Pricing
Managing an essential pillar of profitability
“Profit has to be a means to other ends rather than an end in itself.” Charles Handy
“When a company’s profits slip, its position is tarnished. People are reluctant to buy from companies in financial trouble.” Regis McKenna
Pricing is a major source of competitive advantage – firms can compete directly and overtly on price and take market share. It also provides a way to increase loyalty to a brand or product, to enable firms to enter new markets, to sustain the life of an established product or to provide a vehicle for special offers and supporting other sales techniques. Viewed another way, if the price is wrong then the business can collapse – and at best, an opportunity is wasted.
This toolkit explains how to set a competitive price for your product or service.
Length: 11 pages
Contents:
The Benefits
Action Checklist: Pricing
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Understand the issues affecting pricing
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Review costs and understand cost structures
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Apply break-even analysis (cost-volume-profit or CVP analysis)
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Understand the market and the firm’s competitive position
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Consider using price innovations
Key Concepts
Avoiding Problems – this provides practical techniques to avoid problems and overcome potential pitfalls when pricing.
Dos and Don’ts
Key Questions
Things You Can Do
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View pricing from the buyer’s perspective
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Develop your customer’s interest, encouraging them to act now
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Build a sales culture that generates increased revenues
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Review the effectiveness of past sales techniques
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Gather customer feedback
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Use pricing to exceed customer expectations
Further Action
Further Information
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