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%
$74,486
TOTAL 50%
$76,196
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)
Defines the importance of effective merchandising strategies in boosting retail sales and profit margins.
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Level 2 Behaviors
(Light Experience)
Assists customers with product inquiries by providing information about features, pricing, and availability.
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Level 3 Behaviors
(Moderate Experience)
Addresses intricate complaints and concerns effectively to ensure customer satisfaction and retention.
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Level 4 Behaviors
(Extensive Experience)
Contributes to the development of retail pricing strategies to maximize profitability and competitiveness.
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Level 5 Behaviors
(Mastery)
Champions the adoption of predictive analytics to optimize pricing, inventory management, and marketing strategies.
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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)
Cites examples of common retail pricing strategies, such as the Manufacturer Suggested Retail Price (MSRP).
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Level 2 Behaviors
(Light Experience)
Assists in conducting market research to identify market trends and monitor competitor pricing.
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Level 3 Behaviors
(Moderate Experience)
Adjusts pricing strategies for low-velocity items to encourage incremental purchases.
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Level 4 Behaviors
(Extensive Experience)
Evaluates competitive pricing strategies, such as discounts, promotions, and bundling, specific to each store location.
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Level 5 Behaviors
(Mastery)
Adopts advanced technologies to monitor pricing accuracy and consistency across different sales channels.
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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)
Describes the functions and benefits of accounting systems used within our business financial system.
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Level 2 Behaviors
(Light Experience)
Follows up with operations to ensure that approved invoices are turned in to accounting.
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Level 3 Behaviors
(Moderate Experience)
Audits transactions to ensure alignment with accounting systems and communicate discrepancies to management.
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Level 4 Behaviors
(Extensive Experience)
Directs the day-to-day operations of the corporate's Accounting Department.
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Level 5 Behaviors
(Mastery)
Establishes a monitoring system to evaluate compliance with GAAP and financial regulatory requirements.
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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)
Discusses how to control costs and keep other expenses within budget.
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Level 2 Behaviors
(Light Experience)
Supports cost control initiatives throughout the organization.
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Level 3 Behaviors
(Moderate Experience)
Makes cost-effective decisions dealing with outside vendors to control expenditures.
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Level 4 Behaviors
(Extensive Experience)
Manages and oversees all cost control aspects for a large-scale project from inception to completion.
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Level 5 Behaviors
(Mastery)
Generates and establishes strict cost controls for all company spending in alignment with the budget.
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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)
Describes the concepts and purposes of Key Performance Indicators (KPI).
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Level 2 Behaviors
(Light Experience)
Follows up on regular action items related to KPI implementation.
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Level 3 Behaviors
(Moderate Experience)
Defines KPIs in terms of Specific, Measurable, Achievable, Realistic, and Timely (SMART) goal criteria.
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Level 4 Behaviors
(Extensive Experience)
Develops and delivers training programs on KPI practices to employees and managers.
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Level 5 Behaviors
(Mastery)
Defines and modifies strategic KPIs to drive organizational objectives and priorities.
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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)
Identifies basic approaches used to earn profits and increase profitability.
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Level 2 Behaviors
(Light Experience)
Assists in designing strategies for overcoming arising financial constraints in our business.
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Level 3 Behaviors
(Moderate Experience)
Maintains adequate cash flow following established regulations.
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Level 4 Behaviors
(Extensive Experience)
Establishes a working environment that encourages and fosters fiscal responsibility.
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Level 5 Behaviors
(Mastery)
Designs data-gathering procedures to streamline the collection of financial information within our business.
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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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