Product Pricing

ESI Product Pricing helps retailers improve execution of and compliance with their pricing policy, strategies and goals.

ESI Product Pricing can help you:

 
Simplify and streamline the pricing process with rules-based pricing.
Respond quickly to volatile vendor cost and competitive price changes with advanced price maintenance.
Quickly review, approve and deliver pricing to downstream systems with advanced pricing delivery capabilities.
 

To gave a price for a product we should follow these below steps.

 
Know the market
Choose the best pricing technique
Work out our costs
Consider cost-plus pricing
Set a value-based price
Think about other influences on price

Know the market

 
Finding out how much customers will pay, as well as how much competitors charge.
We can then decide whether to match or beat them.

Choose the best pricing technique

 
Value-based pricing is determined by how much value our customers attach to our product.
Decide which approach is most suitable for our products before making a calculation.

Work out your costs

 
Include all direct costs, including money spent developing a product or service.
Work out what percentage of our fixed costs the product needs to cover.

Consider cost-plus pricing

 
This is usually expressed as a percentage of breakeven.
Industry norms, experience or market knowledge will help to decide mark-up.

Set a value-based price

 
Need to know our market well to set a value-based price.

Think about other influences on price

 
We keep margins modest on some products in order to achieve higher margin sales.
EasyStepIn