A new crisis Covid-19 has hit us suddenly and while it seems that the earth we are living in has stopped spinning and life around us is stuck, there is a ray of light that we are alive and not buckling down. Part of the reason I am saying so, is because you are reading this blog and we are still connected through the internet. We are ALIVE & will OVERCOME the challenges to get back to normalcy like before.
In this ever-evolving business landscape, the need of the hour is to be Agile in order to stay ahead of the competitors. If we fail to adapt ourselves as per the changing dynamics, we face the risk of being left out or await Lady luck to smile on us. Let’s cite the example of a product – the demad for which experiences a constant shift in different circumstances.
So, how do businesses keep up with such changing demads? The best way to deal with the challenge is to change the price of the product according to the demand. Seasonal fluctuation in demand also affect the business.To deal with this situation, we can offer seasonal pricing.Offering seasonal pricing means charging different pricing for the same product in different seasons. This is where Calendarize Pricing functionality comes into picture.
What is Calendarize Pricing?
Calendarize Pricing is the feature through which we can change the price of the product for a certain interval of time as per the business requirement. It is an automated process in which, once we set(either increase or decrease) the price of the product for a particular time period, it will automatically show the changed effective price for that time period.
Why do we need calendarize pricing?
Today’s market is driven by customers and their requirements keep on changing. So, to deal with this changing environment,businesses should have access to solutions that can scaled to fulfil the changing market requirements.
It’s good to have a feature like ‘Calendarize Pricing’ especially for business that have global presence. People across different geographies have different requirement. For instance, a product finding wide acceptance and demand in a particular geographical region might not find equal demand or acceptance in other regions or geography.
Calendarize pricing functionality is tailor developed in a way that allows users to set the pricing on different levels basis current market requirement..
Factors influencing the market
There are many factors that influence the market and its demand. Listed below are few of the many factors that influence the market and the demand for a particular product:
- Competition in the market
- More demand
- Different region
Market always depends on the economic health of the country. Inflation and Recession are the two reflectors of this economic health.While moderate inflation is good for the economy, recession brings the economy to a standstill.
Factors Influencing Pricing Decisions:
As we can see in the picture, there are various internal factors like Cost, Company Objectives, Organisational Factors, Marketing Mix and Product Differentiation that influence the product pricing. For example if a company is expanding its business and entering into a new country, it would keep the price of the product low to capture the market.
External Factors like Competition, Demand, Suppliers, Economical Conditions, Consumers, Government regulations etc. have a huge impact on deciding the price of a product. For instance, if we have tough competition in the market we will have to reduce the price of the product to gain the market and if the demand is high, we can sell the product at higher price and vice-e-versa.
Advantages of Calendarize Pricing:
- Same product can have a different price for a different time period.
- Same product can have different price for the same event in different regions.
- Same price-book can be used for different regions
- As we don’t need to change the price-book, it saves effort and money.
- Easy management of price according to demand and supply.
- Applicable to any sales cycle but not restricted to any event vertical.
In today’s ever-evolving business landscape, change is the only constant. The only way to remain competitive is to keep evolving as per the changing market conditions. The same applies for a product, the demand of which is dependent on different market conditions. To sustain in a dynamic business environment, pricing of the product should be changed as per the existing market condition, geographical location and product demand.
The Calendarize Pricing functionality can be a handy solution for organizations looking to successfully deal with the current crisis, as well as the post epidemic situation.