Succesful Pricing Strategies for SME's

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Course Outline Successful companies carefully analyze their input costs and the prices of their products. They know if the price is too high, customers will go to competitors; if the price is too low, the company won’t be able to cover the cost of making the product. A company must also know how its customers will react to particular pricing strategies. This workshop aims at making the art of determining prices for products and services easier to participants by covering the material with lots of examples and exercises. Course Objectives By the end of the workshop, participants will be able to: • Discuss the three major factors that affect pricing decisions • Explain the market dynamics and their impact on pricing • Understand how companies make long-run pricing decisions • Determine prices for products using the target-costing approach • Determine prices for products using cost-plus approach • Determine life-cycle budgeting and costing when making pricing decisions • Describe non-cost factors in pricing decisions Target Audience Starting entrepreneurs in search of techniques to properly determine prices for their products and/or services; Executives, managers and administrators of established SME companies looking into revamping their existing pricing methods; and anyone interested in the topic of product and service pricing. Key Topics The key topics covered in the course are: * Pricing methods: mark-up versus profit margin * Factors affecting pricing decisions * Market dynamics * Target-costing approach * Cost-plus approach * Life-cycle budgeting Certification Certificate of Participation

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