In this seventh installment, we will focus on pricing policy. To further advance the whole series of post on P lan Marketing: the essential business management tool . Once the analysis of the environment , the sector , the competition has been explained , our company internally analyzed from the Tuvalu Email List marketing mix point (product, price, distribution, commercialization, advertising) and analyzed all the key business data : the policy analysis of prices. And you will ask yourself: Why do we do it in an exclusive section when the internal analysis of the company has touched on this marketing factor? Because price is a critical point in any marketing strategy of any company or institution. First step of the pricing policy: detail your rates The first thing we must do is order and detail in a summarized way, through tables, all the products and services that we offer, by product lines, ranges, portfolios or business units … establishing for each of them the price or rate without VAT and the public sale price (RRP);
in case we have products that have different VAT rates. In the case of the Museum, for example, we have the tickets (permanent, combined and temporary) that are exempt from VAT, the workshops and space rental that are priced at 21% and the Museum Café restoration service that applies 10%. As well as all discounts (by volume, by sales units, margins …), commissions, rebate … and other commercial formulas that are incorporated. In this way we will have in a visual way our entire final price policy, the one applied throughout the current year, the one that generates the income; and that it is going to be the one we are going to work with to incorporate it into the Marketing Plan for next year. Second step, cost analysis Once all the prices have been detailed, we would begin the detailed analysis phase on two levels: External – We will analyze our average prices for products / services in relation to the average prices of the sector and the market.
Depending on the type of company and at what level we operate, the analysis will range from an international level to a local level, or at all levels. – We will analyze the prices in detail of all the products and services of our direct competitors. That is to say, of all those who “take away market share” from us eu phone number – We will analyze the prices in detail of all the products and services of our indirect competitors. And also with those that we consider substitute products. – We will analyze the policy of discounts and commissions of our direct and indirect competitors, taking averages from the sector and comparing them with ours. Internal – We will analyze in detail the fixed costs, variable costs (direct and indirect), contribution margin, margin on sales … for each of the different prices of all products / services. In this sense, we will also consider the cost of the marketing actions that we have launched for each of the products / services, special promotions … measuring the return on sales.