In today’s competitive retail environment, where new products are being introduced daily, how do you attract customer attention to your new product, and how do you manage its success? But equally important is the price. Just what is the science of pricing?

Product and Price Management recognises that a product manager needs to maximise the value of a product, oversee all aspects of a product line in order to deliver superior customer satisfaction, and coordinate production with an understanding of the market’s and customers’ needs, while simultaneously providing a long-term competitive advantage for the company. It also focuses on the basics of pricing and conveys the choices and strategies surrounding price in a concise and practical manner. South African examples help illustrate the discussions, and the topics have been updated to reflect the current realities of the markets.

In today's globalised and digital world, consumers can move from one retailer to the next across the world at the click of a button. Online access and social media mean that consumers are more market savvy, more informed and more discerning than ever before. What brings them back is an enhanced shopping experience, and key to this is good customer service. More and more marketers are focusing on retaining their customer base or trying to erode their competitor's customer base through better customer service. After all, happy customers are repeat customers and become advocates for the business.

As the general public has become more aware of pricing and the pricing actions of organisations in recent years, the focus on pricing as a marketing decision area has intensified. Price management introduces the fundamental principles of pricing in a clear, accessible manner. The approach is that pricing is a long-term decision that must be made in a thorough and systematic way. Businesses should adopt a proactive approach to pricing in order for them to achieve their marketing and organisational goals.

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