What does an effectively controlled pricing process look like?

This is about control of the other 4P's to ensure that pricing decisions are based upon the appropriate information and subject to appropriate approvals.

We would expect to see the following characteristics

• Clarity about authority to make changes
• Clarity about business objectives and constraints
• The appropriate information reaching the appropriate people at the right time
• Regular meetings of the key stakeholders in pricing decisions
• Evaluation of expected impact on objectives and other KPIs undertaken prior to implementation
• The actual outcomes monitored against this evaluation using an effective feedback loop
• Regular reviews and re-calibration of any statistical models used in the pricing process, with appropriate change controls in place