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1. Analyse and forecast business activity. 1.1.Analyse existing performance data and budget targets.
01 / 10 / 2021
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Elements and Performance Criteria
Elements describe the essential outcomes.
Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Analyse and forecast business activity.
1.1.Analyse existing performance data and budget targets.
1.2.Interrogate and compare sources of business activity from different distribution channels and market segments.
1.3.Evaluate external market factors, competitor activity and changing customer demand patterns.
1.4.Develop scenarios and forecasts around future business performance and revenues.
2. Make pricing decisions.
2.1.Confirm net, fixed and variable delivery costs.
2.2.Review and incorporate distributor commissions and mark-ups.
2.3.Set standard and promotional rates for different times, trading periods and market segments based on analysis of forecasts, pricing options and optimum yield.
2.4.Assess the need for special conditions and apply as required.
2.5.Document pricing structures and associated terms and conditions, with consideration of consumer protection requirements.
3. Implement pricing decisions.
3.1.Communicate pricing initiatives to colleagues, internal and external partners, and distribution channels.
3.2.Establish mechanisms and collateral to support pricing decisions in different market segments.
4. Monitor pricing initiatives.
4.1.Monitor revenue results achieved through pricing and distribution initiatives on a timely basis.
4.2.Adjust initiatives based on results and broader business and market analysis.
4.3.Record performance data for future analysis.