Pricing Strategies (Small / Medium-Sized Businesses) – Part 2

 


In today’s dynamic business landscape, understanding the challenges of pricing is crucial. For business owners, it’s critical to understand what pricing strategy would work best for their enterprise. In fact, this can become a stepping stone in achieving profitability and growth. This course suggested by AllaVolodina Rate My Prof provides an overview of the complex realm of pricing for small/medium size businesses

 

Value-based pricing

-          Discussion of various value-based pricing models and their impact on pricing rates

-          Analyzing the influence of quality, delivery, innovation, customer service management on pricing strategies

-          Discussion and exercise addressing the importance of quantified customer value on market share and pricing rates

-          Demonstrating how to quantify financial value proposition while creating value based on key differentiators and relative to best available competitive alternatives.

-          Evaluating whetherdiscounts / promotion strategies appropriate in value-based pricing (while exploring pricing strategies for pricing tiers and bundle strategies)

-          Completing quantified value propositions hands-on exercise and working through price simulations applicable to the company’s industry

 

Other pricing considerations:

-          What is neutral pricing, and how does it differ from value-based pricing?

-          Overview of dynamic pricing and targeted pricing and  theirapplicability in small / medium-sized businesses

-          Are value and cost inversely related, and is cost-based pricing appropriate in today’s competitive environment?

 

Reading:

 

The Good-Better-Best Approach to Pricing (why every company should consider a tiered model) by Rafi Mohammed - Companies often crimp profits by using discounts to attract price-sensitive customers and by failing to give high-end customers reasons to spend more….

 

https://hbr.org/2018/09/the-good-better-best-approach-to-pricing

 

Make Pricing Power a Strategic Priority For Your Business by Stephan Liozu -Since 2011, with help from Warren Buffet and Jim Cramer, Wall Street financial analysts have begun paying close attention to firms with great pricing power. But what is pricing power? How do firms know whether they have it? And how does it affect profit? This research, based on a survey of 128 organizations, identifies and validates the drivers of pricing power and its impact on firm performance.

https://store.hbr.org/product/make-pricing-power-a-strategic-priority-for-your-business/bh958?sku=BH958-PDF-ENG

 

This workshop outline was suggested by AllaVolodina Rate my prof who has developed a broad range of courses and course outlines across various areas, including management, management, and financial management (www.allavolodina.com)

 

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