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Pricing News Daily > 11/14/18

pricingnews-DailyPricing News Daily is a digest of top pricing strategy in the news, strategy expert and technology leader’s thought leadership, industry news and events, and resources for pricing professionals, business owners, creative professionals, and independent contractors.

 

This Edition is brought to you by:

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Professional Pricing Society

Currently, PPS produces three major annual pricing conferences in Europe and North America. Each conference also houses a technology hall where sponsors display the latest in Pricing Solutions software. PPS also offers more than two dozen, full-day training workshops every year, taught by leaders in the pricing community. These workshops serve as the foundation for PPS’s Certified Pricing Professional (CPP) designation, our state of the art pricing certification program. Candidates may be certified after mastering a multi-stage curriculum followed by rigorous testing. Successful CPPs have acquired the core knowledge which not only places them in the top rungs of the pricing field, but also gives them the tools to enhance substantially their own careers.

Click a link below to learn more…

 

Cryptocurrency Price Prediction: Study Explains Why The Price Of Cryptocurrencies Are Propping Up | Cryptocurrency News Today

Cryptocurrency Price Prediction: Study Explains Why The Price Of Cryptocurrencies Are Propping Up | Cryptocurrency News Today

According a new study, the cryptocurrency market is contentious because it is largely influenced by belief heterogeneity. However, even if personal sentiments and discord are great influencers, they aren’t enough to keep the industry going indefinitely. This is according to a research conducted by a finance lecturer, Wang Chun Wei PhD in the University of […]

 

Split Congress to Attack Drug Pricing | Pharmaceutical Executive

Split Congress to Attack Drug Pricing | Pharmaceutical Executive

Healthcare was the deciding issue for more than 40 percent of voters in the mid-term elections, setting the stage for action on Capitol Hill to further challenge too-high prescription drug prices. Concerns over access to affordable care helped Democrats take control of the House. And even though Republicans increased their majority in the Senate, they […]

 

Surge in Buckfast sales blamed on minimum pricing ‘trade off’ from ciders | HeraldScotland

Surge in Buckfast sales blamed on minimum pricing ‘trade off’ from ciders | HeraldScotland

IT was a landmark pricing policy designed to transform Scotland’s troublesome relationship with alcohol. But nearly six months after minimum unit pricing (MUP) was introduced, a spike in demand for Buckfast has led to claims that problem drinkers are switching from high-strength ciders to the potent tonic wine. An overall surge in alcohol revenues from […]

 

Something Happened to U.S. Drug Costs in the 1990s | The New York Times

Something Happened to U.S. Drug Costs in the 1990s | The New York Times

Another potential explanation is that Americans take more expensive brand-name drugs than cheaper generics relative to their overseas counterparts. This doesn’t hold up either. We use a greater proportion of generic drugs here than most other countries — 84 percent of prescriptions are generic. Though Americans take a lower proportion of brand-name drugs, the prices […]

 

The Dawn of AI-Driven Price Management | RIS News

The Dawn of AI-Driven Price Management | RIS News

Want to devastate your financial performance? Simple. Get pricing wrong. And yet, 42% of retailers still primarily use spreadsheets for pricing and 34% use internally built software. What’s the problem with these traditional tools? For starters, both are incapable of supporting big data, machine learning and artificial intelligence (AI). You know, science. Which is a […]

 

Alcohol sales up four per cent since minimum pricing | Velvet Glove, Iron Fist

Alcohol sales up four per cent since minimum pricing | Velvet Glove, Iron Fist

Six months after the introduction of minimum pricing in Scotland, data emerges in dribs and drabs. We’ll have to wait for at least a year for official data on alcohol-related deaths, although we may get some modelled estimates and propaganda from the ‘public health’ lobby before then. In the meantime, various sales figures have been […]

 

Five misleading pricing tactics to avoid in sales | Which? News

Five misleading pricing tactics to avoid in sales | Which? News

At what point does an advert stop being tempting and start being misleading? The Advertising Standards Agency (ASA) knows better than most – in the last year alone it has ruled that 7,099 ads should be amended or withdrawn, 88% of which were online. Today, the regulator announced a new five-year strategy with a focus […]

 

Congress should broaden legislation to curb medical price gouging | TheHill

Congress should broaden legislation to curb medical price gouging | TheHill

Washington is taking notice of an important problem: hospital price gouging of unsuspecting patients. The No More Surprise Medical Bills Act of 2018, introduced last month by Democratic Sens. Maggie Hassan and Jeanne Shaheen of New Hampshire, followed a bill offered earlier this year by six senators, the bipartisan Protecting Patients from Surprise Medical Bills […]

 

 

Events

14th Annual PPS European & Global Pricing Conference & Workshops | PPS

Date: November 28-30, 2018

Location: Mövenpick Hotel Amsterdam City Centre in Amsterdam, Netherlands

The Professional Pricing Society team and I are very proud to announce that we will be returning to Amsterdam for our next great event – The 14th Annual PPS European & Global Pricing Conference & Workshops held 28-30 November.

Conference keynotes, breakout sessions, and networking opportunities highlight the conference day on 30 November; While 28-29 November will be used for workshop days to help you enhance your pricing knowledge.

