Pricing decisions may be straightforward if they can be based on reliable market information such as competitive pricing and your known costs. Often, however, decisions are complex due to uncertainty. In these cases of uncertainty, methods that embrace uncertainty to better estimate results (e.g. the Monte Carlo method) can be employed as discussed in the real-world example below.
A Real-World Problem
Leadership mandated an after-sale support program that would help ensure high product reliability. The challenge was that the customer base had been established in prior years and that each customer instance was different. In some instances, customers had a large number of products with both high and low use while in other instances customers had a low number of products. This use distribution made a “fixed” price offering difficult. The goal was to price the service such that overall program profitability was achieved even if some number of individual participating customers generated a loss.
Live training exercises provide a realistic facet that can’t be duplicated by rote-learning or computer-based training. During live training, the participants experience emotional elements such as diverse personalities and negotiation. Live learning events bring information and insight to life, improving understanding and reinforcing retention of concepts.
A Real-World Problem
Executives of three separate companies that would be jointly selling a new service product were concerned that their sales teams would drift into channel conflict, wasting valuable time and resources. The Executives sought some means of jointly training their sales teams so each team would understand how their individual activities contributed to the overall success of the program.
New product development, launch, and sustainment is a challenge for every business, and often more so in the regulated medical device domain.
Identifying the market need, customers and end users to properly define, develop and produce the right device is just the beginning. Crafting effective messaging to different stakeholders, creating financial justification and ensuring all sales and support personnel are trained and ready to go are all instrumental steps in any successful venture.