Set Pricing to Improve Margins and Market Share
Change your pricing policies to take advantage of opportunities to use price for more profit and growth.
What steps should I take?
We have designed StrategyStreet work in levels. You begin with the most basic level and proceed to more complex levels only as you find the greater detail necessary and helpful.
Consider each of the steps below for your situation and then use only those that offer you immediate help.
Step 1. Watch the Three Videos in the Overview of Pricing Series
These videos (Videos 72-74) describe how to look at pricing in your market, what to expect as your market matures and what to do about these developments. These videos are an excellent introduction to pricing and provide much needed context for your next steps. Each of the three parts of this video series will take about twenty minutes to view.
(You will also find a link to these videos under Tools/Videos/Pricing on the navigation bar.)
Step 2. Answer the Pricing Questions in Board of Directors
If you would like to develop a better understanding of pricing in your market, begin by reviewing the Pricing questions, Questions 7-8, in the
Board of Directors section of StrategyStreet.
There are two questions regarding pricing in this section of StrategyStreet. These are the most basic pricing questions you face. Review each of these questions to determine whether you can answer them to your satisfaction. If you would like to pursue these questions in more detail, go to Step 3.
If you feel you have a good understanding of your market and simply wish to develop new ideas, skip to Step 4.
(You will also find a link to Board of Directors questions on the navigation bar.)
Step 3. Complete Steps 19 to 23 in the Basic Strategy Guide
Each of these steps in the
Basic Strategy Guide helps you understand pricing and competition in your market in more detail. Each step outlines a specific analysis for you to do. It shows you what the completed analysis looks like, and tells you how to do it. The step explains why the analysis is important, advises you on what to expect to see, and then recommends an action or decision you might take at the completion of the step.
You may find that you need more information than these steps provide. If so, at the bottom of each step you will find a link entitled "More Information," click on this link to go to the Advanced Site of StrategyStreet, where we discuss the concepts in the greatest detail.
Step 4. Develop New Approaches to Pricing
If you are satisfied with your understanding of pricing in your market today, you are ready to develop new pricing policies for your market. To develop this new pricing, use the Improve/Pricing section of StrategyStreet. Use the many ideas in this section to develop new pricing policies based on your core customers' needs and on openings provided by your competitors.
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