Pricing is a powerful marketing tool for impacting profitability. Interestingly, many companies will tend to focus on internal efforts to boost profitability. However, many best in class companies find that the greatest area of opportunity for revenue and profit improvement is pricing. With so much at stake, then, mastering the art and science of pricing should be a key imperative.
This one day workshop develops the principles, techniques, and practices needed for developing and implementing pricing strategies. These principles have been used successfully in thousands of situations by product managers, marketers, and pricing strategists over a broad range of products and services. The workshop achieves its objectives by focusing on the key principles, decision logic, and market insight needed for effective pricing. It is organized in a format and flow that is easy to learn and apply to your own product pricing situations.
One of the underlying techniques used in this workshop is the concentration on customer value as the basis for profitable pricing. The workshop then knits together the puzzle pieces that tie together key business practices such as segmentation, positioning, strategy, promotional plans, and channel development. This helps participants bring pricing opportunities into clear focus. Complementing these important business practices is the application of economic theory, finance, and the over-arching integration with marketing planning. Lastly, this course uses a hands-on computer simulation exercise to demonstrate how all the pricing elements work together to produce a desired outcome in a highly competitive situation. This adds an element of fun and excitement to this vitally important business practice
This course is for:
Product managers and marketers who need to understand how to craft a pricing strategy, and how to integrate pricing into product and market share forecasts and desired financial outcomes
This is a one-day instructor-led workshop. It is delivered as an open-enrollment class, an on-site program. It can even be delivered in three two-hour sessions using a web conferencing tool.
Primary course elements include:
|Understanding pricing and its impact on profitability|
|Learning the most important economic principles that drive pricing|
|Responding to competitive pricing actions|
|Applying different strategies,(cost-plus, value-based, and customer driven) methods to achieve business goals|
|Identifying and calculating customer value for a variety of product attributes|
|Influencing the cross-functional team in establishing pricing decisions|
|Factoring input from market research and customer insights into the pricing equation|
|Determining the impact of various pricing decisions on other marketing mix elements|
Delivery Method: Scheduled and on-site
Duration: One-day or 3 session webinar
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