Chapter 2. Evaluation of the effectiveness of the pricing policy of CJSC Shoro

2.1 General characteristics economic activity enterprises

History of development

The unique idea of ​​producing a national drink and subsequently selling it on the streets of the city, in draft barrels, came to the president of the company, Taabaldy Egemberdiev, back in the distant 80s, or rather in 1988, during the era of the rapid restructuring of the Soviet Union. Since childhood, according to Taabaldy Egemberdiev, when they met guests at their mother's house, the national, ancient drink of the Kyrgyz and Kazakhs - Maksym, was in great demand, and not beshbarmak or other national dishes.

In 1993, the company continued to develop at an intensive pace, reaching production volumes of up to 2 tons per day. Already at the end of the year, the company's products were sold in 25 busy places in the city.

Subsequently, until 1995, the company faced only one problem, the problem of meeting the rapidly growing demand for the company's products, the entire volume of prepared drink in the amount of 3 tons was over by lunchtime.

Thus, since 1998, the company has been producing bottled Maksym-Shoro. Since 1999, the company has acquired a water bottling line and was the first in the Kyrgyz market to start producing drinking water "Legend", and other mineral waters - "Arashan", "Baitik". Subsequently, the range of mineral waters was replenished with the waters of Ysyk-Ata, Jalal-Abad, Shoro-Suu, Kara-Keche and Bishkek.

In 2005, the company expands its sales scale by successfully entering the new market, to the market of the Republic of Kazakhstan.

Shoro company cooperates with many international programs such as: TAM (Turnaround management), BAS Program, which were funded by the European Bank for Reconstruction and Development.

Authorized capital structure

The authorized capital of Shoro CJSC at the end of 2010 amounted to 1,440,000 soms.

To date, the shareholders include:

1. Egemberdieva Anarkan Berdigulovna with 5% stake;

2. Egemberdiev Taabaldy Berdigulovich with a 47.5% stake in the company;

3. Egemberdiev Zhumadil Berdigulovich with a 47.5% stake.

Analysis of the asset balance. The basis for the analysis of the financial position of the issuer is the established form of accounting statements for the last 3 years, adopted tax authorities and certified by an audit conducted by Idis Audit LLC.

The totality of the company's property, reflecting the structure and value of assets, is presented in the following table 1:

Name of indicator	2009 (som)		2010 (KGS)		2011 (KGS)
Cash on hand (1100)
Cash in the bank (1200)
Accounts receivable (1400)
Accounts receivable from other transactions (1500)
Inventory (1600)
Stocks of auxiliary materials (1700)
Advances issued (1800)
Total for current assets section
Carrying amount of property, plant and equipment (2100)
Long term investments (2800)
Carrying amount of intangible assets (2900)
Total for the non-current assets section
TOTAL ASSETS

As of the end of 2011, the total assets of the company amounted to 227.2 million soms, having increased by 25% since the beginning of the year. The main reason was the increase in the book value of fixed assets due to the purchase of iced tea bottling equipment. In September 2011, the first issue of bonds issued by Shoro CJSC took place. But from 2009 to 2010, there was a decrease in assets from 174.08 million soms to 172.29 million soms. This decrease is due to political instability in the country, which was accompanied by export restrictions.

Analysis of the structure of the asset balance. Looking at the table above, it can be seen that the specific gravity balance sheet currency as of the end of 2011 for CJSC "Shoro" falls on long-term assets. Thus, at the end of 2011, the share of current assets enterprises amounted to almost 63.7% of the balance sheet. This indicator has a positive trend and has increased from 56.6% to 63.7% over the past three years. This is due, first of all, to the stable growth of the company, which consists in expanding the production base of the enterprise. At the same time, during the analyzed period, the share of current assets decreased by 7%. In general, this indicator for the period under review is quite stable and attractive, since it indicates financial stability company and expansion of production.

Table 2. Structure of Assets

Analysis of the structure of the liabilities side of the balance sheet. Accounts receivable represent the main part of working capital of ZAO Shoro, which includes balance sheet items: accounts receivable, other receivables and advances issued.

