Effective Pricing Strategies & Tactics
by Tina McDowell
Why You Should Attend This Course
Organisations are using pricing strategies to drive more profitable growth in response to relentless pressure to produce profits.
Although pricing is an easy-to-understand marketing mix element, changing prices can have an impact on the company, the products and portfolio. An uncoordinated pricing strategy or trial-and-error approach to pricing can reduce a firm’s bottom line.
Note: Participants are required to bring laptop for hands on exercises.
- Understand the framework that supports a set of pricing strategies
- Identify customer value as the basis for successful pricing and understand how dynamic customer needs can influence pricing decisions
- Examine the fundamental basics for pricing like the economics of supply & demand and the overall determinants of demand
- Plan and create relevant pricing strategies for the products
Introduction: Purpose of the course & expectations
- Warm-up exercise: “The Price is Right”
Issues & Challenges with Pricing Products
- Pricing factors: problems
- Distinguishing successful pricing strategies from unsuccessful pricing strategies
- Align pricing with other marketing mix elements
Factors Affecting Pricing Decision: Internal vs. External
- Role of demand
- Influences of supply
- Elasticity of demand and the impact on pricing
- Pricing & its relationship to forecasting
- Pricing & regulatory environment
Pricing Influence Puzzle
- Customers & Value
- Industry & Competition: Porter’s Model & Market share issues
- Costs/Profit: Impact of profitability when dealing with cost & volume
- Marketing Mix: How it affects pricing strategies
- Impact of Life-cycle state on products, technology & market adoption
- Exercise: Your Pricing Strategy
Any sales, marketing or product personnel of the management team whose responsibility is to develop an effective pricing and communication strategy for their products/services.
Tina McDowell has been a trainer and consultant for the past 23 years. She has helped hundreds of people realise their potential as employees for their organisations. By making her courses highly participative, she instils a certain flavour of excitement in participants to improve at their jobs. In 1997, she inspired a group of people in Union Carbide to win the Chairman’s award for winning behaviours, productivity and costs saving.
Her experience includes conducting presentation skills, selling skills, sales & negotiations for sales executives & procurement executives. She has worked with sales executives and engineers in Nokia, Schlumberger & Texas Instrument Philippines to analyse their sales strategies to enhance partnership and engagement with the customers.
She has also done consulting work in many of the Asean countries including Singapore, Malaysia, Brunei, Thailand, Hong Kong, Indonesia, Taiwan, Korea, China, and Philippines.
18 – 19 Oct 2021
14 – 15 Dec 2021
The class offers in-class or virtual learning
- Time: 9am – 5pm
- SDF Available (Non-WSQ) Code: CRS-N-0026963
- SkillsFuture Credit eligible
- MIS Member enjoy 10% Discount
- Register for 8 or more participants to enjoy 10% Group Discount