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Planning and Pricing Your Program and Product

Planning and Pricing Your Program and Product . The Commandment of Program Pricing. If you want to fulfill your mission, you will have to make money where you can. How to do this? Avoid underpricing Make a profit It’s not a dirty word. How will you do this?. Know What Your Product Costs.

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Planning and Pricing Your Program and Product

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  1. Planning and Pricing Your Program and Product Mid-Year Leadership Conferences 2009

  2. The Commandment of Program Pricing • If you want to fulfill your mission, you will have to make money where you can. • How to do this? • Avoid underpricing • Make a profit • It’s not a dirty word Mid-Year Leadership Conferences 2009

  3. How will you do this?

  4. Know What Your Product Costs You need to understand your cost before you can set your price. What are the components of the price for your luncheon meeting? Food Facility cost (Room rental, A/V) Speaker expenses Uncollectables Marketing Profit Categories of expenses Fixed, variable

  5. What is the price of similar products in your local area? What do other associations charge for workshops, luncheons, dinners, seminars in Peoria? Do your market research.

  6. What’s your pricing policy for non members? Non members should be charged a price that encourages them to become members. When you price your local NES, do you price it to include a year’s membership dues in NCMA?

  7. No Shows What’s your policy? What should you do?

  8. Annual Price Review Do you do an annual review of your products and services and their cost components? Do you raise prices annually to keep up with inflation? Do you hold the price and every five years do a price increase?

  9. If a program isn’t working… What do you do? Keep it and subsidize? Re-think and re-structure? Cancel?

  10. Understand ALL your costs Fixed, variable OK to make a profit Set your price The rules

  11. This is the Equation Cost + Profit = Price

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