Small Business Series: How to Set Prices the Smart Way

Presenter: Michael Goodman
Broadcast on Friday, August 17, 2007
Duration: 90 minutes
Cost: $129

   

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Pricing strategy is the sleeping giant of marketing strategy. The marketing mix element with perhaps the greatest potential to affect the bottom line and properly position a brand or a company with its target audience – yet the one most often relegated to a simple financial or sales decision, without regard for its impact on the brand or company image.

This seminar will address the role of pricing as a marketing tool, and explain the potential risks an entrepreneur faces when the pricing strategy isn’t consistent with the positioning or the other marketing mix elements.

It will also include case studies, a do-it-yourself example adapted from the real world and specific how to actions that deal with list prices, promotional pricing, and rules of thumb for various pricing strategies.

Be sure to check out the other events in this series:

• Why Most Small Businesses Fail
• Do-It-Yourself Market Research
• Positioning, Naming and Taglines
• How to Advertise on a Modest Budget
• Budgeting for the Marketing Mix
• Promotions - Instant Gratification for Small Business Marketers

You Will Learn

• Why pricing is primarily a marketing function – and why it’s so often not treated that way;
• The difference between pricing in commodity markets versus proprietary markets;
• Why sales, finance, and marketing are constantly at odds with one another when it comes to pricing;
• Why consumers don’t know what they’re willing to pay for a brand; and
• How to create a simple and effective tool to estimate price elasticity in YOUR business.

Who Should Attend

This seminar will address both B2B and B2C markets. It's intended for:

• Marketers and general managers in small- and medium-sized companies
• Entrepreneurs who are planning to start a new business
• Service professionals and consultants in small practices
• Consultants and marketing service providers who serve the small business community

This series is a must for marketers and entrepreneurs in small and medium-sized companies where everyone has to pitch in and make sure the work gets done and products and services are delivered as promised. Taken together the sessions promise to deliver a virtual “SBMBA” – a Small Business MBA.

About The Presenter

Michael Goodman is a senior marketing and management consultant with experience that spans the spectrum from micro-businesses and start-ups to the Fortune 25. He learned marketing at corporate giants Procter & Gamble, Frito-Lay and Playtex. He has consulted with clients in both business-to-business and business-to-consumer; local, regional, national and international markets; and industries ranging from industrial chemicals and consumer packaged goods to financial services and healthcare.

What Participants Said

Of the participants who evaluated this seminar, 95% would recommend it to a colleague. Some of their comments:

"It makes a brilliant case that pricing determines even the short term survivability of a business and captures the importance of value and product differentiation in determining any price. Finally, the seminar lays out extremely well the dangers in arbitrarily cutting prices."

"Great presentation... informative & insightful... immediately actionable. Michael Goodman rocks!"

"Very basic and clear understanding on price sensitivity and customer behavior."

"Shows the benefit of "what-if" simulations before price setting, instead of holding prices, or increasing and hoping for the best."

"It was beautifully organized, clearly presented, and used informative examples."

"I deliberated over joining Marketing Profs as a Premium Plus member for the past several days but now view my decision to join as one of the better decisions I've made in my life. The timing of this seminar was amazing... Mr. Goodman's presentation style and content was top-notch."

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