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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.
Price is often the first consideration when new customers are deciding whether they will give your product or service a try. At Vernon Research, we conduct market research to determine optimum pricing for new and existing products. In order to understand what consumers or business buyers are willing to pay for your product, you need to identify the value that they place on certain features of the product. Vernon Research has deep experience in using market research and advanced analysis tools to gain the kind of scientifically-valid information companies need to make strategic pricing decisions. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Clipping is a handy way to collect and organize the most important slides from a presentation. By bobclark On June 27, 2012 · Add Comment JC Penney moved away from a deep discounting strategy to an everyday low price strategy in January 2012. Perception of price, good or bad, relies on understanding the consumer benefit pricing brings, the problem it solves and its importance to the purchase decision.

JC Penney felt that everyday low prices would be seen as a better day-in and day-out value and that the simplicity of “good” value would be motivating to the consumer.
JC Penney’s “Fair and Square” strategy had a chance of success but missed the opportunity to link its pricing to a consumer benefit in its advertising. If the price is too high, the consumer may be unwilling to see the producta€™s value, but if the price is too low, the product may be perceived as having poor quality or value.
Smaller companies often cannot compete with larger companies strictly on price, so they must determine what they can offer customers that the larger company does not. You may find that a customer is willing to pay more for a particular feature or bundle of features.
They tried to emulate the Target approach, which has a fresh, quirky personality and isn’t associated with deep discounting.
This strategy works for them because they are associated with being the “lowest price” everyday because of their size and clout with their vendors. The advertising was funny and quirky with Ellen DeGeneres, but the message was too soft on price and selection. After determining your optimal price point, you will have the ability to more accurately forecast sales and predict how profitable your product can be.
We will help you determine the most effective price for your company, your producta€™s value and your customer.
They may be willing to pay more for a product before a particular season, but then expect a reduction in price once the season is over. Determining what attributes buyers place value on can give your company the ability to remain competitive. On the other hand, you may determine that while a customer indicates they see the value of a specific feature, they are not willing to pay more for it.
JCP hired Michael Francis from Target as president in October 2011, and he was responsible for the new pricing approach. But their quality and selection reflect this — you don’t go to Walmart to buy the most fashionable shoes or designer sweaters.

Meanwhile, its real competitor, Macy’s, put its entire focus on incredibly deep discounts and hit hard with its message through high frequency direct mail circulars. Let’s hope the lessons learned give them the ability to carve a unique and sustainable position in the department store world.
Often, ita€™s a matter of offering features and value that a lower price product does not offer.
Target, however, competes more directly with Walmart, Kohl’s, dollar stores, and offers a better selection and a much nicer store environment, while JC Penney competes more directly with Macy’s and more upscale department stores. Retailer M beats retailer J on 5 items and one of those is a crazy deal that generates excitement. 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. JC Penney may have misjudged who its competitors are – thinking they competed with Walmart, Target and Kohl’s since those retailers are so big and there is a lot of cross shopping.
They have also recognized that speed, flexibility and unparalleled category expertise are critical to executing this emerging pricing practice. If Retailer M rotates the items which it puts on sale each week, then the bargain hunter believes she can eventually buy everything at a much bigger discount. 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. Namely, department store shopping equates to fashion shopping, which equates to frivolous shopping which equates to guilt (at least in a bad economy).

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