Pricing Manager Job Description
Also known as Marketing Managers, Pricing Managers develop and implement pricing strategies for a company’s products or services. They work closely with several other departments, including sales, production and public relations. Pricing Managers also help companies identify target markets and review customer trends to help determine the need for new products or services.
Based on information about Marketing Managers provided by the U.S. Bureau of Labor Statistics, the projected employment growth rate for this profession over the 2014-2024 decade is 5 percent. It is believed that companies will continue the trend of expanding their markets, which is a factor in this growth projection. The impact of a Pricing Manager on a company’s revenue also plays a part in this projected growth rate.
Pricing Manager Duties and Responsibilities
Pricing Managers complete several tasks to come up with effective pricing strategies and market evaluations. In reviewing several job listings for this profession, we found the following are among the core duties and responsibilities of a Pricing Manager.
Develop Pricing Strategies
Pricing Managers help companies determine what to charge for their products or services by considering production and other costs to determine the price point to make a profit. They set base prices and develop discount programs, assist in creating promotional campaigns, compare prices set by competitors and measure customer satisfaction based on the cost of a company’s product or service.
Identify Target Markets
In this capacity, Pricing Managers evaluate trends to determine what consumers would buy a certain product or utilize a specific service. They would assist public relations and sales departments in targeting these consumers to generate revenue for the company.
Track Market Trends
Pricing Managers help companies complete market research for new product or service ideas. They might conduct surveys, evaluate consumer trends and visit stores, trade shows and other venues to establish what rival companies are offering in order to establish the need for a specific product or service.
Pricing Manager Skills
To be successful in this field, Pricing Managers need strong verbal and written communication, interpersonal, mathematical and analytical skills. As their job requires that they work with various departments, Pricing Managers need to be team players with strong leadership and project management capabilities. A good sense of finance or accounting principles is important for this position. In addition to these general skills, a Pricing Manager could be expected by potential employers to possess the following skills.
Core skills: Based on job listings we looked at, employers want Pricing Managers with these core skills. If you want to work as a Pricing Manager, focus on the following.
- Evaluating production costs to develop pricing strategies
- Understanding the impact of pricing on profit margins
- Developing and defining pricing structures
- Coordinating sales, public relations, advertising and marketing personnel to build pricing models
- Understanding contract negotiations and bids as well as proposal development
Advanced skills: While most employers did not require the following skills, multiple job listings included them as preferred. Add these to your Pricing Manager toolbox and broaden your career options.
- Understand federal pricing regulations
- Knowledge of Microsoft Office applications, especially Excel
Pricing Manager Resources
The following are among the best industry resources we found that could be helpful as you continue your research of a Pricing Manager career. Both online and print resources are listed here.
On the Web
The Pricing Authority – Hosted by the Professional Pricing Society, this blog contains articles and interviews offering career tips, strategies and trends for Pricing Managers.
Bottom Line Blog – Offered by pricing experts, this blog addresses decision-making processes and strategies for successful pricing management.
Professional Pricing Society (PPS) – Since 1984, PPS has been providing professional development support for Pricing Managers and others in this field. PPS offers conferences, workshops, training webinars and online publications.
Marketing Management Association (MMA) – A global organization providing conferences as well as online journals and other publications relating to the field of pricing and marketing management.
Pricing and Profitability Management: A Practical Guide for Business Leaders 1st Edition – An extensive look at the six key categories of pricing and management strategies for overseeing this aspect of business.
Pricing: The Third Business Skill: Principles of Price Management – Written by a price management expert, this book explores successful pricing models of major companies and how these strategies are employed.
Confessions of the Pricing Man: How Price Affects Everything – A leading expert in the field discusses his personal experiences and presents ways in which Pricing Managers can create markets and expand businesses using his approaches.
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