Pricing It Right: Trade Discounts
Trade discounts refer to a pricing strategy or incentive that a supplier might offer to a consumer to encourage loyalty and increased purchasing. There are many advantages to trade discounts for both the consumer and the supplier. Advantages of trade discounts for the consumer Lowered business costs By taking advantage of trade discounts, especiall ... Read More
September 2, 2017 discount pricing, pricing, pricing strategy, trade discountsPricing, Quality, Perception and Profits: A Complex Relationship
Despite the impetus of most companies being to make money – more, more money – there is a significant gain to be had from also focusing on customer satisfaction. We will help you understand the complex relationship between pricing, quality perception, real quality and customer satisfaction. Although it is complicated, it has enormous benefits o ... Read More
August 31, 2017 customer satisfaction, customers, pricing, pricing strategyTrade Discounts: Are They Right For Your Business?
For many businesses, discounts are a common tool to attract business, clear out slow moving inventory and reward loyal customers. For a business that is mostly in the business of manufacturing inventory, rather than in the retail space, discounts are a key tool to tailor service and pricing to your customers’ specific needs. Let’s take [&hellip ... Read More
August 29, 2017 business costs, business planning, inventory management, pricing, pricing strategyShould Your Business Consider Discount Pricing?
Choosing a pricing strategy is a difficult decision, but one that every business needs to make. Pricing strategy affects most aspects of a business, including its revenue, market share and profitability. As a general rule, low prices are considered to attract customers, making cut price or ‘discount’ pricing strategies increasingly popular. Sho ... Read More
August 28, 2017 discount pricing, pricing, pricing strategyFive Reasons to Consider Trade Discounts
A trade discount is a variable reduction on the wholesale list price. Manufacturers and wholesalers typically publish a single price list rather than notifying prices to each different customer. Offering a specific trade discount to a customer is a way of varying the sale price for that particular customer. Trade discounts can be an important [&hel ... Read More
August 10, 2017 customer behaviour, customer retention, customer satisfaction, inventory management, pricing, pricing strategy, supplier relationshipContrasting Trade and Cash Discounts
Most businesses will use discounts and price reductions at some point in their business journey. For a growing business, discounts can be a way to attract business, clear excess inventory, differentiate between market segments or encourage prompt payment of invoices. Discounts are often thought to be the exclusive preserve of retail businesses. In ... Read More
August 9, 2017 distribution, inventory management, pricing, pricing strategy, retail, supplier management, wholesale3 Factors of Pricing and Customer Perceptions
Settling on a pricing strategy is a key decision that small businesses have to make. The decision is an important one as the prices you set affect your sales, revenue, cashflow and business performance. Pricing also has a direct bearing on customer satisfaction, a crucially important consideration for a growing business. So, how do your […] ... Read More
August 8, 2017 business management, pricing, pricing strategyDelving into Discount Pricing Strategy
Pricing strategy is fundamental part of a marketing with a strong focus on generating revenue and, ultimately, profit for the company. In a marketing campaign, a pricing strategy, such as discount pricing, can be considered the pursuit of identifying an optimum price for a specific product. What makes a successful pricing strategy? Numerous factors ... Read More
August 7, 2017 business costs, cost of goods sold, customer behaviour, customers, pricing, pricing strategy, purchasingSetting Prices: Five Key Strategies
When you’re first starting out, it can be difficult to set prices for your products. Although pricing can be a difficult problem, it is also a crucial one to solve. One of the biggest factors that determines a business’ future revenue is its pricing strategy. Let’s take a look at the basics of five well-known […] ... Read More
August 5, 2017 business costs, pricing, product bundle, product bundling, production costAccurate Costing for a Profitable Business
Accurate costing of your products can aid you in making well-informed decisions. Business costs must be accurate for several reasons, which we shall explore a little more in this article. Sales and budgeting Firstly, sales prices must be set accurately to ensure that firstly the company makes a profit, and secondly that they make the […] ... Read More
August 4, 2017 accurate costs, business costs, costing goods, inventory management, pricing, US