What is a Pricing Analyst?

A Pricing Analyst reviews statistical information regarding product pricing to locate trends or patterns in consumer spending. 

Pricing analysts must prepare pricing recommendations based on their analysis, and present them to other departments such as finance, sales and marketing, in order to assist those making pricing decisions. 

Larger companies have whole departments dedicated to pricing led by a Pricing Manager.

As part of pricing analyst duties, she is responsible for creating a master list of key items central to the product created by the company. This list is used to quickly check the prices on a regular basis and determine if further negotiations or adjustments are necessary.

Analysing the results of purchasing and product pricing decisions forms a major part of a price analyst’s day. This work requires analysis of the impact of decisions is central to determining if further adjustments are required.

The pricing analyst has a very important role in the process of cost accounting which involves carefully tracking the costs associated with every stage of product development. 

 

QUALITIES REQUIRED TO BE A PRICING ANALYST

  • Enjoy working with and have an affinity for numbers and statistics and get satisfaction from finding value and savings
  • An analytical mind and business acumen; ability to spot patterns quickly, and the computation of various scenarios
  • Excellent communication skills
  • Timeliness and attention to detail
  • Excellent computer software skills and mental focus
  • Exceptional research skills; pricing analysts are responsible for accurately reporting the price charged by the competition for substitute and complementary products
  • Usually a first degree in either mathematics, statistics, economics, marketing or finance - but this can vary between employers
  • Higher level qualifications (MBA) may be required if a pricing analyst wishes to progress to a more senior position
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