Pricing managers are employees who oversee the pricing needs of the organization. They identify the best pricing schemes for the company's product or service offerings. To do this, pricing managers analyze industry trends and current events. They study the target market and their spending behavior. They also coordinate with different departments, such as the production department to get the cost of production and the human resources department to get overhead costs. They also factor in different operational costs. Once they get this data, they determine the best pricing for the goods. Pricing managers also have a say in company tie-ups and client proposals to ensure that the company will not get the losing end of the stick with such partnerships.

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Pricing Manager Responsibilities

Here are examples of responsibilities from real pricing manager resumes representing typical tasks they are likely to perform in their roles.

  • Create RFQ for large orders, manage wholesale dealer price lists, and constantly negotiate better pricing on goods.
  • Manage operational compliance with terms and conditions to include the creation and management of SLA's and KPI's.
  • Manage personnel for all procurement relate activities in support of these commodities (measure by a prescribe set of metrics).
  • Manage the development of strategic initiatives from concept to execution including the store format portfolio, international partnership and OmniChannel opportunities.
  • Prepare and develop complete cost proposals in accordance with specify RFP requirements and the established corporate estimating system.
  • Write ad hoc SQL queries as needed.
  • Work with sales to convert major OEM's.
  • Utilize SQL to analyze and implement updates and to provide ad hoc reporting.
  • Programme with mainframe user languages, such as SAS, using IBM DB2 datasets.
  • Create and implement operational KPIs and unify reporting system, resulting in unit's productivity gain.
  • Complete BOE, calculation of labor rates, and provide cost proposal narratives in support of the BD teams.
  • Managed/Negotiat procurement contracts for energy commodities and equipment for various clients with contract values in the millions of dollars.
  • Develop strong and consistent relationships with key OEM management to secure timely feedback on concerns to allow rapid resolution.
  • Identify new business opportunities through micro and macro industrial trends analysis a very successful new line of product are implemented.
  • Develop financial model tracking cash flow, EBITDA, ROI, and IRR to assess opportunities for the corporate business model.

Pricing Manager Job Description

When it comes to understanding what a pricing manager does, you may be wondering, "should I become a pricing manager?" The data included in this section may help you decide. Compared to other jobs, pricing managers have a growth rate described as "faster than average" at 8% between the years 2018 - 2028, according to the Bureau of Labor Statistics. In fact, the number of pricing manager opportunities that are predicted to open up by 2028 is 21,800.

Pricing managers average about $52.66 an hour, which makes the pricing manager annual salary $109,525. Additionally, pricing managers are known to earn anywhere from $80,000 to $149,000 a year. This means that the top-earning pricing managers make $64,000 more than the lowest earning ones.

Once you've become a pricing manager, you may be curious about what other opportunities are out there. Careers aren't one size fits all. For that reason, we discovered some other jobs that you may find appealing. Some jobs you might find interesting include a manager, strategy, business development manager, associate product manager, and assistant product manager.

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Pricing Manager Skills and Personality Traits

We calculated that 15% of Pricing Managers are proficient in Analytics, Pricing Strategy, and Strategic Pricing. They’re also known for soft skills such as Creativity, Organizational skills, and Analytical skills.

We break down the percentage of Pricing Managers that have these skills listed on their resume here:

  • Analytics, 15%

    Utilized business Intelligence analytics to understand and address shortfalls or other problems affecting optimization of gross margin and/or asset management issues.

  • Pricing Strategy, 11%

    Managed all aspects of customer bid packages including customer specification analysis, product costing, pricing strategy, and customer presentations.

  • Strategic Pricing, 5%

    Collaborated with senior management and sales teams in qualifying and selecting vendors and forming strategic pricing for materials purchasing.

  • Customer Service, 5%

    Interacted daily with Customer Service and Credit/Billing Departments to ensure that orders were processed efficiently for shipping and invoicing.

  • Strong Analytical, 5%

    Earned top reputation for strong analytical skills, as well as for efficiency in reporting information to upper management.

  • SQL, 4%

    Used plain JDBC for database connectivity and used SQL to write queries to retrieve data from IBM DB2 database using TOAD.

