Fundamentals of Retail Pricing Planning

Key Competencies Addressed

Primary: Retail Pricing & Promotion
Secondary: Analysis & Insights, Financial & Business Acumen

Description

This course is designed to review the evolution, rationales and the key tools and techniques in setting retail prices. Participants will build awareness and experience by working with realistic case studies that trace understanding of competitive prices, evaluating various potential corporate pricing strategies and their consequences to a particular category, and plan for the implementation and evaluation of price change execution... Each step in the planning and implementation process will be illuminated through real-life industry examples. An overview of the latest available pricing optimization tools is also included. Finally, participants will learn practical techniques that will enable them to apply their learning the very next day.

Course Modules

• The history of retail pricing practices - including legal issues
• What you need before you set/change prices
• Cost/Pricing analysis
• Price elasticity/regression analysis
• Pricing strategies
• Pricing implementation and evaluation
• Retail pricing problem solving
• Pricing optimization/yield pricing tools overview
  

Learning Objectives

• To understand the basic principles, tools and techniques for establishing retail prices
• To experience the challenge of gathering and understanding competitive prices
• To work hands-on with retail pricing analyses
• To understand the challenges and tools for implementing price changes in a complex operation with fast moving competitors
• To gain experience with the latest tools and techniques for pricing optimization
  
  

Supported Behaviors

• Retail Pricing & Promotion
• Developing pricing plans consistent with company/category strategies & requirements, operational considerations and the competitive environment
• Using available tools to develop optimal pricing decisions
• Reviewing progress of pricing plans from decision to evaluation
• Analysis & Insights
• Using basic terminology commonly used to analyze consumer/shopper behavior
• Financial & Business Acumen
• Integrating pricing decisions into overall financial planning and analysis