The moment you create something, a new service or product, you will need to decide how much you are going to charge for it. As such, pricing is an immensely important topic. Pricing tactics and strategies are important to enable you to maximise profits. Unfortunately, many of us are unaware of the latest developments and breakthroughs on understanding human psychology and decision making which can significantly influence pricing decisions.
What will you learn
The purpose of this one-day course is to prepare participants to address strategic and tactical pricing across a wide range of pricing practices. Participants will learn how to choose prices based on their strategic planning, customer psychology, intended brand, competitors and marketing strategies. It is ideal for product managers, high level managers, management consultants, entrepreneurs and the self-employed who offer their products and services directly to customers.
Align your pricing strategy with your market
Most successful business people are busy developing their ideas into useful products or services and a pricing strategy can sometimes take a back seat or become an afterthought, rather than part of the overall business strategy. Quite often business owners are worried about pricing themselves out of the market, in some cases they\ overestimate market tolerance and place their prices too high. This course aims to efficiently provide a set of handy tools and proven guidelines to help participants align their pricing strategy within their market.
The course answers questions such as: How do you determine a price for a product? What is high-low pricing strategy? How would you know if the current price is suitable? How should you respond to competitors when they change their prices? What is segmentation strategy? How can you influence customer behaviour to boost profits?
The course uses examples and case studies to illustrate key points and examines real-world examples from some of the most successful corporations in the world. The course uses the research, discuss and implement learning approach rather than the more usual lecture based approach.
