Pricing Strategy
Analyse product, organisational and market factors, trends, pricing scenarios and valuation models to develop effective pricing strategies for products and solutions
Type
Functional
Competency Area
Product, Sales and Market Management
Levels
Analyse market trends, internal & external factors on product and solutions pricing
Monitor statistics on sales contribution margins, consumer demand, product performance
Keep up to date with pricing trends and best practices
Track pricing levels and tactics employed by competitors
Identify internal and external factors which may impact pricing strategy as part of due diligence
Conduct price modelling to determine feasibility of pricing strategies
Analyse information collated to assess impact of internal and external factors on pricing
Implement pricing strategy as outlined by pricing guidelines
Track effectiveness of pricing policies
Identify different customer segments that may necessitate different pricing plans
Adapt pricing plans based on analysis of both internal and external factors
Determine valuation and/or cost of product and solutions to inform pricing strategies
Recommend optimal pricing levels for products or services based on analysis of both internal and external factors
Evaluate pricing scenarios from identified price points
Implement mechanisms to enable pricing agility and adaptability to competitor or consumer patterns
Adapt pricing plans taking into consideration customer buying patterns, competitor offerings and product performance
Develop monitoring processes and systems to assess effectiveness,, profitability and feasibility of pricing policies
Evaluate the effectiveness of agreed pricing policies in line with key success indicators
Analyse past sales performance to support development of an appropriate pricing strategy
Articulate impact of changes to existing pricing strategies
Establish mechanisms to allow for pricing agility with changing needs
Determine appropriate pricing strategies for products and solutions
Establish processes to adapt pricing strategies in a quick and agile manner
Determine need for and endorse pricing adjustments in view of market circumstances and industry pricing trends
Direct different pricing strategies and plans for different customer segments
Establish key business success measures for evaluating effectiveness of pricing strategies
Evaluate the effectiveness of agreed pricing policies in line with key success indicators including feasibility and financial profitability