Pricing Strategy and Tactics (SBU)
Pricing is the moment of truth--all of marketing comes to focus in the pricing decision. And yet, pricing is one of the least understood of all the activities in marketing. Evidence of the eclectic approach taken by entrepreneurs can be found in an Inc.com executive survey which polled CEOs from across the county. More than half of the respondents said they incorporated the cost/plus method for pricing, while 40 percent said they simply matched what their competitors charged, and 9 percent admitted they "guesstimated." The difference between successful and unsuccessful pricing strategies lies in how they approach the process. The entrepreneurs who squeeze the maximum profits out of their businesses are the ones who make pricing an integral part of strategy, not merely an after-thought. Strategic pricers do not ask, "What prices do we need to cover our costs and earn a profit?" Instead, they ask, "What costs can we afford given the prices achievable in the market, and still earn a profit?" You should not ask, "What price is the customer willing to pay?" rather, "What is our product worth to this customer and how can we better communicate that value, thus justifying the price?" From the fundamentals of pricing to advanced discussions on psychological theories focused on pricing formulation, this course is essential to anyone responsible for making the price decision. Topics covered by this course include: What is value? Costs Customers Competition Generic pricing strategies Segmented pricing The marketing mix Pricing psychology Life cycle pricing Specific pricing tactics Course Objectives To explain what value is and why its better to set prices on value rather than cost. To discuss the 3Cs that influence price: Costs, Customers, and Competition. To present the generic pricing strategies and techniques for segmented and lifecycle pricing. To study the effects of pricing psychology and the elements of your marketing mix. To present specific industry pricing tactics from the best entrepreneurs.
Fee: No Cost
Course is approximately 4.0 hours to 4.5 hours in length and provides over 232 animated slides complete with voiceover narration.