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"analytics," "pricing strategy," and "strategic pricing" aren't the only skills we found pricing managers list on their resumes. In fact, there's a whole list of pricing manager responsibilities that we found, including:

  • Arguably the most important personality trait for a pricing manager to have happens to be creativity. An example from a resume said this about the skill, "advertising, promotions, and marketing managers must be able to generate new and imaginative ideas." Additionally, other resumes have pointed out that pricing managers can use creativity to "developed and implemented a weighted-average cost inventory based accounting system that enabled the company to comply with cost accounting standards. "
  • Another commonly found skill for being able to perform pricing manager duties is the following: organizational skills. According to a pricing manager resume, "advertising, promotions, and marketing managers must manage their time and budget efficiently while directing and motivating staff members." Check out this example of how pricing managers use organizational skills: "established sales management discount allowances that varied by organizational level to provide pricing flexibility for data products in competitive bid situations. "
  • Pricing managers are also known for analytical skills, which can be critical when it comes to performing their duties. An example of why this skill is important is shown by this snippet that we found in a pricing manager resume: "advertising, promotions, and marketing managers must be able to analyze industry trends to determine the most promising strategies for their organization." We also found this resume example that details how this skill is put to the test: "partnered with it department to brainstorm ideas to further automate processes and reports using existing custom erp system and data warehouse. "
  • In order for certain pricing manager responsibilities to be completed, the job requires the skill "communication skills." According to a pricing manager resume, "managers must be able to communicate effectively with a broad-based team made up of other managers or staff members during the advertising, promotions, and marketing process" As an example, this snippet was taken directly from a resume about how this skill applies: "facilitate proposal team communication to include management, business development, contracts, program management and customers. "
  • See the full list of pricing manager skills.

    After discovering the most helpful skills, we moved onto what kind of education might be helpful in becoming a pricing manager. We found that 65.6% of pricing managers have graduated with a bachelor's degree and 17.6% of people in this position have earned their master's degrees. While most pricing managers have a college degree, you may find it's also true that generally it's possible to be successful in this career with only a high school degree. In fact, our research shows that one out of every eight pricing managers were not college graduates.

    Those pricing managers who do attend college, typically earn either business degrees or finance degrees. Less commonly earned degrees for pricing managers include accounting degrees or marketing degrees.

    When you're ready to become a pricing manager, you might wonder which companies hire pricing managers. According to our research through pricing manager resumes, pricing managers are mostly hired by Deloitte, Ingevity, and VMware. Now is a good time to apply as Deloitte has 170 pricing managers job openings, and there are 41 at Ingevity and 38 at VMware.

    But if you're interested in companies where you might earn a high salary, pricing managers tend to earn the biggest salaries at McKinsey & Company Inc, Databricks, and VMware. Take McKinsey & Company Inc for example. The median pricing manager salary is $147,700. At Databricks, pricing managers earn an average of $136,211, while the average at VMware is $136,100. You should take into consideration how difficult it might be to secure a job with one of these companies.

    View more details on pricing manager salaries across the United States.

    If you earned a degree from the top 100 educational institutions in the United States, you might want to take a look at AT&T;, Verizon Communications, and Dell. These three companies have hired a significant number of pricing managers from these institutions.

    For the most part, pricing managers make their living in the professional and non profits industries. Pricing managers tend to make the most in the technology industry with an average salary of $110,227. The pricing manager annual salary in the professional and manufacturing industries generally make $105,823 and $105,661 respectively. Additionally, pricing managers who work in the technology industry make 21.6% more than pricing managers in the transportation Industry.

    The three companies that hire the most prestigious pricing managers are:

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    What Manager, Strategys Do

    A strategy manager is a professional who reviews a company's objectives for growth and works with executives to formulate actionable plans to achieve these objectives. To make comprehensive recommendations, strategy managers must conduct data analysis of the organization as well as the overall industry. They must provide assessments of market trends and identify business threats and opportunities. Strategy managers should also work with department heads to develop individual team goals and break them down into actionable steps for the employees to complete.

    We looked at the average pricing manager annual salary and compared it with the average of a manager, strategy. Generally speaking, managers, strategy receive $306 higher pay than pricing managers per year.

    While their salaries may differ, one common ground between pricing managers and managers, strategy are a few of the skills required in each craft. In both careers, employees bring forth skills like pricing strategy, customer service, and visualization.

    As far as similarities go, this is where it ends because a pricing manager responsibility requires skills such as "analytics," "strategic pricing," "strong analytical," and "transfer pricing." Whereas a manager, strategy is skilled in "project management," "portfolio," "digital marketing," and "business strategy." So if you're looking for what truly separates the two careers, you've found it.

