When consumers decide where to spend their hard-earned dollars, price is a big consideration. To help retailers boost their knowledge of pricing fundamentals, the North American Retail Hardware Association (NRHA) has developed a new online course in Basic Retail Pricing.
The training course offers an overview of pricing basics, including common terms, basic calculations and pricing models. It also discusses ways retailers can improve their price image and offers best practices for conducting price audits.
Developed with guidance from pricing experts Jim Robisch, senior partner at The Farnsworth Group, and John Dillon, senior vice president of pricing for Orgill, the course is designed for any employee at any level, including managers and owners.
The course combines videos, interactive segments, a pricing glossary and knowledge checks for an optimal learning experience. When they’ve finished studying all the content, students can check their learning with a 25-question test.
Like other online courses available from NRHA, the pricing course can be accessed anywhere you have an internet connection, and it is compatible with mobile devices. It can be completed in about an hour.
Visit nrha.org/training to learn how to become an NRHA Training Member today to access this course.
Basic Retail Pricing
Every NRHA basic training course is developed specifically for independent operators. The modules walk trainees through the program in a logical way, which means it’s suited for any experience level. Review the modules of the Basic Retail Pricing program here. The program is available on NRHA’s learning management system. Visit nrha.org/online-training or call NRHA Member Services at 317-275-9424 to learn more.
- Module 1: Introduction to Pricing
The course starts with a overview of why pricing is critical to the success of the business.
- Module 2: Basic Pricing Math
This module helps students understand a few pricing terms and calculations.
- Module 3: Pricing Analysis
This module discusses how retailers analyze their prices, including conducting price audits.
- Module 4: Pricing Strategies
This module assesses common pricing models and techniques.
- Module 5: Communicate Your Price
This module discusses the importance of creating and maintaining a price image for your business.
- Module 6: How to Improve Your Pricing
The final module offers suggestions on improving pricing strategies.