CICU holds workshop on strategies for product pricing

Ludhiana: The Chamber of Industrial and Commercial Undertakings (CICU) organised a programme on topic of good strategies for product pricing.
CICU president Upkar Singh Ahuja shared his views on how good strategies are important and become a very powerful tool in business growth. He also said this workshop aimed at providing knowledge to participants and enlighten them to perform advanced optimization and analytical procedures.

Ahuja said, “The setting the right price of our product is always a challenge. If the product is sold at a premium price, profitability increases but its volume of sale decreases. If the product is sold economically, it might result in a higher sale, but the margins shrink. Therefore, setting the right price is a perennial challenge.”

The session was conducted by Dinesh Divekar, management training consultant, Bangalore. In his presentation, he covered price and costs, dimensions of the quality of the product/service and its impact on the price. He also spoke on the issues of introduction to the product pricing strategies, understanding price and quality matrix, market challenges.

The participants also suggested that more such workshops and training programmes should be organized on the relevant subject for the growth and sustainability of the industry.

More than 40 participants from different companies consisting of executives, managers, senior managers, who are closely associated with different concepts of product pricing, attended the workshop.