Pricing Benchmarking: Benchmarking the target shopper’s perception of the retail client’s pricing in comparison to the competition including a review of actual price gaps (versus perceived). Price Sensitivity Analysis: Using internal databases or third party data, TPG provides a high level understanding of price sensitivity across key product departments and categories. Pricing Guidelines: The creation of pricing guidelines that cascade pricing strategy to the item and store level. Pricing Ideation Workshops: Corporate, departmental or category workshops designed to identify innovative retail techniques and initiatives for creating the desired pricing perception among target shoppers.
Store Cluster Price Testing: Assist in the execution of a new set of price strategies to determine the overall impact and feasibility. Pricing Planning: Design and implement new pricing planning incorporating the latest retail best practice processes, tools and data.
Pricing Capability: Identify the required pricing competencies and training regiment to build the desired pricing organization capabilities.
To show the importance of picking the right strategic marketing direction and sticking with it, take a look at the history of Sears. During the past 30 years Sears tried several times to change from its successful low-price marketing strategy to an upscale strategy. Sears was the Wal-Mart of the '50s and '60s and the largest retailer in the country until the early 1980s.
At the same time Sam Walton pursued the "low cost leader" strategy that was so successful when Wal-Mart was starting out in rural northwest Arkansas. Choosing a marketing strategy appropriate for your company starts by analyzing the information you've gathered on your industry, your customers, and your competition.
Once you've chosen an overall market strategy you can decide on a pricing strategy that fits.
Once you have your market strategy and a pricing strategy, you can create a reasonable budget for revenue, expenses, and profit.
I like to capture these decisions in a marketing strategy mind map using a product such as SmartDraw and link it to detailed documents and spreadsheets. Then, with a sound marketing strategy and budget, you can then develop detailed plans for each of your marketing programs -- from marketing communications to sales, distribution, and service. Click here to download the whitepaper "Five Best Practices to Enable Population Health Management".
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Pricing relies on tried and tested concepts from economics, like demand-supply equilibrium and utility functions. The effectiveness of pricing as marketing lever is also affected by competitive pricing activities, especially for brands and products with high cross-elasticities.
Pricing effectiveness is also affected by other marketing tactics, like promotions and advertising.
Tactical price optimization can be carried out with output from simple regression models that ignores the simultaneous competitive reaction for pricing changes, because in the short term the impact of these changes may be very subtle. Every Day Low Price (EDLP) is another popular strategy (a strategy of consistently offering a low price, but not the lowest). Join over 600,000 marketing professionals, and gain access to thousands of marketing resources!
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It is the most direct way of communicating value to customers and has the most direct impact on bottom-line performance.
Apart from the bottom line, it can also impact brand perception: Too low a price may cause the brand to be perceived as a commodity, whereas too high a price runs risk of being priced out of the market.
At the highest level is strategic pricing, which takes into account long-term profit objectives of the organization at brand or franchise level.
On the other hand, a myopic focus on tactical pricing will miss the big picture, causing long-term loss of profitability. This is a tricky tradeoff, as under-pricing directly impacts the bottom line and over-pricing indirectly impacts market share. Cross-elasticity is the percentage change in the demand for a product for a percentage change in the price of a competing product. If there are substantial changes over time in these tactics, the true impact of pricing strategies may be confounded with the results of those tactics. But in models that simulate scenarios of strategic, longer-term price changes, not including the simultaneous relationship between brand and competitive pricing will lead to potentially spurious results, because the sales change from brand-level pricing change may partially be offset by competitive reactionary pricing. Target ROI- or ROA-based pricing: Here price is simply Cost of Goods Sold + [target return times total investment or total assets].
These broader strategies are further segmented into more sophisticated techniques like Hi-Lo retail pricing (alternatively pricing some items high in some weeks and low in other weeks to give an overall impression of being a low-price retailer).
Other broader strategies are "skim pricing" (high price margins in an innovative or low-competition market) and "penetration pricing" (low price margins for the purpose of building initial market share). Joseph is a director in the Business and Consumer Insights group at Information Resources, Inc. There are many potential market strategies you can choose from, but normally one market strategy will result in the highest possible revenue and profits for your unique company. He has written a book on how to improve the patient experience and has been published in a number of academic journals.
In that role, he leads the nation's efforts to control health threats from infectious diseases. Lois Capps, RN, of California have introduced legislation pushing to support comprehensive healthcare and mental health services to students at school-based health centers, or SBHCs, across the country.
The next layer is tactical pricing, which optimizes price to take into account short-term market dynamics, including demand shifts and competitive effects.
Pricing can then be correctly measured by controlling for these different drivers of demand, which is typically done through a market-response or marketing-mix model. Market-share growth: For well-capitalized firms, a short-term offensive strategy may involve lowering price to almost break-even levels to increase market share. So, choose a pricing strategy that matches your market segments and competitive environment.
The lowest layer is execution level, where SKU-level dynamics and inventory and supply management come into play.
In addition to greater market share, which can be later leveraged to increase prices, this strategy also helps in increasing margins by lowering costs from the economies of scale achieved through higher volume.
To address this challenge, many retailers are transforming their pricing analytics and planning processes with an renewed emphasis on their target shopper’s price sensitivities. Frieden made a name for himself in tuberculosis control with the New York City Health Department. They have also recognized that speed, flexibility and unparalleled category expertise are critical to executing this emerging pricing practice. Fortunately, retailers building these new capabilities have proven that pricing continues to be a critical part of their overall market positioning and drives shopper loyalty and profitability. Frieden led a program that rapidly reduced TB, including cases of multidrug-resistant TB, by 80 percent. Frieden continues to be a vocal public figure as the CDC addresses the potential threat of the Zika virus to U.S.



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