Many brands are responding to market pressures by trimming prices and implementing aggressive promotional campaigns to attract and retain customers. While sales during the short term are certainly important, consumer products executives must also carefully consider their pricing strategies to ensure they remain competitive without tarnishing their brand over the long term.
There are steps that companies should take today to ensure that their current pricing strategy is consistent across all channels, and that they have the agility to address competitive changes rapidly. L.E.K. Consulting has identified four best practice ideas that senior executives should consider as they work to maximize profits and reinforce brand positioning. Take our pricing strategy test to help you gauge the relative performance of your organization's pricing strategy.