Course: Profitable Pricing Management Fundamentals
Marketing and pricing based on the value of your products and services to customers can bring more profits straight to your bottom line.
In this world of commoditization, it is critical for companies to be able to quantify the value of their offerings, and then to translate that value into higher margins. Yet, throughout business practice, we find that companies usually know their costs very well, but don’t even have a crude understanding of the value they deliver to their customers, and their customers’ customers. That means significant profits are often left on the table.
In this course, you’ll learn how to quantify the value of your offering, and translate that into an effective pricing strategy. Participants report that this seminar had immediate impact on their pricing approach, led to more effective marketing decisions, and delivered improved profits.
WHO SHOULD ATTEND
This course is designed for business to business directors, senior managers and leading product strategizers looking for ways to maximize profit returns by showing how customer value can be measured and used as the driving force in marketing and pricing.
By attending this seminar you will:
- Improve sales and profits by showing how customer value can be measured and used as the driving force in marketing and pricing. Learning how the connection between market value and doing your daily business based on that value drives customer satisfaction leads to a very happy (and equitable) relationship, participants will return home in a strong position (and even stronger future bottom line).
- Develop an enhanced understanding of market and price dynamics throughout the competitive cycle of an industry. Participants will be better able to manage these strategies for unique new offerings, as well as more familiar commodity-like products and services.
- Take a deep dive into the core concepts surrounding value, including costs and prices, relative perceived value, value-in-use and value-driven market strategies. There will be a specific focus on value and price dynamics: the product-market as a complex system, how industry leaders manage both their industries and their business, how to maintain and sustain a premium position in market, and how to manage your commodity’s price as a result of all of the above.
- Values, Costs, and Prices: An operational definition of the value of a product to a user. Development of a conceptual structure that shows the relationship between price, costs, and values.
- Value-in-Use: How to assess the economic value of new products or significant product performance differences, and to think through pricing and marketing implications of the value analysis.
- Value-Driven Market Strategies: Value-based market segmentation, positioning, and targeting.
Value and Price Dynamics
- The Product-Market as a Complex System: Understanding competitive dynamics under “normal” competitive conditions in commodity-like markets. The impact on markets of cost dynamics production capacity additions will be examined.
- How Industry Leaders Must Manage Their Industries as Well as Their Businesses: Gut reactions to events like business downturns or competitive thrusts, and simplistic aggressive actions, often produce unanticipated negative outcomes. We will consider how the market as a whole is likely to respond to such events and, thereby, enable market leaders to take actions which will produce better net results.
- Managing a Premium Position: How to manage a premium position in a market and to sustain it at a higher level for a longer time.
- Managing the Commodity Price: The commodity price as an equilibrium of forces. Managing it by avoiding mistakes, particularly mistakes of pricing below what the market will bear.
Founder and President, World Class Pricing, Inc.
George Cressman has nearly 30 years of experience in the chemicals industry, having worked in positions of pricing, marketing and business management, finance, research and manufacturing. He holds an undergraduate degree in chemical engineering, an M.B.A., and his doctoral work is in marketing. George has written extensively on business and marketing strategy and his works have appeared in Marketing Management Magazine, Business Horizons, Chemical Marketing Reporter, The Journal of Business-to-Business Marketing, Chemical Marketing Reporter, Marketing Science, Marketing News, PharmaChem, Journal of Professional Pricing, The Pricing Advisor, The CEO Refresher, and Quirks Marketing Research Review.
For open enrollment seminars:
Up to 30 days prior: No fee
Between 15 - 30 days: $100 fee
14 days or less: Full seminar fee
All substitutions within 14 days prior: subject to a $50 administrative fee.