Introduction
How you set your prices can have a host of implications for your business. Not every price you set needs to maximize your margins. Many businesses use price to compete, change market share or create different revenue scenarios. Understanding how pricing affects your business model, not just your bottom line, will help you better choose price levels
How you will benefit
- Understand how to build Pricing model from Outside In and Inside Out
- How to change customers' price perceptions to capture more value
- Use pricing to strategically guide a business
Who should attend
RBNC designed this program for CEOs, Entrepreneurs, Startup Founders, Senior Managers and Executives of companies who analyze, recommend, or approve pricing decisions.
What you will cover
Module 1: Business and Pricing Strategy
- How to decode business strategy into pricing strategy
- Factors impact on pricing strategy and price
- Pricing model: how to Start
Module 2: Inside Out Pricing Model
Costing and Financial Analysis
- Determining the relevant costs for pricing
- Calculating break-even sales changes
- Analyzing the profitability of price changes
Setting Profit Maximizing Prices
- The role of value
- Segmented pricing
- Accounting for price sensitivity factors
- Using price to achieve strategic objectives
- Managing price over the lifecycle
Module 3: Outside In Pricing Model
Pricing Psychology from Customer
- Understanding how customer information processing strategies affect price perceptions and judgments
- Determining effective pricing communication tactics
- Managing customer risk to maximize value
Managing Price Competition
- Mastering the pricing model for profitable competition
- How to translate stories behind numbers for business decisions
- Managing resources for competitive advantage
- Understanding the legal issues in pricing