 

Workshop: Data Monetization: A Practical Roadmap for Framing, Pricing, and Selling Your B2B Digital Offers 26-Nov | Stephan Liozu, CPP

Date: November 29, 2018

Location: Mövenpick Hotel Amsterdam City Centre in Amsterdam, Netherlands

The digital revolution promises trillions of dollars in created value by 2030. Consultants and researchers are projecting massive disruption in industrial sectors. As a result, PwC states in their DigitalIQ report that 73% of executives are investing in internet of things (IoT) and 54% in artificial intelligence (AI). ABB predicts that 33 billion “things” will be connected to the internet by 2020. Yet, in 2017, Cisco reported that 60% of IoT initiatives stall in the proof-of-concept phase and that only 26% of companies have had an IoT initiative that they consider a success. Despite the high level of interest and investments, the reality is that most companies are just starting.

This workshop focuses on data monetization and the value-based pricing of data-based offers. We introduce a newly-developed practical data monetization roadmap that can be used by digital project teams, incubators, and digital factories to better frame their offers and apply the principles of value-based pricing. Participants receive a copy of the 2018 Monetizing Data book.

 

Jobs

Director Of Pricing

Description

Directs pricing organization responsible for setting sell-side price strategy to optimize margin opportunities and achieve business plan margin goals and objectives. Manages team to execute pricing strategy. Works in alignment with group leadership, category management and global account management to develop pricing strategies and establish sell-side pricing structures based on profitability, market awareness and customer commitments. Provides key leadership and responsible for executing strategic vision for customer pricing and margin strategies.

Requirements

  • Price strategy development and execution – 8 years required
  • Direct management of pricing team resources – 8 years required
  • Functional and business leadership collaboration – 8 years required
  • Bachelors’ Degree in Business or Finance or related required; Masters’ Degree in Business or Finance preferred

 

Senior Director of Pricing Analytics

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Description

McDonald’s is proud to be one of the most recognized brands in the world, with restaurants in over 100 countries and billions of customers served each year. As the global leader in the food service industry, we have a legacy of innovation and hard work that continues to drive us to build an even better McDonald’s. Today, we are growing with velocity and are focused on modernizing experiences while delivering incredible value and quality in the food we serve.

Requirements

  • Extensive expertise at leveraging advanced statistical modeling methodologies in informing go to market strategy and decision making.
  • Extensive background in developing, maintaining and improving effectiveness of transactional and analytical decision processes.
  • Deep expertise in advanced analytics and methodologies applied to primary and secondary research.
  • Ability to influence and lead cross-functional teams in a matrix environment.
  • Requires Masters in Statistics, Econometrics, Computer Science or related fields
  • Minimum 10 years’ experience, including at least 5 years’ experience in quantitative analysis
  • Previous experience leading cross functional teams required
  • Previous leadership experiences influencing and guiding leadership across large organizations.
  • Ability to program and build scalable models using SAS, R, Python.

 

Mgr – Pricing Strategy & Optimization

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Description

Responsible for the operational deployment, adoption and effectiveness of a price optimization program throughout the VWR North America organizations. This role will manage technical training and support of the price optimization tool to enable effective and efficient execution of pricing best practices, and will take the lead role in identifying, prioritizing, and implementing future enhancements to pricing strategies, policies, and processes that will drive revenue and profit expansion as well as more effective sales & pricing processes. In addition, this position will lead and manage several ongoing strategic pricing processes in cooperation with the Category Management team.

RESPONSIBILITIES (List in order of importance)

  • Works with various functions and levels within VWR to facilitate training, development, and adoption. The VWR field sales organization includes (but is not limited to): Segment Leaders, Sales Executives (Vice Presidents), Regional Sales Directors, Strategic Partners Organization, Sales Representatives, Specialist teams, Category Management, and Marketing.
  • Identify trends, system issues, and training or development opportunities to proactively enhance the user experience, and create improvements to VWR pricing processes.
  • Create reports/dashboards to establish, track, and report on key business metrics and to measure the effectiveness of the price optimization program.
  • Synthesizes and integrates business intelligence into price optimization system in support of field sales priorities.
  • Monitors and cleanses data, as needed, to ensure data remains consistent, valid and relevant to the price optimization process.
  • Conducts ad hoc data analysis, providing insights and recommending innovative and effective strategic improvements.
  • Management of technology update process and pricing strategies and exceptions that may be required to support business needs; coordinates activities with IS team, quotes team, and salesforce.com team to ensure system integration stability and security.
  • Foster close working relationships with internal stakeholders to obtain adherence to data standards, guidelines, and procedures related to the role.
  • Partner with Marketing, Sales Operations and Sales Leadership to translate business needs into system requirements and supports the management of price optimization tool enhancement projects from requirements documentation to execution.
  • Continuously analyze operational and commercial processes to find and implement new efficiencies.
  • Primary point of contact for software vendor; work with technology partners to understand system functionality and roadmaps.

 

Resources

Explore our collection of valuable pricing resources including: Books, CartoonsCertificationsPapersQuotesReportsTraining, and Videos.

 

Pricing News LinkedIn Group

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This blog series provides a forum for pricing professionals to share their insights and experience. Our guest bloggers share their knowledge about specific product or industry challenges, geographic complexities, strategies, tactics, and technologies.

 

 Enjoy a couple of our favorite pricing cartoons and quotes.

 

 

“The single most important decision in evaluating a business is pricing power,” Buffett told the Financial Crisis Inquiry Commission in an interview released by the panel last week. “If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you’ve got a terrible business.”

     – Warren Buffett

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