Is pricing strategy a science, an art, or even both, for you? Whatever your personal choice, we might all agree that getting the pricing strategy ‘right’ is mission-critical for almost any business. However, as with many strategic marketing decisions, we may never know what were ‘the right answers’ – or even if there were any. But we can all, most certainly, ask ‘the right questions’…
In this highly participative and flexible workshop, we will look at how our own broader business and marketing strategies must inform and guide our detailed pricing decisions, and how others’ formal research and hard-won experience might also help us – in making some of the most difficult business choices any organisation has to make, whatever our business sector.
So, we should at least discuss the wide range of both strategic and tactical pricing options open to us, how we might make these choices and execute them, and some of the key questions we may need to ask. We should also explore the infernal inter-relationships of target volumes, margins and prices, set against our desired business goals.
As you may wish, let’s also consider the relevance of market-position, segmentation and market-share in making wise pricing decisions; how to determine ‘pricing strength’ and competitive advantage; the ticklish matters of changing prices, when best to, how buyers may react and even how buyers may make their decisions in the first place; the issue of product/service life-cycles and other traps we might fall into; and perhaps above all, how we might best protect and sustain our precious margins in a fast-changing world.