Effective Pricing Strategies & Tactics

Marketing Institute of Singapore - Executive Development


Course introduction

Organisations are using pricing strategies to drive more profitable growth in response to relentless pressure to produce profits. Although pricing is an easy to understanding marketing mix element, changing prices can have an impact on the company, the products and portfolio. An uncoordinated pricing strategy or trial-and-error approach to pricing can reduce a firm's bottom line.



Target Audience


Any sales, marketing or product personnel of the management team whose responsibility is to develop an effective pricing and communication strategy for their products/services



Course Outline


Learning Outcomes:

  • Understanding of the framework that supports a set of pricing strategies
  • Identify customer value as the basis for successful pricing and to understand how dynamic customer needs can influence pricing decisions
  • Examines the fundamental basics for pricing like the economics of supply and demand and the overall determinants of demand
  • Plan and create relevant pricing strategies for the products
Course Outline:

Introduction: Purpose of the course & expectations
  • Warm-up exercise: “The Price is Right”
Issues & Challenges with Pricing Products
  • Pricing factors: problems
  • Distinguishing successful pricing strategies from unsuccessful pricing strategies
  • Align pricing with other marketing mix elements
Factors Affecting Pricing Decision: Internal vs. External
  • Role of demand
  • Influences of supply
  • Elasticity of demand and the impact on pricing
  • Pricing & its relationship to forecasting
  • Pricing & regulatory environment
Pricing Influence Puzzle
  • Customers & value
  • Industry & Competition: Porter’s Model & Market share issues
  • Costs/Profit: Impact of profitability when dealing with cost & volume
  • Marketing Mix: How it affect pricing strategies
  • Impact of Life-cycle state of products & technology & market adoption
  • Exercise: Your Pricing Strategy



Available Course Sessions


Please click here to stay updated on upcoming sessions.



Trainer Profile


Tina McDowell

Tina McDowell has been a trainer and consultant for the past 23 years. She has helped hundreds of people realise their potential as employees for their organisations. By making her courses highly participative, she instils a certain flavour of excitement in participants to improve at their jobs. In 1997, she inspired a group of people in Union Carbide to win the Chairman's award for winning behaviours, productivity and costs saving.

Her experience includes conducting presentation skills, selling skills, sales & negotiations for sales executives & procurement executives. She has worked with sales executives and engineers in Nokia, Schlumberger & Texas Instrument Philippines to analyse their sales strategies to enhance partnership and engagement with the customers.

She has also done consulting work in many of the Asean countries including Singapore, Malaysia, Brunei, Thailand, Hong Kong, Indonesia, Taiwan, Korea, China, and Philippines.



 

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