A Pricing Manager determines pricing schemes for a company’s products and services. This includes co-ordinating with production departments to learn how much they cost to make, as well as working with staff in marketing on appropriate campaigns and promotions. The costs of shipping, handling and related expenses also need to be considered when pricing products.
As companies prepare to roll out new products and services, the Pricing Manager evaluates them to set policies on pricing. These include the base price as well as discounts that may be extended to specific retail partners and dealers. The Pricing Manager needs to consider what kind of message the company wants to project with pricing, and how the marketing department will handle promotional campaigns.
1. Lead and direct pricing strategy formulation and take necessary pricing actions to enhance profitability, ensuring integrity and accuracy in all pricing matters.
2. Assist with pricing negotiations of customers’ proposals.
3. Prepare clearly BAFO (Best and Final Offers).
4. Conduct oral presentations, field research and cost revisions. This also requires thinking about the going rates for similar products in the industry, in order to remain competitive.
5. Maintain and regularly update a pricing history database.
6. Perform financial evaluation to assess pricing action effectiveness.
7. Define new business procedures, evaluate resource requirements and stimulate implementation or maintenance of pricing system.
8. Manage total pricing procedure, enhance processes to make most of efficiencies and ensure timely response to market conditions.
9. Manage and supervise pricing analysts to support activities inclusive of new price generation and discrepancy resolution etc.
10. Perform partnering with buyers, product managers and sales department to ensure integrated profit maximizing approach to market.
11. Analyse financial impact of price approach in view of overall history as well as profitability of customer.