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)
Identifies and explains the characteristics and key features of various retail business models.
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Level 2 Behaviors
(Light Experience)
Identifies and explains major operational issues and considerations.
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Level 3 Behaviors
(Moderate Experience)
Implements promotional activities to communicate the features and benefits of new products.
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Level 4 Behaviors
(Extensive Experience)
Monitors and optimizes retail operations to enhance productivity and cost-effectiveness.
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Level 5 Behaviors
(Mastery)
Explores the historical and future positioning of the organization in light of prevailing retail trends.
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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)
Documents various cost accounting problems along with their relevant solutions.
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Level 2 Behaviors
(Light Experience)
Gathers accounting data and information required to generate various department reports.
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Level 3 Behaviors
(Moderate Experience)
Handles various cost accounting projects to provide increasingly accurate product cost information.
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Level 4 Behaviors
(Extensive Experience)
Ensures that the timing of expenses is accurately planned for within the company's accounting policies.
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Level 5 Behaviors
(Mastery)
Establishes accounting policies to support global activities and leads its implementation.
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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)
Gathers internal and external benchmarks for KPI development.
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Level 3 Behaviors
(Moderate Experience)
Interprets and analyses KPI data to recommend courses of action.
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Level 4 Behaviors
(Extensive Experience)
Evaluates ongoing productivity; recommends corresponding modifications on KPIs as indicated.
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Level 5 Behaviors
(Mastery)
Establishes organizational Key Performance Indicators (KPI) frameworks and management processes.
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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)
Collects and analyzes financial data to evaluate an organization's financial performance.
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Level 3 Behaviors
(Moderate Experience)
Presents financial reports that contain relevant business performance to financial and non-financial employees.
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Level 4 Behaviors
(Extensive Experience)
Forecasts the financial impact of business decisions to determine our business's financial results.
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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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