About this Course

Organisations 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.

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:

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
  

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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