Profession pricing specialist

Pricing specialists analyse production prices, market trends and competitors in order to establish the right price, taking brand and marketing concepts into consideration.

Personality Type

• Investigative / Enterprising
• Artistic / Investigative

Knowledge

• Company policies

  The set of rules that govern the activity of a company.

• Data mining methods

  Data mining techniques used to determine and analyse the relationship between different elements of economy and marketing.

Skills

• Make price recommendations

  Make price recommendations based on factors such as standard costs, promotions, freight, margin expectations, and customer relationships.

• Perform data analysis

  Collect data and statistics to test and evaluate in order to generate assertions and pattern predictions, with the aim of discovering useful information in a decision-making process.

• Set up pricing strategies

  Apply methods used for setting product value taking into consideration market conditions, competitor actions, input costs, and others.

• Carry out statistical forecasts

  Undertake a systematic statistical examination of data representing past observed behaviour of the system to be forecast, including observations of useful predictors outside the system.

• Comprehend financial business terminology

  Grasp the meaning of basic financial concepts and terms used in businesses and financial institutions or organisations.

• Perform risk analysis

  Identify and assess factors that may jeopardise the success of a project or threaten the organisation's functioning. Implement procedures to avoid or minimise their impact.

• Maintain pricing database

  Maintain internal and external database to ensure that all pricing data are permanently accurate and up-to-date.

• Maintain financial records

  Keep track of and finalise all formal documents representing the financial transactions of a business or project.

• Perform market research

  Gather, assess and represent data about target market and customers in order to facilitate strategic development and feasibility studies. Identify market trends.

• Prepare cost-plus pricing models

  Make up cost and pricing models on a regular basis by taking into account the cost of materials and supply chain, personnel and operating costs.

• Perform financial analysis on price strategies

  Make up a thorough financial analysis for a business; monitor pricing actions and strategies.

• Ensure compliance with purchasing and contracting regulations

  Implement and monitor company activities in compliance with legal contracting and purchasing legislations.

• Manage profitability

  Review on a regular basis sales and profit performance.

• Present reports

  Display results, statistics and conclusions to an audience in a transparent and straightforward way.

• Identify pricing opportunities

  Adapt prices to maximize revenue, including price-marked packs, for brand performance and business development.

Optional knowledge and skills

Source: Sisyphus ODB