- Set your business goals
You need to set your business goals in different stages such as maximization of profits or capturing a certain market share. Then consider all of the factors that influence your goals.
- Assess your sales potential
Your or your professional consultants should be able to conduct an analysis of your sales potential from a non-biased and expert point of view.
- Evaluate your pricing decision
You need to do this by adopting various financial approaches.
- Implement your pricing strategy
You should get full support from the top management to sales team when you implement.
- Present your pricing strategy
You should be able to present strategic pricing plan in a professional way to various recipients.
- Price on a rational basis
You should consider following factors to come up with a rational pricing strategy
– Objectives of pricing
– Risk factors
– Internal price pressures
– External price pressures
– Management support
