When does pricing become a competitive weapon in the corporate arsenal? Execution that is consistent, sustainable and easily repeatable allows organizations to implement pricing strategy effectively. Such execution makes companies more agile in competitive circumstances and more highly responsive to changes in market conditions, thereby benefiting the bottom line.
Keys to sustainable pricing execution include a comprehensive pricing process, effective organizational design, robust tactical capabilities and aligned people. Here’s why:
* A comprehensive pricing process guides your stakeholders on how and when to act, and provides a mechanism for feeding information and perspective into decision-making
* The right organizational design — whether centralized, decentralized or a hybrid model — enables you to tailor processes and decision-making to your company’s needs
* Strong tactical capabilities and a culture that embraces pricing provide critical support for these other structural pieces
Many executives view the path to sustainable pricing as a labyrinth. Certainly it requires significant effort and changes in thinking. But this paper aims to help ease that path for you through a clearer understanding of the decisions and other key factors that can make pricing a competitive weapon today.
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