Pricing Analyst Job Description, Key Duties and Responsibilities
This post will help you to learn about the pricing analyst job description to improve your knowledge of the key duties, tasks, and responsibilities that characterize the role.
It also reveals the major requirements that individuals seeking the job of a pricing analyst are commonly expected to meet by recruiters to qualify to access the position.
Please, continue reading:
What Does a Pricing Analyst Do?
Pricing analysts are highly analytical and work with complex data from multiple sources to help an organization determine and set competitive prices to increase market share and achieve revenue goals.
They are responsible for developing pricing models that incorporate margins for promotional and seasonal pricing based on competitor, market, and customer data.
They also take into consideration the cost of production of various items and associated costs like marketing costs, as well as the organization’s revenue goals in making price recommendations.
They are employed in various profit-making businesses with a product or service to offer, including manufacturing, construction, service companies, banks, pharmaceutical companies, etc.
The pricing analyst job description entails considering industry standards and paying attention to the pricing strategies of their competitors.
It also involves utilizing statistical analysis to track pricing trends in the marketplace using data from industry databases, catalogues and other industry sources.
Pricing analysts also undertake research on consumers’ attitude towards changes in price to ascertain the limit of price change that is tolerable or can result in a shift to competitors’ product.
They are also responsible for studying consumer habits to determine how much people are willing to pay for various products, and to identify patterns in consumer spending.
To be successful as a pricing analyst, it is crucial that individuals interested in the career have a solid business background, an analytical mind, and advanced computer skills; excellent communication and organizational skills and ability to work with numbers.
Pricing Analyst Job Description Example/Sample/ Template
The pricing analyst performs various functions, which primarily involves the administration of pricing process, maintenance, and analysis activities surrounding the organization’s ERP systems.
They work together with the marketing, sales, and sales support, or other relevant units in an organization to execute pricing strategy as directed by management.
They are responsible for pricing data governance within ERP and direct the creation and maintenance of customer/market price lists within ERP, as well as provide analytics and reporting tools to support internal functional areas.
Shown below are the major tasks, duties, and responsibilities that typically define the pricing analysts work description in most firms:
- Effect the organization’s pricing strategy into their pricing systems
- Ensure that prices and specific programs conform to the organization’s pricing strategy
- Responsible for documenting and maintaining pricing processes
- Responsible for the review and administration of price deviations and exceptions
- Guarantee the accuracy of pricing data in ERP, targeting to eliminate pricing errors and ensure accurate communication to customers/clients
- Responsible for preparing and conveying pricing reviews to internal and external contacts following defined processes
- Provide support for system upgrades and implementations related to pricing
- Carry out an assessment on requests for commission-based adjustments (CBAs), self-funded deviations, and price approvals
- Respond to pricing queries escalated from sales and other employees as needed
- Work with relevant stakeholders to resolve costing errors
- Effect promotional pricing in designated product categories and territories
- Responsible for analyzing and reporting on margin and market pricing to identify and capitalize on opportunities
- Undertake ad-hoc pricing analysis as required by superiors
- Administer and upload exceptions for vendor’s price list from suppliers
- Carry out the process for preparing, submitting, and approving, and maintaining data for invoice, exception, and other pricing categories.
Pricing Analyst Job Description for Resume
You can apply the sample pricing analyst job description provided above in making the professional or job experience section of your resume.
If you are seeking a new job and have worked before as a pricing analyst, or are currently holding the position, you can highlight the duties and responsibilities of the role presented in the above sample job description in completing the professional experience section of your resume.
This will certainly help to convince the recruiter that you have the required work experience to succeed as a pricing analyst in their organization.
Pricing Analyst Requirements – Skills, Knowledge, and Abilities for Career Success
When hiring for the pricing analyst position, most recruiters set out to find the candidates who can effective perform and realize the purpose, objectives, and obligations of the role.
They commonly list a set of requirements that interested applicants must meet for their applications to be accepted and approved for interview.
Here are major requirements individuals seeking the pricing analyst job are commonly expected to meet to move to the next stage of the recruitment process:
- Education: Applicants for the pricing analyst job are usually required to have Bachelor’s degree in Business, Economics, or Mathematics, or equivalent educational qualification, or a minimum of 3 years experience in sales, marketing, or finance. But a pricing experience is mainly preferred by recruiters
- Strong quantitative and analytical skills: The pricing analyst job requires providing insight working with large data and numbers. Therefore, it is important that applicants are equipped with quantitative and analytical skills, and the ability to identify the right tools applicable to a given data set for a valid result
- Knowledge: Applicants are required to have strong business acumen and demonstrated experience working with and supporting sales teams. It is also important that they can access information within established pricing databases, or analyze data made available from analysts. They may also be required to have an understanding of PRIME pricing system, which is highly desired by some recruiters
- Computer skills: Applicants must have advanced computer skills with Microsoft Office applications, including Excel, Word, and PowerPoint. They are also required to have working experience with ERP and Oracle/SAP
- Communication skills: They are required to have great communication skills to relate effectively with superiors, sales teams, customers, and vendors. It is also important that they have strong writing skills necessary for documenting pricing processes and creating reports
- Research skills: Pricing analysts utilize data from multiple sources to contribute to pricing process improvement projects and aid pricing decisions. So it is important that applicants can undertake research to pull information from internal and external sources, and also perform ad hoc analysis using the appropriate statistical technique.
If you are an HR manager or a recruiter hiring for a pricing analyst position in your organization, you can create a good description of the role that perfectly captures the required duties and responsibilities the successful pricing analyst will perform by applying the job description example given above.
You stand a better chance of finding the right pricing analyst for your firm by posting a detailed description of the job, which allows all interested persons to carry out a self-assessment of their suitability for the position before applying for it.
This post is also beneficial to individuals interested in the pricing analyst career. It will help to increase their understanding of the duties and functions of the role.
Did this post increase your knowledge of what pricing analysts do? Please, leave a comment in the box below. You may also discuss your job description if you work as a pricing analyst.
Job Assessment Tests: How to Top Your Competition
As part of the hiring process, most applicants that passed the initial Resume/CV screening phase are required to pass an assessment test for the job or apprenticeship position they are applying for.
The goal of this phase is to determine if the candidate has the appropriate set of skills and qualities to excel on the job.
Find out the tests you will be needing to take for the position you are applying for; get lots of success proven Practice materials to prepare with now: Sure way to make high scores in job tests.