During the analyzed period, there is a fairly stable situation in the dynamics of the main accounts receivable, while other debt decreased by almost 40% from 2010 to 2011, which indicates an improvement in the efficiency of work with the company's debtors. The amount of total receivables increases over the analyzed period. Thus, in 2009, accounts receivable amounted to 19.32 million soms, by 2010 this figure increased by 33% (28.82 million soms), and by 2011 by 15% (33.94 million soms). Such a sharp increase in receivables in 2010 is due to political events in the country, which destabilized the activities of many enterprises in the country. The share of receivables in total assets increased from 5% to 8%.

Figure 3. The structure of the main debtors of the company in 2011:

The next largest item for 2011 in the company's current assets is inventories, the dynamics of which indicates a stable growth over the analyzed period: 20.12 million soms in 2009, 14.75 million soms in 2010 and 38.90 million soms in 2011. At the same time, from 2010 to 2011, a significant increase is seen, which is 62%. The growth of this indicator is associated with the release of new products to the market of soft drinks in Kyrgyzstan.

The share of supporting materials in 2009 was 11% and increased by 2% by the end of 2010. But from 2010 to 2011, the share of auxiliary materials decreased to 3%. This is an indicator of the effective management of low-value and quickly wearing out items in the warehouses of the enterprise. Savitskaya G.V. Economic analysis: G.V. Savitskaya - Minsk: 2004

Table 3. Analysis of balance sheet liability (som)

Name of indicator	2009 (som)		2010 (KGS)		2011 (KGS)
Accounts payable (3110, 3190)
Advances received (3210, 3220)
Short-term debt obligations (3300)
Taxes payable (3400)
Short-term accrued liabilities (3500)
Total current liabilities
Long-term liabilities (4100)
Bonds payable (4110)
Deferred income (4200)
Deferred tax liabilities (4300)
Total non-current liabilities
Total liabilities
Authorized capital (5100)
Retained earnings (5300)
Reserve capital (5400)
Total equity
Total equity and liabilities

According to the analysis of the liability structure of the balance sheet of Shoro CJSC, significant changes took place in 2011. As of the end of 2010, there is a decrease in the company's current liabilities to 12.4% of the total balance sheet currency and, subsequently, an increase in the company's equity capital to 43.7% as of December 31, 2010. This trend indicates an improvement in the financial stability of the enterprise. The main increase in own funds occurred as a result of an increase in reinvestment net profit for the further development of the company. In 2011, the share of short-term liabilities increased by 13.6% and amounted to 26%, but the share of long-term liabilities and equity decreased by 4% (39.9%) and 9.6% (34.1%), respectively. The increase in the share of short-term liabilities is associated with the first issue of debt valuable papers.

Due to the fact that the company actively uses bank loans in its core business, there are no sharp changes in the dynamics of the company's long-term liabilities. On average, the share of long-term liabilities was 43.2%, but despite a high proportion received loans in the balance currency, it is considered quite acceptable for modern manufacturing enterprises in the Kyrgyz Republic.

Analysis of current liabilities. The main share of current liabilities of Shoro CJSC falls on accounts payable. The share, which, in the total volume of the balance sheet amounted to 24.7% at the end of 2011, while significant changes in the structure were observed under the item "Short-term debt obligations". In 2010, this item was absent from the company's balance sheet. In 2011, Shoro CJSC decided to introduce new products to the soft drinks market in Kyrgyzstan and expand production by purchasing new equipment. To achieve the set goals, the company issued debt securities for a total amount of 45 million soms. This event increased the volume of short-term liabilities and was accompanied by the appearance in the structure of current liabilities of the item “Short-term debt liabilities” in the amount of 51.1 million soms.

Rice. 4. Structure of the largest creditors of the company in 2011

Short-term accrued liabilities in 2010 decreased by 97.2% compared to 2009, which was achieved as a result of payment of full dividends on shares and accrued wages to shareholders and employees of the enterprise. But by 2011, the amount under this item increased by 90% due to interest payments on bonds.

As a result, following the results of 2011, the company's current liabilities increased by 63.9%, which in absolute terms amounted to 37.7 million soms, compared with 2010 - 21.3 million soms.

Analysis of long-term liabilities. Shoro CJSC actively uses long-term bank loans in its core business, which is evidenced by the indicators of long-term liabilities in the company's balance sheet, on average, the share of long-term liabilities of the company in the balance sheet currency is 43.2%. Thus, at the end of 2011, the company's long-term liabilities amounted to 90.6 million soms or 39.9% of the balance sheet.

