Abstract:
The executive summary outlines the project's essential findings and proposed actions aimed at improving the pricing strategy and standard operating procedure of Clary Business Machines. The primary objectives of this project are to enhance lead generation, achieve better product margins, and eventually increase the organization’s profit potential. Through a comprehensive internal, external, and organizational analysis of the company’s existing pricing strategy, and standard operating procedures, I have identified areas where improvements can be made to drive more favorable outcomes. The analysis revealed that the company’s current online stores offer a poor user experience, leading to higher bounce rates. Moreover, the current pricing strategy heavily relies on cost and competitor prices to determine the final prices for end consumers. While this approach provides a benchmark, it does not adequately consider the unique value proposition of our products or the potential for differentiation in the market. As a result, our pricing may not effectively capture the actual value of our offerings, limiting our ability to generate leads and maximize product margins. To address these shortcomings, I propose revamping existing websites, a revised pricing strategy, and supplies bundling that considers a holistic view of the market, our product positioning, and the desired profitability. The new approach aims to balance competitiveness and value creation, enabling us to attract more customers while maintaining healthy margins. Key elements of the proposed strategy include a combination of the following: Value-Based Pricing: I will emphasize the value and benefits our products offer to customers rather than solely relying on cost or competitor prices. By aligning our pricing with the unique value proposition of our offerings, we can better communicate the worth of our products and justify premium pricing. Differentiated Pricing: Recognizing that customers have different needs and preferences, we will introduce tiered pricing or customized pricing models that cater to specific market segments. This approach allows us to capture additional value from customers willing to pay more for tailored solutions and offer more affordable options for price-sensitive segments.
