Understanding Costco’s messaging code embedded in its price point endings can be dramatically useful for consumers looking for bargains and further inflation-fighting opportunities. For pricers and marketers, it invites admiration and respect for a brand that is immensely successful because it thinks the details through, as the author explains.
Dollar Tree, Inc., has recently done the unthinkable: it raised prices on many items from $1.00 to $1.25. If the price that's in the company name, on the wall, on the corporate letterhead, and is seemingly the brand won't stand, what next? In most business-as-usual environments psychological price points like “everything is $1” have a role to play. However, the current environment is anything but business-as-usual, as the author explores.
Rapid changes in consumer and customer demand will require consumer goods companies—much like companies in other highly dynamic industries—to reset their revenue management practices in order to survive the coronavirus pandemic and thrive in the future beyond it, as the authors explain.
In their recently announced move into retail grocery stores, an expansion of their existing online grocery purchase and delivery services, Amazon once again demonstrates how its primary focuses when expanding its business are unique positioning for each brand and unique value for each brand. Can you say this about your product lines and their positioning and value? Does your pricing reflect this? If not, it may be time to shift focus and resources towards addressing these areas, as the author explains.
Which price and price differences can Consumer Packaged Goods (CPG) companies actually control, and what does the report of higher prices really mean? In this article, the author will explore how much control CPG companies actually have over their prices, which prices they should attempt to manage, and best practices for successfully executing these strategies.