At What Price? Guidelines for a Customer-Focused Pricing Strategy
In today?s hyper kinetic retail environment, with alternative options just a click away, retailers cannot afford anything less than an optimal pricing strategy, one that begins and ends with the customer in mind. In fact, the principles discussed in the paper have broad applicability to almost anyone confronted with pricing strategy development and, most particularly, to those contending with extensive assortments, thin margins or markets dominated by national brands. Paper concludes that the price that retailers pay for a sub-optimal pricing strategy can be considerable. By examining current retail pricing strategies, identifying pricing and profit opportunities and designing, testing and implementing revised strategies, retailers (and non-retailers alike) can improve profitability, strengthen their value proposition and improve competitive positioning all of which leads to an effective, customer-focused approach to pricing.