Pricing for Improved Profits

Determining optimal pricing strategies for profit involves much more than a simple cost-plus formula. Consumer behaviour, competitor pricing and promotion all affect your ability to sell effectively.

Take the guesswork out of price-setting. Understand the principles of pricing, what tools are available and which pricing method works best for your business in Pricing for Improved Profits, this practical MIT Business Course. You’ll be taught by an experienced industry professional, who will also provide follow-up support as you implement these strategies in your own business.

Outcomes:

At the end of this MIT Business Course you will:
- Compare and contrast the key principles of pricing strategy
- Understand the merits of different pricing tools
- Feel confident enough to select a method to price your goods or services
- Evaluate the effectiveness of your pricing strategy

Training style
- Presented by industry expert
- Real-life case studies
- Group discussion
- Action planning for your business with in-class feedback
- Post-course follow-up

Core content:

Key principles
- Consumer psychology
- Understanding value
- The price-demand relationship
- Elasticity
- Geography and pricing
- High volume vs. niche products
- What the law says

Pricing tools
- Cost plus behaviours
- Economic modelling
- Statistical analysis
- Computer software
- Outsourcing

Pricing methods
- Cost based pricing
- Competitor based pricing
- External factors that affect pricing
- Discounts and gimmicks
- Depreciation and dumping
- Price increases
- Stakeholder perceptions of price

Reviewing your pricing strategy
- Reporting templates
- What is important data and what isn’t
- Assessing pricing choices

Phone 0800 SKILL UP (754 5587) or email businesstraining@manukau.ac.nz