Pricing is one of the most difficult decisions that a manager can make. Many see it as complicated, risky and even terrifying. The reality is rather different. As long as you understand a few of the ground rules, you will not go too far wrong in your pricing efforts. One of the rather daunting issues is that there are as many opinions about how to set price as there are managers offering them. Some of the advice is sound, solid and pragmatic. Other suggestions are wrongly founded, based on half understood premises or just plain stupid. We review no fewer than 18 such myths, offer rational responses to them and explain the theory behind the answers. This will enable you to recognise an 'urban legend' when you hear one, and how to deal with it confidently and unambiguously.
On completion of this course, participants will have a greater understanding of:
- The core elements of theory that you need to understand pricing strategies
- The importance of segmentation, value and differentiation in making effective pricing decisions
- Analysing wrong thinking in pricing and come up with better ideas
- Contributing knowledgeably to management discussions on pricing and pricing strategies
- The behavioural implications of budgeting
Authored by: Harry Macdivitt BA, MSc, MBA, FCIM, FIBC, CMC
Harry is the co-owner and director of Axia Value Solutions, a consultancy company specialising in value based sales and marketing strategies. Harry has assisted a large number of organisations with their pricing and general business strategies including Nokia, BT, IBM, Lucent, Siemens, Philips, Boots and Michelin.
CPD Points: 1.5
CPD Duration (hours): 1.5
Access: 12 months from purchase date