The overall objective of this book is to discuss how companies price their products and set pricing in any type of contract they may sign with a customer. It’s become quite noticeable through financial profit and loss results in many companies that average sale price (the overall price paid by customers for a company’s products) is not increasing very much year over year. Companies are judged by their financial results, and each quarter the overall revenue and profitability increase. Given the basic formula for calculating revenue of volume × price = revenue, you can see why price is so important in obtaining positive financial results. In order to maximize price opportunity, many companies have turned to developing formalized pricing strategies. When a pricing strategy is implemented successfully, it can result in consistent, sustainable profit improvement. Consider a minimum annual 1 percent-3 percent margin point improvement each year as your benchmark goal. This book will provide an outline (called a price plan) for developing and implementing a global pricing strategy with a focus on taking theory and making it more adaptable to everyday business. This methodology is called Practical Pricing.
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