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One chain partnered with Pricing Solutions to address issues with its pricing strategy. Pricing had become reactive and included deep discounting without understanding its impact. Pricing Solutions conducted research, analyzed customer data, and developed a pricing simulator. This provided insights into customer value drivers and price elasticity. Pricing Solutions then created a new pricing strategy focused on reducing discounts and executing strategic price increases to improve annual revenue and margins by an estimated 2-3%.
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Profitable Sus Rev Growth
1) The document discusses how companies can achieve profitable and sustainable revenue growth, even during economic downturns.
2) It recommends focusing on existing customer accounts, capturing every sales opportunity, maintaining service quality, and reducing customer service costs.
3) Specific tactics include communicating appreciation to customers, targeting promotional offers, optimizing sales conversions, and providing associates with tools and technologies to improve efficiency.
Advanced Analytics and Pricing Tactics
This document provides information on an upcoming two-day masterclass on applying effective B2C pricing strategies. The masterclass will be led by Jesper Hansson, Wolfgang Eger, and Jelle de Jong, who are experts in pricing strategies and analytics. The masterclass will focus on developing pricing strategies for the consumer sector in Asia, analyzing pricing approaches used by global companies, and optimizing pricing across both traditional and online retail channels. Key topics will include value-based pricing, elasticity, promotions, price sensitivity, and developing pricing strategies for competitive markets. Attendees will learn methods for pricing research and developing advanced analytics-based pricing models. The goal is for attendees to learn how to formulate effective pricing strategies that
The Price Advantage
IN THIS SUMMARY
The Price Advantage, written by Walter Baker, Michael Marn, and Craig Zawada, outlines how to initiate and maintain appropriate pricing in order to effectively increase profits. By taking advantage of minor price increases, a company can significantly increase its profits. The authors not only demonstrate how to accomplish successful pricing but also explain how to avoid common pricing mistakes, such as emotional price wars or missed opportunities in postmerger or lifecycle pricing. The marketplace rewards businesses with superior products and services. The price advantage creates pride within a company because its customers knowingly pay more for services and products they believe are superior and worth the cost. Taking responsibility for price management is essential in today’s market due to downward pressures on price levels. Otherwise, percentage points of price and opportunities for profit can slip away.
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Pricing strategies
This document discusses different pricing strategies that companies use. It defines pricing strategy as how a company uses pricing to achieve strategic goals like increasing sales volume. The document then describes various pricing strategies such as cost-based pricing, value-based pricing, demand-based pricing, and competition-based pricing. It also discusses strategies for pricing new products versus established products, noting that new products often use lower pricing to gain market share.
SMU MBA Solved Assignment MK0015
This document discusses service mapping and customer expectations in services marketing. It provides the following key points:
1) A service map is a graphical display that illustrates the components required to deliver a service, including hardware, software, roles, and relationships between components. Service maps are useful for managing service delivery and understanding complex systems.
2) An example service map for a SharePoint collaboration service is provided to illustrate how it can help answer questions about availability, impacts of changes, problem diagnosis, and testing.
3) Factors that influence customer expectations include personal needs, philosophies about service, and derived expectations from other people. Pricing strategies for services consider customer perceptions and aim to improve profits through various approaches like
How to build a better pricing infrastructure
A strong pricing infrastructure is critical for companies to realize pricing's potential to drive profits. Building such an infrastructure requires:
1) Well-defined pricing processes that govern key pricing decisions.
2) A dedicated pricing organization with clear ownership and accountability for pricing.
3) Performance management systems that measure pricing impact and tie financial incentives to pricing goals.
4) Pricing systems and tools that provide the right data and analysis to support pricing decisions and monitor performance. Implementing these elements in order allows pricing investments to have an enduring impact on profits.
Uncovering an Innovative Monetization Strategy to Keep Your Organization Rele...
An innovative monetization strategy requires much more than meets the eye. While many organizations focus their efforts on acquiring new customers and filling the funnel, the most successful companies focus instead on retention.
Strategic marketing
The document provides an overview of quantitative market research methods. It explains that quantitative research is numerically oriented and involves statistical analysis. Common quantitative techniques include surveys using post, phone, email, web or in-person methods to collect standardized data from large samples. Quantitative research provides insights through metrics like ratings, but does not explore qualitative factors in depth.
Nidhishree DS.pdf
This document discusses factors that influence pricing decisions in marketing management. It covers objectives of pricing like return on investment, market penetration, and market skimming. Factors that affect pricing include production costs, perceived value, demand, and competitor prices. The document also outlines different methods of pricing like cost-based pricing, value pricing, and competition-based pricing. Finally, it concludes that pricing strategy is an important marketing tool that determines the success of a product and helps maximize revenue while taking into account various factors.
One measure that can transform your marketing strategy
Customer lifetime value (CLV) measures the net profit attributed to the individual customer over the course of their entire relationship with a business. Calculating CLV involves analyzing historical customer data and financial transactions to determine a customer's past and predicted future value based on revenues, costs, and expected customer lifetime. Implementing CLV requires aligning stakeholders, protecting sensitive data, integrating CLV metrics into business processes, and training employees on how to utilize CLV insights.
