Pricing is the moment of truth in marketing. Regardless how thorough R&D has been and how persuasive the marketing is, price determines whether consumers walk away empty handed or companies give up the products leaving money on the table.
Pricing is so critical that, according to a survey conducted on executives in the U.S. and Europe, pricing was named as the most important issue across sectors.
Pricing has been an area of expertise at Illuminera. Our consultants have had the privilege to tackle diverse pricing issues across a wide range of product and service categories.
In our humble view, getting pricing right is more than getting the pricing study techniques right. True, pricing study remains to be one of the more “technical” subjects in market research. And over the years we have observed many cases where inappropriate techniques were applied or appropriate techniques were applied inappropriately or both. However, many pricing decisions were mis-guided well before a pricing study has been called. How to frame a pricing issue in the right strategic context has not received much needed attention.
In this seminar, we will share our hard-earned knowledge and know-how using real-life cases.
Part I: Pricing Fundamentals
» Fundamentals: What is “price”, and its profound implications for pricing
» How much is your product/service “worth”?
» How do customers form their perception of “expensive” vs. “cheap”?
Part II: Pricing Research Techniques
» Techniques for pricing studies
» Indirect techniques to model customers’ trade-off patterns
Part III: Pricing in Its Strategic Context
» Different motives for pricing
» Pricing under different scenarios
Who Should Participate
Marketing directors/managers, brand/product managers, strategy planners or market researchers
Jing An Four Seasons, Shanghai
Paul Zhou, CEO of The Illuminera Group
July Lin, Director of IlluminHealth, The Illuminera Group
Evan Zhou, Boutique Leader of MEDX, The Illuminera Group