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Contrary to common belief, marketing managers have a lot to say about defining pricing policies.
Price is a fundamental element in determining profits, and thus conditions the evolution of a company. How much would your product’s “theoretical price” be depending on the costs and using a spreadsheet. Hook pricing: Low price (including at cost or loss) for attracting clients, with the goal of having them buy other products to generate profit. Captive pricing: Low price in order to sell accessories and additional related services at an increased price.
Package prices: Including a product that doesn’t sell well with one that does, and selling the two as a package. 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. As crazy as it seems, many entrepreneurs work for years to release a new product and then fix it a price in a few hours during a meeting. You should sell your product at a greater price than your total unit costs (= fixed + variable costs), although in some cases other products in your catalogue can cover the fixed costs.
Your price should be consistent with the clients’ perception of your product’s value but also with the company’s image.
Even if your costs are low, it might be a good positioning strategy to set a high price, especially if the target market’s purchasing power is high. Obviously, decisions regarding price shouldn’t be the last decisions you make, since a product’s price can be a vital factor in its reception by clients.
For example, some companies adjust their prices depending on the “reference price” on the market. If you have any questions or to schedule an order appointment or place an order, please call 847-499-9300. For example, it can affect how much you will sell, how much cash flow the company will have or the decision of competitors to enter or not the market.
A common mistake by new entrepreneurs is the important devaluation of their products because they are afraid of losing sales.

If your product is clearly superior to the ones in the market, a good strategy for entry is setting a similar price to what already exists.
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.
However, a low price can affect the credibility of a product, and is not always a judicious pricing strategy. On the other hand, if you’re offering the same quality, you could try reducing the price by about 30%. They have also recognized that speed, flexibility and unparalleled category expertise are critical to executing this emerging pricing practice. If the window between costs and competitors’ prices is really narrow, it is better to offer breakthrough prices with a minimum margin at the beginning, until the market grows enough.
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.
It’s also important to anticipate the potential reactions of leading competitors before adjusting your prices.

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