Program Description
Pricing is one of the most flexible and multifaceted elements within the marketing toolbox, yet we often miss pricing opportunities because we address pricing as a separate and narrow discipline. The allure of changing price relates to its status as the marketing element with the greatest impact on both profitability and market share. Yet, in undertaking pricing actions to achieve short-term outcomes firms underestimate their long-term impact on firm positioning, and on their ability to optimize profitability.
This powerfully pragmatic course teaches participants how to integrate pricing into the company strategy and how to avoid the major pitfalls that have gotten us intro strategic problems by way of pricing ‘solutions.’ During this two-day workshop we examine how to better address pricing within the context of company profitability and what to do in response to competitive and customer pressures to cut price. We also present a framework to improve pricing competence in the organization, linking value to price, and developing a structured approach to identifying and correcting pricing challenges, both of strategy and execution.
- Understand commonly used approaches to pricing, their use and potential pitfalls
- Learn how to respond strategically to competitive pricing moves
- Learn how to perform financial analyses to improve pricing decisions
- Operationalize principles of value monetization and communication
- Acquire tools to price in the context of value and price sensitivity customer segments
- Learn how better frame prices and to leverage principles of price psychology
