If your organisation is like most, strategic pricing is often hard to manage because there is an incomplete knowledge of all the disparate activities and how to coordinate them. In many businesses, each function – Finance, Marketing, Sales and Operations – works with a different set of data to make pricing decisions. Different functions also often define goals and reward performance using different metrics, which can be in conflict with each other.
Effective pricing management can help you increase profitability by improving the way you analyse, set and deliver prices, including enforcing pricing policies. The benefits can be realised in both good times and bad. The tools and discipline of pricing and profitability management can help address the immediate issues presented during economic instability, as well as help position a company for long-term profitable growth. A comprehensive pricing strategy is made of multiple layers which create a foundation for price setting:
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