The last long-term loan of the company was received from CJSC "Kyrgyz Investment Credit Bank" in October 2012 in the amount of 1 million US dollars.

According to forecasts, already at the end of 2013, as a result of attracting a bonded loan and taking into account already received bank loans, the volume of loans received by Shoro CJSC will amount to more than 115 million soms, which will undoubtedly affect the future business activity enterprises.

Thus, by the end of 2011, the company's liabilities increased in absolute terms by 15 million soms and amounted to 90.6 million soms at the end of 2011. At the same time, the growth of equity capital for the analyzed period amounted to more than 2.3 million soms. In this regard, the share of the company's liabilities in the balance sheet decreased from 43.9% (in 2010) to 39.9%. (in 2011). This trend, first of all, has a positive effect on the profitability of the enterprise, since the use of borrowed capital, in economic activity built on the terms of urgency, payment and repayment.

Analysis of liquidity and solvency. When assessing the financial position of an enterprise from a short-term perspective, the assessment criteria are liquidity and solvency indicators, i.e. the ability to timely and in full make settlements on short-term obligations.

Current liquidity ratio. The current liquidity ratio gives an overall assessment of the liquidity of assets, showing how many soms of current assets account for one som of current liabilities. The logic of calculating this indicator is that the company repays short-term liabilities mainly at the expense of current assets, therefore, if current assets exceed current liabilities in value, the enterprise can be considered as successfully functioning. Skamay, L.G. Economic analysis of enterprises: textbook / L.G. Skamai, M.I. Trubochkina, - Moscow: INFRA-M, 2006

Table 4. Current liquidity ratio

Thus, according to the above table, the company's current liquidity ratio in 2011 was 1.4. This indicator is considered to be below the standard in Western accounting and analytical practice, the critical value of which is 2. At the same time, the low value of this indicator indicates a high volume of short-term liabilities of the company, which is 26% of the balance sheet in 2011. This is due to the issue of debt securities in the amount of 45 million soms. In previous years, the current liquidity ratio was in line with the standard due to the observed trend of growth in current assets and a declining share of the company's current liabilities. In 2010, as a result of repayment of bank credits and loans, one som of current liabilities of the company already accounts for 3.3 soms of current liabilities, this ratio indicates that the enterprise is successfully functioning.

Quick liquidity ratio. In its semantic meaning, this ratio is similar to the current liquidity ratio. But it is calculated on a narrower range of current assets, the least liquid part of them - production reserves - is excluded from the calculation. The logic behind this exclusion is not only that inventories are significantly less liquid, but, more importantly, that the cash that can be raised in the event of a forced sale of inventories can be significantly lower than the cost of acquiring them. Therefore, it is so important to determine the ability of an enterprise to pay off short-term obligations without resorting to the sale of inventories.

Table 5. Quick liquidity ratio

As a result of the analysis, the quick liquidity ratio had a positive growth trend similar to the current liquidity ratio of the enterprise. It should be noted that in 2011 the company experienced a shortage of the most liquid assets, in connection with which the value of the coefficient was 0.3 points less than the minimum standard value. But by the end of 2010, due to a noticeable excess of liquid assets over current liabilities, this ratio was 2.6. Thus, the company, without resorting to the sale of illiquid assets, can pay off its current liabilities.

Absolute liquidity ratio. The absolute liquidity ratio is the most stringent criterion for the liquidity of an enterprise and shows what part of short-term debt obligations can be repaid immediately, if necessary, only using available Money, without resorting to the use of other assets.

Table 6. Absolute liquidity ratio

According to the table above, the volume of the company's cash for the analyzed period is steadily declining, while the dynamics of the company's short-term liabilities varies markedly over the period of analysis. But as a result, the liquidity indicator of the company, which characterizes the level of the most liquid assets, at the expense of which the company's short-term liabilities can be repaid, have a negative trend. Thus, in 2009 the indicator had a rather high value, but already in 2010 this indicator almost equaled the recommended lower limit of the indicator, which indicates a noticeable decrease in cash in the company due to the direction of the company's main cash to repay the loan in 2010. And in 2011, this indicator is below the standard used in Western countries due to a significant increase in the volume of short-term liabilities. The growth of short-term liabilities is due to the issue of debt securities to introduce a new soft drink to the Kyrgyz market.

