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What does a Price Analyst do?

A Price Analyst meticulously studies market trends, competitors' pricing, and consumer habits to determine the optimal price for a product or service. They play a crucial role in maximizing profitability and market share. How does this role impact your everyday shopping experience?
Carol Francois
Carol Francois

There are four different tasks that a price analyst is responsible for: research, creating comparators, analyzing results, and completing a cost accounting process. A price analyst can find employment opportunities in a wide range of industries, but are most commonly found in manufacturing, marketing, and advertising companies. The role requires a combination of analytical and communication skills.

People who enjoy working with numbers and get satisfaction from finding value and savings are happiest when they become a price analyst. The analytical skills required include an affinity for numbers, ability to spot patterns quickly, and the computation of various scenarios. Oral and written communication, presentation, and listening skills are all very valuable in this role.

A price analyst reviews statistical information regarding product pricing to locate trends and provide ideas for improvement.
A price analyst reviews statistical information regarding product pricing to locate trends and provide ideas for improvement.

Research skills are very important for a price analyst. They are responsible for accurately reporting the price charged by the competition for substitute and complementary products. In addition, they also need to make sure the firm is getting the best possible prices when purchasing items, supplies, and services.

As part of price analyst duties, she is responsible for creating a master list of key items central to the product created by the company. This list is used to quickly check the prices on a regular basis and determine if further negotiations or adjustments are necessary. Timeliness and attention to detail are critical to this role.

A pricing analyst looks for patterns in consumer spending.
A pricing analyst looks for patterns in consumer spending.

Analyzing the results of purchasing and product pricing decisions forms a major part of a price analyst’s day. This work requires computer software skills and mental focus. Analysis of the impact of decisions is central to determining if further adjustments are required.

Cost accounting is the process of carefully tracking the costs associated with every stage of product development. The price analyst has a very important role in this process. While not responsible for data entry, an analyst is expected to interpret the data and make the necessary arrangements to ensure that expenses are minimized.

Pricing analysts help retailers determine the price point they can sell products for without a loss.
Pricing analysts help retailers determine the price point they can sell products for without a loss.

The skills required to become a price analyst allow a great deal of career flexibility. Many people transition from this role into a purchasing analyst or agent. The basic requirements of the job are very similar, but the tasks are focused on purchasing activity, and not a combination of purchasing and revenue. When thinking about a career as a price analyst, take the time and complete further education in statistics, accounting, or purchasing. All these courses add to your value and knowledge, providing you with advanced skills that can result in a higher salary.

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Discussion Comments

strawCake

@Monika - I wouldn't totally count yourself out for this type of job if you have the skills but not the degree to back it up. I actually know very few people who have jobs in the field they got their degree in. Maybe a few classes in accounting might help you be more competitive but it never hurts to try.

As for me, I think this job sounds like a total nightmare. I'm just not that detail oriented!

Monika

It sounds like this would be the perfect job for me! I'm a total bargain shopper and I'm forever comparing prices and analyzing all my purchases. Sometimes I even make spreadsheets just for the fun of it.

My degree isn't in anything related to this field though so I don't think I would qualify for most pricing analyst jobs. Maybe I'll consider returning to school sometime soon.

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    • A price analyst reviews statistical information regarding product pricing to locate trends and provide ideas for improvement.
      By: Halfpoint
      A price analyst reviews statistical information regarding product pricing to locate trends and provide ideas for improvement.
    • A pricing analyst looks for patterns in consumer spending.
      By: Monkey Business
      A pricing analyst looks for patterns in consumer spending.
    • Pricing analysts help retailers determine the price point they can sell products for without a loss.
      By: Bikeworldtravel
      Pricing analysts help retailers determine the price point they can sell products for without a loss.
    • A price analyst must possess oral presentation skills.
      By: sneksy13
      A price analyst must possess oral presentation skills.