    Managers, strategy receive the highest salaries in the technology industry coming in with an average yearly salary of $116,769. But pricing managers are paid more in the technology industry with an average salary of $110,227.

    Managers, strategy tend to reach higher levels of education than pricing managers. In fact, managers, strategy are 12.5% more likely to graduate with a Master's Degree and 0.9% more likely to have a Doctoral Degree.

    What Are The Duties Of a Business Development Manager?

    A business development manager's duties include identifying business opportunities, developing effective models and strategies to improve business performance, searching for potential clients to generate income and attract partnerships. A business development manager must have extensive knowledge of the market trends and adjust strategies as needed to meet the needs of the client. Excellent communication, decision-making, critical thinking, and leadership skills are just some of the key factors that business development managers should possess to communicate and negotiate with the clients.

    The next role we're going to look at is the business development manager profession. Typically, this position earns a lower pay. In fact, they earn a $8,756 lower salary than pricing managers per year.

    Not everything about these jobs is different. Take their skills, for example. Pricing managers and business development managers both include similar skills like "pricing strategy," "customer service," and "strong analytical" on their resumes.

    But both careers also use different skills, according to real pricing manager resumes. While pricing manager responsibilities can utilize skills like "analytics," "strategic pricing," "visualization," and "sql," some business development managers use skills like "crm," "healthcare," "business relationships," and "customer relationships."

    On average, business development managers earn a lower salary than pricing managers. There are industries that support higher salaries in each profession respectively. Interestingly enough, business development managers earn the most pay in the finance industry with an average salary of $103,515. Whereas, pricing managers have higher paychecks in the technology industry where they earn an average of $110,227.

    When it comes to the differences in education between the two professions, business development managers tend to reach similar levels of education than pricing managers. In fact, they're 3.7% less likely to graduate with a Master's Degree and 0.9% more likely to earn a Doctoral Degree.

    How an Associate Product Manager Compares

    An associate product manager is someone who assists the product development teams in the development of new product features. The duties of an associate include formulation of product strategies, collection of quantitative product data, and interpretation of consumer feedback. The requirements to qualify for the position include a bachelor's degree in computer science, marketing, business management, or a related field, the ability to maintain strong customer relations, and excellent communication skills.

    The third profession we take a look at is associate product manager. On an average scale, these workers bring in lower salaries than pricing managers. In fact, they make a $19,562 lower salary per year.

    While looking through the resumes of several pricing managers and associate product managers we discovered that both professions have similar skills. These similarities include skills such as "pricing strategy," "customer service," and "strong analytical," but they differ when it comes to other required skills.

    As mentioned, these two careers differ between other skills that are required for performing the work exceedingly well. For example, gathering from pricing managers resumes, they are more likely to have skills like "analytics," "strategic pricing," "visualization," and "sql." But a associate product manager might have skills like "project management," "user stories," "powerpoint," and "product development."

    Interestingly enough, associate product managers earn the most pay in the start-up industry, where they command an average salary of $91,911. As mentioned previously, pricing managers highest annual salary comes from the technology industry with an average salary of $110,227.

    Associate product managers are known to earn similar educational levels when compared to pricing managers. Additionally, they're 3.5% less likely to graduate with a Master's Degree, and 0.1% less likely to earn a Doctoral Degree.

    Description Of an Assistant Product Manager

    The key role of an Assistant Product Manager is to supervise the production of goods and ensure efficiency in all aspects of the production process. They also develop and implement different strategies to ensure the stabilization of the product.

    Now, we'll look at assistant product managers, who generally average a lower pay when compared to pricing managers annual salary. In fact, the difference is about $41,761 per year.

    While both pricing managers and assistant product managers complete day-to-day tasks using similar skills like pricing strategy, product management, and competitive analysis, the two careers also vary in other skills.

    Each job requires different skills like "analytics," "strategic pricing," "customer service," and "strong analytical," which might show up on a pricing manager resume. Whereas assistant product manager might include skills like "product development," "powerpoint," "overseas vendors," and "trade shows."

    In general, assistant product managers make a higher salary in the automotive industry with an average of $61,842. The highest pricing manager annual salary stems from the technology industry.

    Assistant product managers reach similar levels of education when compared to pricing managers. The difference is that they're 4.3% more likely to earn a Master's Degree less, and 0.1% less likely to graduate with a Doctoral Degree.