Appraisal of Accountants’ Role in Strategic Pricing Formulation

Description

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Abstract

In any flourishing business today, pricing has been their key function. This is so because the  rate with which modern business is growing coupled with the worldwide inflationary trends, more dimensions will be added to the problem of pricing.

In any market economy where goods and services are traded, pricing is very crucial as the prime mover of trade, for instance, pricing ration out scarce good. This is a rise in price of good indicates that the good is in relative short supply.

Pricing can be used to discourage unnecessary pressure on some commodities; this is price serving as a gauge. Price indicate the direction of want and also pricing as a means by which factors of production are awarded and as a result, many professionals in business are beginning to play major roles in pricing decision and strategic pricing formulation.

This study was done on the appraisal of accountants’ role in strategic pricing formulation. Its objectives were: (i) to determine the extent to which accountants participate in strategic price formulation;

To find out if accountants are responsible for the computation of a company’s product worth alongside considerations for the company’s cost of capital and owners’ returns; and (iii) to examine the functions of accountants in strategic pricing formulation development.

Introduction

Pricing is one of the most powerful levers to increase profitability. Studies over the years have shown on average that, a 1% increase in price leads to a 7-8% increase in profits- making optimal pricing more effective than improving volumes or variables and fixed costs (HSB Consulting, 2008).

Also, pricing is one of the first, if not the most significant signals a firm sends to the market place about its product, its business and its competitive positioning (Strickland, 2010).

According to this author, the pricing may be developed on a product-by-product basis, as a company-wide strategy, or somewhere in between these.

Whatever the approach, the price a firm puts on its product tells everyone where the firm is positioning itself viz-a-viz other players and what it believes customers are thinking, feeling or ultimately valuing its products with.

Failing on ‘product pricing’ can lead to a failure on the entire market opportunity for a product; failure to connect with customers or a market; and not getting any chance to adjust the price and try again.

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