Bank study 2010 brazil summary
This document summarizes a customer value study of banks in Brazil. It discusses how measuring customer value added, share of wallet, and reducing customer migration can help companies improve market share, loyalty, and profitability. Customer value studies begin by creating value trees to assess the costs and benefits for customers. The document then outlines how measuring customer value can benefit a company's employees, internal operations, and shareholders by improving customer satisfaction, employee engagement, and financial performance.
Similar to Resturant (20)
Strategies for Balancing Marketing Priorities during a Slow Economy.pdf
Strategies for Balancing Marketing Priorities during a Slow Economy.pdf
Uncovering an Innovative Monetization Strategy to Keep Your Organization Rele...
Uncovering an Innovative Monetization Strategy to Keep Your Organization Rele...
One measure that can transform your marketing strategy
One measure that can transform your marketing strategy
Resturant
- 1. Competition is fierce in the multi-billion dollar Restaurant and Quick-Service industry. With many new entrants to the category, it’s essential that organizations understand their value proposition and customer willingness-to-pay. With pricing so closely tied to the bottom line, it plays a key role in any restaurant’s success. One chain partnered with Pricing Solutions to re-gain control of its pricing. Pricing had grown to include deep discounting and large featured-item menus but it was not clear what impact they had on long-term success and profitability. A focused, concentrated effort on pricing was needed to reset the pricing strategy so that it was complementing rather than undermining the brand’s price/value image. The Challenge In a crowded market, the company’s pricing was veering out of control. Pricing had become reactive. The concern grew around wide-spread discounting. The restaurant chain had experimented with price cuts in an effort to boost customer traffic. While discounting proved addictive, margins were declining. It was difficult to consistently execute any strategy. Like many others in the industry, it lacked the right customer insights to make informed pricing decisions. Building a Solution that Fits The company needed to manage prices across hundreds of menu items and restaurant locations. Pricing Solutions executed a three-phased project to help the company regain control of pricing and reinvigorate growth. Beginning with Pricing Research: The challenges companies face with pricing strategy often stem from a lack of understanding of the 5Cs of pricing . Customer Research provided insight into the client’s customers including key value drivers and the role pricing played in the purchase decision. The importance consumers placed on food quality, restaurant atmosphere and service compared to pricing, was used to build a Price-Value Map (PVM). The PVM was an indicator of the company’s value positioning versus key competitors. Based on this Building Strategy & Management Capabilities: In the final project phase, Pricing Solutions utilized the analytics and its pricing strategy framework to develop a robust and sustainable pricing strategy that would get the client’s business back on track. It also involved making changes to the client’s pricing infrastructure, including developing its internal pricing staff. assessment, Pricing Solutions would determine if the client was in a value advantaged or disadvantaged position, and why. Leveraging Analytics: Pricing Solutions’ analyzed the client’s past 2 years of POS data to compute price- elasticity and build a Price Simulator. The custom simulator was capable of playing- out possible scenarios in the market. For example the model could forecast the impact of price changes on unit sales, revenue, margin and guest count. Developing a Pricing Strategy that Grows Profits & Guest Count RESTAURANT and QUICK-SERVICE © Pricing Solutions Ltd. | pricingsolutions.com
- 2. Our Firm Our mission is to dramatically improve clients’ profitability and market share through improved pricing. Pricing Solutions’ four core services include Pricing Strategy & Management, Pricing Research & Analytics, Pricing Training and Pricing Tools & Systems. Known for our World Class Pricing TM methodology, we have grown to become one of the world’s leading pricing consultancies with offices in North America, Europe, Asia Pacific and Latin America. Our global team of researchers, consultants and partners are recognized thought-leaders. We deliver customized cross-functional solutions, helping our clients achieve a typical payback of 10:1 on their investment. Global Headquarters 43 Colborne Street, Suit 300 Toronto, ON Canada M5E 1E3 Tel: 1.416.943.0505 Fax: 1.416.943.0507 The Result? The project was designed to stop the ‘pricing slide’, that is to say, to recover the approximate 5% in annual revenue and margin that was being lost under the client’s initial discounting strategy. It was clear now that discounting was hurting the business. Reducing discounts on inelastic products, deploying terms and conditions and executing price increases surgically were the actions needed to turnaround to improve annual revenue and margin by an estimated 2-3%. © Pricing Solutions Ltd. | pricingsolutions.com “ Discounting is tempting, but when used to buy business you run the risk of undercutting your own value to customers. Get accurate customer insights and an assessment of your Pricing Power. That’s how you’ll grow profitably. ” - Paul Hunt President, Pricing Solutions Ltd. In centre: 5 Cs of Pricing; Below: Price Simulator estimates sales revenue & margin impact of a price change What’s the Pricing Solutions Difference? Our firm believes in a comprehensive approach to your pricing challenges. We specialize in leveraging research and analytics to develop a robust pricing strategy that will succeed in the market place. Our approach in the restaurant and quick-service industry includes an assessment of non-price factors and other key value drivers. The impact they have on the bottom-line cannot be overlooked when pricing strategy must align with corporate strategy.