What is Price Management?

Posted by Moira McCormick on February 21, 2017

In order to maximise your profits and stay ahead of the competition, you have to price at the absolute optimum level. What your business needs is an accurate price management system and the modern, accurate and most efficient solution to all your pricing demands is to invest in a price management software solution.

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Topics: Price Management, Price Management Software

How to Manage Pricing and Gain Profits

Posted by Moira McCormick on December 8, 2016

The fastest and most effective way for a company to realise its maximum profit is to get its pricing right. The right price can boost profits far quicker than increasing sales volume; the wrong price can shrink profits just as quickly.

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Topics: Margin Growth, Price Management, Pricing, Profit Maximization

Top 6 Yield Management Tips

Posted by Moira McCormick on September 19, 2016

Yield management is the process of understanding, anticipating, and influencing consumer behaviour to maximize yield or profits from a fixed, 'perishable' resource, such as hotel rooms, tables in restaurants, theatre tickets, airline seats, media, telecommunications and energy, to name but a few.  The idea is to coordinate timing, price, and consumer buying patterns to achieve the best return.

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Topics: Price Management, Price Optimisation, Yield Management

How to get senior management to buy into pricing

Posted by Moira McCormick on August 19, 2016

Pricing is the reflection of everything you do as a business, from your product development all the way down to a link to your website. Nothing else defines your business and its products more.

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Topics: Price Communication, Price Management, Price Leadership

Is Your Company Ready for Pricing Software?

Posted by Moira McCormick on August 5, 2016

Are you still using spreadsheets to manage your prices? If that's the case, the future profitability of your business could be in jeopardy because relying on this method for all your pricing requirements has definitely had its day .

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Topics: Pricing Software, Price Management, Pricing Solution

11 Disadvantages of Using Excel to Manage Your Pricing

Posted by Moira McCormick on July 15, 2016

Any business wants to maximise profits by pricing their goods and services at the right level. Traditionally for many businesses price management has been conducted using Excel spreadsheets to calculate optimum prices – and to convey these prices to all concerned in the sales process.

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Topics: Price Management, Price Optimisation, Pricing Solution, Pricing System, Price Engine

When should a change in cost price affect your selling price?

Posted by Moira McCormick on April 26, 2016

Costs (direct or indirect) are the expenses that a business incurs in bringing a product or service to market. The selling price is the amount a customer pays for that product or service. The difference between the price that is paid and the cost that is incurred is the profit the business makes when the item sells. If a customer pays £10 for an item that costs the company £5 to produce and sell, the company makes a £5 profit.

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Topics: Price Management, Pricing Strategy, Pricing, Cost Plus

What the Textbooks Don't Teach You About Price Management

Posted by Moira McCormick on March 15, 2016

Students of economics are taught that a business maximizes profits by producing up to the point at which marginal cost equals marginal revenue. This is true in theory - and actually irrelevant in practice.

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Topics: Price Management, Price Optimisation

Common B2C Pricing Challenges and How to Solve Them

Posted by Moira McCormick on February 22, 2016

In Part One we looked at B2B Pricing Challenges. In this following on article, we're exploring Business-to-Consumer Pricing Challenges (B2C). Charging the correct price for your product or service can be a tricky business – getting it right (or indeed wrong) can have a dramatic effect on your sales and profits.

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Topics: Price Manager, Pricing Success, Price Management, Pricing Strategy

7 Benefits of Software-as-a-Service (SaaS)

Posted by Moira McCormick on January 28, 2016

In an earlier article, Innoware looked at the benefits of customised software in the context of Pricing & Quotation Software. As a follow-up, this article aims to explore the benefits of subscription based out-of-the-box pricing software (also known as Software-as-a-Service).

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Topics: Software, SaaS, Price Management, Quote Management

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