Powerful Pricing Strategies

Intermediate

Formulate the winning pricing strategy

Course Code: VS03

Duration: 1 day

Overview

This Powerful Pricing Management programme provides a great opportunity for managers to learn and practise concepts and techniques, and get to grips with the latest thinking on assessing and formulating pricing strategies. The programme will provide a deeper understanding of pricing models including value-based pricing and how this enhances your critical pricing and procurement negotiation capabilities. You will enrich your knowledge about what customers really want and use these insights to define a better value proposition for your business. Through greater understanding of value-based segmentation, price elasticity and pricing psychology, you will work out when offering a discount is a smart idea and when premium pricing is the right strategy.

Who Should Attend

The programme is specifically for B2B or B2C pricing, product, marketing and sales managers. Whether you are new to the role or have pricing experience, you will benefit by attending and it does not require prior knowledge of pricing management. It will also benefit senior management teams, marketing/sales teams, or cross-functional teams focused on implementing new pricing strategies and initiatives.

Benefits

After this programme you will be able to contribute to the process of formulating pricing strategies for your own products and services. This programme has an additional focus on pricing dynamics and the reaction to and by competitors, taking a highly pragmatic approach and one that is directly applicable to your day-to-day professional life. In addition, we will also open further discussion on pricing innovation.

Learning Outcomes

• Main contemporary methods of pricing
• Value-based pricing and applications
• Key financial, economic and psychological principles relating to pricing
• Practical frameworks for assessing the value of your product or service
• How to develop innovative pricing for your organisation
• How to assess pricing strategy from a financial and strategic perspective
• Pricing best practices and building world-class pricing capabilities
• Cultivating a corporate culture for pricing
•Price setting, segmentation and new product and value proposition pricing
• Sales teams – selling on value instead of price
• Pricing roles – become equipped to successfully execute pricing
• How best in-class companies manage pricing
• Managing price increases
• How to stay focused on a value-based relationship
• How to negotiate with price-driven customers
• How to handle price objections