Pricing and promotions play a significant role in the success or failure of product performance. Item Planner is the perfect tool to evaluate different pricing scenarios to create a plan that optimizes sales and profit. Our approach is simple- use what we know already to help predict what happens to sales and profit when a price increases or decreases.
How it Works
The price elasticity feature is built into the Projected Plan. Create a new plan and open it. Click the “Price Elasticity Report” button. The resulting pop-up grid summarizes the change in sales from price increases and decreases from the previous year’s history. The more correlations between the same price increase or decrease and the same change in sales, the more confident we can be that it will happen again, other things being equal.