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%
$74,290
TOTAL 50%
$75,998
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)
Identifies and explains the characteristics and key features of various retail business models.
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Level 2 Behaviors
(Light Experience)
Gathers and compiles data about key competitors for a specific of product.
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Level 3 Behaviors
(Moderate Experience)
Deploys inventory management strategies to ensure product availability and minimize disruptions.
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Level 4 Behaviors
(Extensive Experience)
Leads the implementation of omnichannel retailing to ensure seamless and consistent brand experience for customers.
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Level 5 Behaviors
(Mastery)
Expands market presence through the strategic utilization of cutting-edge technologies, such as online platforms.
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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)
Discusses the importance of conducting market research and cost analysis in retail pricing.
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Level 2 Behaviors
(Light Experience)
Gathers data on target customers to aid the management in making informed pricing decisions.
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Level 3 Behaviors
(Moderate Experience)
Conducts thorough analysis of historical sales data, customer buying patterns, and market demand fluctuations during specific seasons.
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Level 4 Behaviors
(Extensive Experience)
Leads the facilitation of price elasticity studies to determine targeted product promotions that drive sales.
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Level 5 Behaviors
(Mastery)
Develops and delivers continuous improvement initiatives to enhance price integrity and market transparency.
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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)
Lists and explains the essential tools used for managing accounting records and information.
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Level 2 Behaviors
(Light Experience)
Supports accounting operations by processing and maintaining accurate records of financial transactions.
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Level 3 Behaviors
(Moderate Experience)
Works with external auditors on various accounting matters.
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Level 4 Behaviors
(Extensive Experience)
Monitors data flow through accounting to ensure accuracy.
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Level 5 Behaviors
(Mastery)
Stays current and integrates major accounting systems, methods, and practices used worldwide.
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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)
Produces standard and ad-hoc KPI reports following standard procedures.
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Level 3 Behaviors
(Moderate Experience)
Participates in regular KPI reviews to evaluate goals, performance, and growth opportunities.
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Level 4 Behaviors
(Extensive Experience)
Works with external stakeholders, such as key clients and vendors to determine complicated KPIs.
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Level 5 Behaviors
(Mastery)
Reports on up to date industry and market benchmarks and trends in KPI best practices.
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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)
Researches market trends and needs to help provide market insights for financial decision-making processes.
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Level 3 Behaviors
(Moderate Experience)
Utilizes cost-benefit thinking to set priorities and identify cost-effective approaches.
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Level 4 Behaviors
(Extensive Experience)
Pursues various ways to optimize tax strategies to minimize taxes.
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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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