Price is Right - Pricing is where managers feel the most...

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Pricing is where managers feel the most pressure to perform and the least certain they are doing a good job o Believe it’s dictated by the market o Slight improvements yield significant results To improve pricing capabilities, focus on the PROCESS, not the outcome All successful pricing efforts share two qualities: Complements MARKETING STRATEGY o Pricing send s a message to the market, giving customers an important sense of a company’s philosophy o Consistency of price and marketing mix Process is COORDINATED o Input from diverse sources is necessary o Need process in place to resolve conflicting objectives effectively o Create a unified whole from all the pieces Eight Steps to Better Pricing (setting and monitoring decision) Assess what value your customers place on a product/service o Must think about how customers will value the product o Let value as perceived by the customer be the driver of price Look for variation in the way customers value the product
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Price is Right - Pricing is where managers feel the most...

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