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)
Lists diverse activities and functions of retailing including buying, advertising, and data processing.
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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)
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)
Informs the management of the associated costs with product acquisition, such as overhead expenses.
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Level 3 Behaviors
(Moderate Experience)
Reviews and assesses pricing proposals from suppliers to ensure favorable terms and profit margins.
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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)
Gathers accounting data and information required to generate various department reports.
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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)
Cites processes, procedures, principles, and practices of cost control.
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Level 2 Behaviors
(Light Experience)
Assists in maintaining cost control by monitoring department expenditures.
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Level 3 Behaviors
(Moderate Experience)
Implements cost control initiatives to influence the organization's bottom line in each region positively.
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Level 4 Behaviors
(Extensive Experience)
Creates cost control measures to facilitate the financial well-being of the department.
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Level 5 Behaviors
(Mastery)
Builds cost control processes to ensure plans and business goals are in alignment.
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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)
Cites examples of KPIs applied at individual, team, and organizational levels.
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Level 2 Behaviors
(Light Experience)
Assists in KPI analysis and patterns discovery to support management in decision making.
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Level 3 Behaviors
(Moderate Experience)
Collaborates with related stakeholders to decide cross-functional KPIs.
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Level 4 Behaviors
(Extensive Experience)
Analyses the pros and cons of specific KPI metrics to ascertain the best course of action.
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Level 5 Behaviors
(Mastery)
Builds and updates innovative KPI management tools to optimize KPI selection and implementation 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)
Describes key financial literacy concepts and principles.
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Level 2 Behaviors
(Light Experience)
Analyzes data and interprets key financial indicators to help decision-making processes.
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Level 3 Behaviors
(Moderate Experience)
Adheres to financial budgets and resource allocations to properly manage transactions.
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Level 4 Behaviors
(Extensive Experience)
Consults on the methods and techniques in managing credit and debt.
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Level 5 Behaviors
(Mastery)
Builds systems and tools critical for measuring financial accountability in 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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