Do you want to protect profits and drive profitability under any business conditions?
Do you believe that pricing products and services are a strategic challenge that requires a different skillset for managers?
Everything in this world comes at a cost. The minute we come up with new products and services, we have to figure out it’s pricing that we are going to offer to the end-user.
Undoubtedly, the right pricing strategies and tactics are important to stay ahead of the competition, achieve profits that reflect the true value of the products and services as well for better ROI.
To arrive at the right pricing the organisation and its managers require a different insight, analysis, and perspective.
This course on Pricing Strategy and Tactics by ZOE Talent Solutions will enable you to choose the pricing strategies and tactics based on the psychology of the customer, the brand you would like to create for your product or service, and the strategies adopted by your competitors.
After you complete this Pricing Strategy and Tactics Course, you would be able to:
- Set the price of your product/s or service/s based on value rather than just the calculations
- Enhance the marketing mix to maximise profit without any monetary loss
- Determine and establish what the customers are willing to pay for
- Change the price perception of the customer for profits in the long-term
- Explore when it is right to compete on prices and when not
- Determine the alternatives to competition on pricing according to your business
We at ZOE Talent Solutions will focus on the real-life case studies to make this training impactful and application-oriented. Several activities, management games, paper-pencil exercises, role plays, videos will form a part of this highly interactive presentation. You will also have the opportunity to learn from other participants as well.
ZOE Talent Solutions follows the approach of Do-Review-Learn-Apply.
By deciding to undertake this course, the organisation will achieve the following benefits:
- Understand the current trend of the competitive pricing structures
- Own a team well-equipped to handle the price strategies during the times of challenge
- Gear for profitability by pricing rightly in times of uncertain market conditions
- Gain a competitive edge over others
- Build internal capabilities for right pricing
Participants will get the following personal benefits from this course:
- Take their business to the next level of profitability and performance
- Achievement of the expected results by a timely course correction
- Be on the road of continuous learning
- Increased productivity
- Improved morale of the team
Who Should Attend
Zoe Talent Solutions encourages this course for
- Directors of Marketing, Sales, Finance, Planning, and other departments
- C- Level Executives
- Senior Management Team
- Heads of the Departments
- Strategic Planners, Business Analysts
- Marketing Executives
- Pricing Team
- Managers, Supervisors
- Anyone who wants to become a specialist in pricing
This training program will include the following modules for your learning:
MODULE 1- INTRODUCTION
- Objectives of the pricing strategy
- Tactical pricing vs strategic pricing
- Factors responsible for Price Elasticity
- Market Segmentation, its impact on pricing
- Commonly used Pricing strategies, their advantages
- Managing Price over the life cycle
MODULE 2 – PRODUCTS, SERVICES, AND PRICES
- Selecting the right price
- Understanding the bundling strategies
- Using prices to influence behaviour
- Contextual pricing and price psychology
- A/B testing
- Systematic Biases
- Its application to pricing
- Anchoring and priming
- Their influence on customers
- Theory of Prospecting
- Its relation to pricing and decision making
MODULE 3- HOW TO MAKE CUSTOMERS ACCEPT YOUR PRICES?
- Understanding how customer processes information that affects price perceptions and judgments
- Strategies to use to make prices appear smaller
- Reframing prices to boost sales
- Use of analogy to illustrate the price of your product or service
- Understand pricing medium
- Making discounts and vouchers more appealing
- Communicating pricing effectively
MODULE 4- PRICE CHANGE
- Weber’s law
- Comparative selling
- Discount offerings in pricing
- Factors to consider while changing prices
- Creating tiered offerings to increase margin and growth
- Analytical pricing to identify opportunities for policy and process change
MODULE 5 – VALUE-BASED PRICING
- Strategic vs. Tactical
- Communicating value
- Value maps
- Pricing to cover the cost- is it beneficial?
- Pricing to achieve sales goals- is it profitable?
- Pricing for competitive advantage- does it give value?
MODULE 6 – COSTING AND FINANCIAL ANALYSIS
- Understanding the relevant costs for pricing
- Incremental costing
- Fully allocated costing
- Contribution margin
- Arriving at Break-even
- Profitability in case of price changes
MODULE 7 – MANAGING PRICE COMPETITION
- Mastering the pricing game
- Planning for profitable competition
- Using information for strategic pricing
- Managing resources for competitive advantage
- Legal issues in pricing
MODULE 8- ORGANISATIONAL TRANSFORMATION
- Building capability for pricing
- Road map for transitioning to strategic pricing
- Planning for organisational change