Apr 20-Apr 20, 2020Online

Price: €1,400.00 (EUR)

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COURSE OVERVIEW

  • 1 Days
  • 6 Hours

Available languages: English

Everything has a price. In today’s world we have managed to put a price on anything and sell it in an ever-expanding global market. The moment you create something, a new service or product, you will need to decide how much you are going to charge for it. As such, pricing is an immensely important topic. Pricing tactics and strategies are important for managers and stakeholders aiming to maximise profits. Unfortunately, many managers are unaware of the latest developments and breakthroughson understanding human psychology and decision making which can significantly influence pricing decisions.

The purpose of this one-day course is to prepare delegates to address strategic and tactical pricing across a wide range of pricing practices. They will learn how to choose prices based on their strategic planning, customer psychology, intended brand, competitors and marketing strategies. It is ideal for product managers, high level managers, management consultants, entrepreneurs and the self-employed who offer their products and services directly to customers.

Many successful business people have been busy developing their ideas into useful products and services. Quite often they have not attended an MBA course to master business skills or to learn about economic theories or pricing. This course aims to efficiently provide a set of handy tools and proven guidelines for people who need training in this area.

The course answers questions such as: How do you determine a price for a product? What is high-low pricing strategy? How would you know if the current price is suitable? How should you respond to competitors when they change their prices? What is segmentation strategy? How can you influence customer behaviour to boost profits?

The course contains many examples and case studies to illustrate key points using real-world examples used by some of the most successful corporations in the world. The course contains a variety of exercises which enables delegates to practice what they have learned during the course. These exercises along with subsequent discussions are immensely effective in training delegates and is one of the reasons why attending such a course can be very useful for delegates.

In this highly practical course participants will learn:

Strategic Objectives

  • What is the difference between tactical pricing and strategic pricing?
  • What is price elasticity?
  • What is segmentation and how can you use it for pricing and increasing profits?
  • How does strategic pricing fit into strategic planning?

Pricing Strategies

  • What are some of the most commonly used pricing strategies?
  • What are the advantages of each strategy and when should you use them?

Presenting Products and Prices

  • How can you choose the right price?
  • How should you take advantage of bundling strategies?
  • How can you use prices to influence behaviour?
  • What is contextual pricing?
  • What is price psychology?
  • How can you make customers more accepting of your prices?
  • What is A/B testing?

Systematic Biases

  • What are systematic biases and how does that apply to pricing?
  • What is anchoring and priming and how are customers influenced by them?
  • What is prospect theory and how does it relate to pricing and decision making?

Displaying Prices

  • What display strategies can help you show prices that appear smaller?
  • How should you apply psychological pricing?
  • How reframing prices helps to boost sales?
  • How can you use an analogy to illustrateyourprices?
  • What strategies are effective when you want to display low or highprices?
  • What does it mean to use a pricing medium and how can it help?
  • How can you make discounts or vouchers more appealing byjust changing the way they are displayed?

Changing Prices

  • What is Weber’s law?
  • What is comparative selling?
  • What strategies are effective when pricing discounts?
  • What should you consider when changing prices?

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ACCREDITATIONS

Employees of professional or formally regulated bodies are generally expected to have CPD accredited training. This type of accreditation ensures that the training is knowledgeable, informed and constantly updated. It ensures our standards as a company are kept high and consistent.


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WHY CHOOSE US?

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  • Support

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  • Tailored

    We customise our courses to suit all personal learning

  • Quality

    Our courses are delivered by highly experienced,

  • Recognition

    All our courses* are accredited and certified

We are accredited by CPD, ILM and OCN Credit4learning. We are also quality certified by the world’s most widely adopted
Quality Management System, ISO 9001. Please check the accreditations of individual courses, accreditations vary.

FREQUENTLY ASKED QUESTIONS

How can training courses be used as a company benefit?

Training is hugely beneficial to both yourself and your company. It enables you to employ new technologies, increases your productivity and enables you to be more autonomous. Have a look here at our infographic on the importance of training and development!

How often do you update your course content to ensure relevancy?

Our course content is constantly reviewed and updated to ensure we stay up to date with all the latest trends. After every course is completed we review the feedback and improve the material where necessary.

Do you keep your classroom environment and instructional methodologies current with today’s real-world workplace?

Yes, we focus our training on ‘real-world’ scenarios and our trainers are all highly experienced and skilled in their relevant fields.

Are your courses eligible for professional certification?

Yes, we offer certification with all our courses, every course is entitled to CPD (Continuous Professional Development) hours which you can put towards your professional portfolio.

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