manager/Director
- Trade Marketing Manager
- Commercial Pricing Manager
- Marketing and Communications Manager
- Commercial Analyst
- Business Analyst
Outline
Strategic Pricing: The Background and Theory
- Competitive pressures
- The profit drivers
- Pricing theory
- Supply/value chains
Strategic Pricing: The Importance of a Value-Based Approach
- Linking pricing to strategy and the significance of segmentation
- The 3C’s of pricing — customer value, competitors’ prices, and your costs
- Creating a framework to evaluate where to set price: based on customer value, costs, the differential advantage (competitors), and the company’s strategic objectives
Improving Pricing Decisions: Why You Must Relate Benefits and Customer Value to Price
- Measuring customer value — tools that rely on managerial judgment and formal market research
- Distinguishing between attributes, benefits, and values for effective pricing
- Segmenting based on customer dimension — the foundation for effective pricing Using Tools to Establish and Measure Value
- Conducting a perceived value analysis
- Evaluating the perceived value map to develop strategic pricing options
- Reference pricing
- Price points
- Price sensitivity
- Measuring price elasticity
- Conducting a break-even analysis
- Conducting a pricing study with market research tools
Pricing Situations
- Determining your position on the product or technology life cycle
- Pricing new technologies and new product introductions
- Pricing during competitive turbulence
- Pricing for mature markets
- The competitive bidding situation E-Commerce and the Internet
- Pricing and e-commerce
- Internet pricing issues
Increasing Prices
- Why price cutting is dangerous
- Marginal pricing
- Premium pricing
- Managing aggressive competition
- The value of the brand
- How the product is offered
- Evaluating other pricing influences
Assessing your Leadership in the Market
- Understanding the link between pricing, strategy, and segmentation
- Determining pricing latitude relative to elasticity
- Tiering, bundles and solutions
- Evaluating other pricing influences
Stemming Price Erosion: How to Evaluate a Pricing Problem
- Discounting and its effects
- Evaluating your differentiation
- Customisation
- Assessing the impact of branding and loyalty
- Identifying switching costs
- Determining if you have a pricing problem
Integrating Strategic Pricing Into Your Corporate Environment
- Creating a culture for effective pricing
- Linking pricing to your corporate objectives
Facilitator
James Henry
James Henry comes from an engineering background and has extensive international business experience. Having been involved in many industries from design through to marketing, his teaching and research interests in business-to-business marketing, channel management, logistics and pricing reflect this experience. His PhD was in the area of price management.
James is actively involved with the business community in a number of roles. Firstly as a consultant in the areas of Business to Business Marketing and Strategy. Secondly as an advisor and mentor for industry support projects such as Business in the Community and Business Grow. He lectures in pricing and distribution, and product and brand management.
James Henry is also facilitating:
