Description

“The moment you make a mistake in pricing, you’re eating into your reputation or your profits.” Katharine Paine

Price is a central component of the “Marketing Mix”. Therefore, setting the price of a product or service is one of the most important but least understood marketing decisions. It involves an understanding of both supply side factors such as the costs of production and demand side factors such as the consumer willingness to pay. With increased globalisation and competition, pricing is a burning issue for many business organizations.

Economic price theory proclaims that in a free market economy, the market price reflects the interaction between supply and demand; consequently, the price is set so as to equate the quantity being supplied and that being demanded. Supply and demand, and hence price, may be influenced by other factors, such as government subsidies or manipulation through industry collusion.

This course has been designed to provide participants with a solid understanding about the fundamental concepts surrounding Pricing and the Pricing Decision, which will be studied as a crossing point between economic, strategic, and behavioural considerations. During this interactive lecture, students will learn to gauge pricing opportunities, utilise tools to measure value, understand the implications of product and market life cycles; and furthermore, determine when and how to increase price or to look for price stabilization to maintain a moderate but stable level of profit.

PROGRAM OBJECTIVES

Upon completion of this course, participants will have a sound understanding about:

• Marketing Strategy and the Marketing Mix
• Cost calculation
• Environmental Factors surrounding pricing
• Methods of estimating the demand curve
• Penetration pricing
• Price discounts
• Pricing methods
• Pricing objectives
• Principles of pricing strategy
• Skim pricing

LEARNING OUTCOMES:

By the end of this course, participants should be able to:

• Develop pricing strategies that drive sales and profits successfully
• Build strategic pricing capabilities within a business
• Develop a template that provides a structure to identify the most profitable pricing opportunities
• Analyze distribution channels and determine how they can affect pricing
• Understand innovative pricing strategies like bundling and price customization
• Apply the concepts learned in the training in a variety of business contexts

WHO SHOULD ATTEND

Any business-minded individual who is interested in harnessing the power of pricing strategies to improve the profits of his/her own company or of the company he/she is working for; including:

Business Owners
Commercial Analysts
Procurement Clerks
Retail Buyers
Retail Merchandisers
Retail Sales Supervisors
Retail Salespersons
Sales Clerks
Sales Professionals
Sales Supervisors
Sales Support Professionals
Staff Members with Indirect Marketing Responsibilities