Skills & Competencies for Retail Pricing Analyst

Retail Pricing Analyst job profile

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JOB SUMMARY for Retail Pricing Analyst

Estimates merchandise overhead and develops ways to reduce costs.

JOB RESPONSIBILITIES for Retail Pricing Analyst

Analyzes historical cost data in order to provide more accurate cost estimates. Communicates pricing information to associates.

Retail Pricing Analyst SALARY RANGE

BASE 50%
$74,680
TOTAL 50%
$76,399
Job Level
P02
Job Code
SM15000271
Education/Degree
Bachelor's Degree
Reports To
Supervisor or Manager

Retail Pricing Analyst Skills and Competencies List

Proficiency Levels and Behavioural Indicators
Salary.com identifies five increasing levels of proficiency for each skill/competency. Some jobs require only a relatively low level of proficiency in each skill/competency, while other jobs will require a more advanced level of proficiency in the same skill/competency. These levels rate the degree of proficiency (skill level, expertise) we expect the incumbent to perform in the given skill/competency for the given job. Note that we intentionally do not associate timeframes or years of experience in performing the skill/competency because that can be misleading. Proficiency levels identify what the incumbent knows and can do rather than how long they have been doing it. Also, note that the proficiency levels are cumulative, e.g., a level 4 proficiency implies the ability to perform all the behaviors at the lower levels.
Check each Retail Pricing Analyst skill and competencie below to view definitions.
INDUSTRY COMPETENCIES JOB FAMILY COMPETENCIES CORE COMPETENCIES
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6 hard skills or competencies (industry competencies) for Retail Pricing Analyst

1 Industry Competency – Retail Industry
Proficiency Level -2
Skill definition-Applying comprehensive knowledge of retail principles, inventory management, pricing strategies, and consumer behavior to effectively manage and operate retail businesses.
Level 1 Behaviors
(General Familiarity)
Lists diverse activities and functions of retailing including buying, advertising, and data processing.
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Level 2 Behaviors
(Light Experience)
Records and reports customer feedback to assist in optimizing retail offerings and improving service quality.
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Level 3 Behaviors
(Moderate Experience)
Utilizes advanced software and technology to automate and optimize retail operations.
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Level 4 Behaviors
(Extensive Experience)
Oversees inventory control and supply chain processes to ensure optimal stock levels and minimize costs.
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Level 5 Behaviors
(Mastery)
Leads omnichannel optimization initiatives to ensure a seamless and integrated customer journey.
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2 Industry Competency – Retail Pricing
Proficiency Level -2
Skill definition-Determining and setting optimal prices for retail products or services based on various factors to maximize revenue, profitability, and customer satisfaction.
Level 1 Behaviors
(General Familiarity)
Explains how to apply pricing techniques, such as cost-plus and value-based pricing, to various product categories.
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Level 2 Behaviors
(Light Experience)
Supports the implementation of product markdowns and discounts to maintain market competitiveness.
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Level 3 Behaviors
(Moderate Experience)
Works closely with cross-functional teams to assess the impact of retail price changes on profitability.
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Level 4 Behaviors
(Extensive Experience)
Manages pricing negotiations with suppliers to maximize profitability and secure favorable terms.
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Level 5 Behaviors
(Mastery)
Establishes policies for cost analysis to ensure retail prices meet market demands and profit targets.
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3 Retail Pricing Analyst - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Retail Pricing Analyst
Proficiency Level - 4
5 Competency for - Retail Pricing Analyst
Proficiency Level - 5

3 general skills or competencies (Job family competencies) for Retail Pricing Analyst

1 Job Family Competencies – Accounting
Proficiency Level -2
Skill definition-Creating financial statements and reports based on the summary of financial and business transactions.
Level 1 Behaviors
(General Familiarity)
Explains the basic concepts and major terminology of accounting.
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Level 2 Behaviors
(Light Experience)
Records financial transactions in the general ledger following accepted accounting principles.
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Level 3 Behaviors
(Moderate Experience)
Maintains consistency of accounts payable functions with sound accounting principles.
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Level 4 Behaviors
(Extensive Experience)
Leads the development of an accounting system to manage financial records and other information.
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Level 5 Behaviors
(Mastery)
Improves accounting procedures by analyzing current processes and adopting advanced methods.
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2 Job Family Competencies – Cost Control
Proficiency Level -2
Skill definition-Managing and analyzing financial data in determining and reducing business expenses to increase revenue and profitability.
Level 1 Behaviors
(General Familiarity)
Lists and names the functionality and use of a system for cost controls.
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Level 2 Behaviors
(Light Experience)
Tracks and documents the preparation of departmental cost control reports.
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Level 3 Behaviors
(Moderate Experience)
Works with the team to control costs and optimize financial processes.
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Level 4 Behaviors
(Extensive Experience)
Validates that proper control measures are in place to meet business and financial objectives.
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Level 5 Behaviors
(Mastery)
Leads continuous improvement efforts to support annual goals of cost control for the organization.
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3 Retail Pricing Analyst - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Retail Pricing Analyst
Proficiency Level - 4
5 Competency for - Retail Pricing Analyst
Proficiency Level - 5

8 soft skills or competencies (core competencies) for Retail Pricing Analyst

1 Core Competencies – Key Performance Indicators (KPI)
Proficiency Level -2
Skill definition-Knowledge of and ability to apply a set of quantifiable measurements to determine how effectively an individual, team or organization is achieving a business objective.
Level 1 Behaviors
(General Familiarity)
Lists some typical KPIs from own industry, business, and function.
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Level 2 Behaviors
(Light Experience)
Identifies KPIs currently in use and provides input to management.
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Level 3 Behaviors
(Moderate Experience)
Maintains an organized data management process to track progress on KPIs.
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Level 4 Behaviors
(Extensive Experience)
Leverages the Business Intelligence (BI) technologies and tools for KPI reporting and analysis.
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Level 5 Behaviors
(Mastery)
Monitors the efficiency and effectiveness of current organizational KPI architecture.
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2 Core Competencies – Financial Acumen
Proficiency Level -2
Skill definition-Obtaining financial information and applying financial understanding to foster sound judgment and correct business decisions.
Level 1 Behaviors
(General Familiarity)
Lists obstacles and challenges in managing financial transactions of an organization.
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Level 2 Behaviors
(Light Experience)
Communicates financial information and movements effectively to senior management.
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Level 3 Behaviors
(Moderate Experience)
Reconciles figures during budgeting period and identifies variances that require immediate action.
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Level 4 Behaviors
(Extensive Experience)
Oversees all aspects of our business's monetary transactions and economic value to promote financial stability.
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Level 5 Behaviors
(Mastery)
Sets organizational priorities by aligning finances with strategic business goals and objectives.
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3 Retail Pricing Analyst - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Retail Pricing Analyst
Proficiency Level - 4
5 Competency for - Retail Pricing Analyst
Proficiency Level - 5

Summary of Retail Pricing Analyst skills and competencies

There are 6 hard skills for Retail Pricing Analyst, Retail Industry, Retail Pricing, Merchandising, etc.
3 general skills for Retail Pricing Analyst, Accounting, Cost Control, Promotion.
8 soft skills for Retail Pricing Analyst, Key Performance Indicators (KPI), Financial Acumen, Analytical Thinking, etc.
While the list totals 17 distinct skills, it's important to note that not all are required to be mastered to the same degree. Some skills may only need a basic understanding, whereas others demand a higher level of expertise.
For instance, as a Retail Pricing Analyst, he or she needs to be proficient in Key Performance Indicators (KPI), be proficient in Financial Acumen, and be proficient in Analytical Thinking.

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