Deciding whether or not to increase the price of a particular product in a particular market often seems to be more of an art than a science.

It involves more than estimating the price elasticity of demand and the price sensitivity of your customers and their ability to switch suppliers. The attitude of your competitors and distributors is important too. One must also carefully assess the degree of risk of losing revenue and profit.

The Assistum Pricing Assistant knowledge base helps you or a business team assess the case for increasing the price of a particular product in a specific market that will assist managers come to a shared understanding of what should be done.

This includes consideration of customer familiarity with the product, their wealth and the proportion of their total costs this product accounts for.

This includes market share and the nature of the competition.

The Assistum Pricing Capability knowledge base is a diagnostic tool that helps you or your business team assess how capable your business is of pricing well. It provides a disciplined process that will assist your team to identify areas of weakness and come to a shared understanding of what needs to be done about it. This is a high level Organisation Development diagnostic tool.

This includes pricing objectives, economics of supply and demand, understanding of relative percieved value of input of discounts at transaction level.

This includes an understanding of the pricing psychology of your staff and attitudes to risk.