Key Learning Objectives
- Approaches to Discounting to IMPROVE sales rather than undermine them
- Research methods for identifying pricing questions and issues
- Commercial applications of understanding Price vs Value.
- Knowing when (and if) to lower the price (or increase it)
- How to Price “right”
- Fallacies and benefits of different pricing methods
- Pros and Cons of Discounting
- What price to set and when
- Increasing price without costing sales
- Judging & Measuring price elasticity
- Correct price competition
- Capitalising of the price perception ‘exchange’
- Channel specific pricing
- How Pricing fits into the marketing mix
About the Course
All too often, companies around the world struggle to reduce costs, press hard for increased volume, or search desperately for new ways to grow when significant profits are sitting there, waiting to be taken, in the form of better Pricing. Superior Pricing can help in outperforming competitors, reinforcing brand strengths, creating more bonded channel loyalty, and increasing employee morale and productivity, all the whilst delivering potently higher returns to stakeholders.
Particularly in the new era of customer price sensitivity and awareness, many organisations have fallen behind with pricing methodologies that best value their products and generate maximum profits.
This intensive 2-day workshop, suitable for B2C and B2B marketers, will empower attendees with the key initiatives, models and issues to produce creative and profit-maximising pricing strategies and tactics, in the both the short term and the long run.
Participants will complete the workshop with a wealth of knowledge in pricing strategies for coping with ever-changing market conditions and potential new sources of sustainable competitive advantage.
Unlike Pricing workshops you may have been exposed to before, this exposes the connective tissue between pricing and corporate governance, inspiring pricing that is perfect. In commercial terms, you’ll learn to understand Pricing better than any PhD academic, because you’ll be given the means by which to connect their theory to real, everyday problems.
Embrace key issues, methods and functions of strategic pricing so you can apply better pricing strategy and innovative pricing approaches. Be introduced to new thoughts, perceptions and paths to success that might otherwise stay hidden indefinitely.
Full of up-to-date material, as well as topic matter inspired by past attendees from companies like Nestle, Subway, Dell and others, one recent attendee, said, “Your Pricing Strategy workshop was the best marketing strategy workshop I have attended in my whole career!”
“This is the first time we have used a marketing consultant, which I am pleased to say, has exceeded our expectations.”
“We increased our sales of regular product lines by 50% – testimony of ability to assess the market and then select and implement appropriate sales strategies.”
Session 1: Introduction
- Meet & Greet
- Learning Goals
- Overview of the workshop
- Discussing goals, assumptions, expectations and ground rules
- Definitions, Perspectives & Basic Concepts
GROUP EXERCISE: Expectations
Session 2: Psychology of Pricing
- Price Perception
- Price and how it effects buying decisions
- The purchase decision and product type
- Buyer behaviour, understand it to master it
GROUP EXERCISE: Type classification and anticipated response
Session 3: What Academic Models lack and how to make Pricing Theory Work Commercially (and why)
- Market Segmentation & perspective
- Psychographics, Behaviour & the Demographic Trap
- Differentiation & how to Use (and abuse) it
GROUP EXERCISE: Sonite Strategies
Session 4: Being Sure (Really sure)
- Benefits & limitations of qualitative research
- Benefits & limitations of quantitative research
- The Research brief for Pricing Analysis
- Conjoint Analysis – An ideal approach?
- Sample Size & Confidence – what it means
GROUP EXERCISE: Justifying a Research investment
Session 5: Product Management & Pricing
- Product Analysis, applied
- NPD Options
- Branding for STP optimisation
- PR, ORM (Organisation Reputation Management) & Ethics
GROUP EXERCISE: Changing Price Positioning Limitations of advertising, latitude of acceptance, brand equity considerations
Session 6: Marketing Mix Issues
- Pricing Strategy at centre of the nexus
- Marrying Promotional Mix Management with Pricing
- NPD (New Product Development)
- People & Processes
- Managing “Politics”
- Consumer Pull vs Trade Push considerations?
- Blue ocean strategies using pricing tactics
Session 7: Implementing Pricing Initiatives: Marketing Planning & Strategy
- Where are you now?
- Where do you want to be?
- How are you going to get there?
- Feedback, controls & measurement
Session 8: Building Corporate Immortality
- Importance of Competitive Analysis and Competitive Intelligence
- Guidelines for Pricing Leadership
- Realities of Initiating Change and Direction with Pricing
- Inspiration from “the Greats” & where to go from here…
On-site & in-house training
Deliver this course how you want, where you want, when you want – and save up to 40%! 8+ employees seeking training on the same topic?
Talk to us about an on-site/in-house & customised solution.