Thus, as can be seen from the analysis done, the liquidity of an enterprise is mainly influenced by two elements: the volume of current assets and current liabilities. According to the dynamics of which, during the period of analysis, current liabilities tended to decrease, which was reflected in the increase in the liquidity of the enterprise.

Table 7. The amount of own working capital

The value of own working capital represents the difference between the sum of current assets and current liabilities. The corresponding indicator, as can be seen from the above table, is unstable. Thus, in 2010, compared to 2009, the growth of the company's own working capital for the analyzed period amounted to 11%, in absolute terms, this is an increase of almost 5.5 million soms. But in 2011, compared with 2010, the value of own working capital decreased by 53%. I would like to note that, despite the decrease in this indicator, the growth of the company's current assets by 14% is visible, which indicates an increase in the company's solvency.

Maneuverability of own capital. This ratio shows what part of the company's equity capital is used to finance current activities, i.e. invested in working capital, and what part is capitalized.

Table 8. Maneuverability of equity capital

In Western practice, this coefficient in normally functioning companies varies in values ​​from zero and above. According to the analysis of the equity capital flexibility of Shoro CJSC, it is possible to conclude that their values ​​correspond to the values ​​of successfully operating companies or the level of financing of current activities from the company's own capital has increased markedly, which indicates an improvement in the financial stability of the enterprise. Savitskaya, G.V. Economic analysis: G.V. Savitskaya - Minsk: 2004

The coefficient of security with own working capital. In financial terms, the current activity of the company is expressed in the constant transformation of short-term assets and liabilities. Any assets of a successfully functioning enterprise have two sources of funding: own and borrowed. If an enterprise lacks its own working capital, this enterprise, as a rule, has an unsatisfactory balance sheet structure, an unstable financial condition. The presence of own working capital is one of the important indicators of the financial stability of the organization, the lack of own working capital indicates that all working capital of the organization is formed from borrowed sources.

In connection with what world practice developed a number of coefficients characterizing the level of the company's working capital. The most common indicator characterizing the level of financing of the company's current assets at the expense of its own funds is the ratio of own working capital.

Based on the calculations in the table below, it should be noted the constant growth of this ratio, which indicates a constant increase in its creditworthiness. In the world accounting and analytical minimum value of this coefficient is 0.1.

Thus, by the end of the analyzed period, the value of this coefficient was 0.28, which indicates a fairly high level of provision with own working capital in economic activity.

Table 9. Ratio of own working capital (KGS)

Name
Own working capital
current assets
Ratio of own working capital

Financial stability analysis

One of the main characteristics financial condition enterprise is its stability from a long-term perspective. The ability of an economic entity to meet its long-term borrowings in a timely manner indicates its financial stability in the long term. In this regard, the world accounting and analytical practice has developed a number of systems of indicators to assess the financial stability of an enterprise.

These scorecards can be roughly divided into two categories:

§ capitalization ratios;

§ coverage ratios;

Capitalization ratio

In the group of capitalization ratios, the following main indicator of financial stability can be distinguished - the ratio of borrowed and own funds of the company.

Table 10. Capitalization ratio (KGS)

As can be seen from the table, for the analyzed period, the value of the company's liabilities exceeds the value of own funds. Thus, in 2011, the company used in its business activities almost twice as much borrowed funds as equity, which is evidenced by the ratio of borrowed and own funds equal to 1.93. This coefficient has the following interpretation: for each invested som of own funds, there are 1.93 soms of borrowed funds and indicates a fairly high level of financial stability risk. But during the period under review, as can be seen from the dynamics of equity capital, it can be concluded that the company is rapidly increasing and using its own funds in its core activities, by reinvesting the company's profits into further development. In this connection, the company becomes financially stable, which helps to minimize problems with creditworthiness and the level of risk of financial stability.

Coverage ratios:

Equity concentration ratio

The coefficient characterizes the share ratio of the property of the owners of the enterprise in the total capital of the enterprise.

Table 11. Equity concentration ratio

During the period under review, the indicator of the use of the owners' funds, as can be seen from the above table, had an upward trend, which was due to the dynamics of the reinvestment of part of the profits in the development of the company. Thus, we can conclude that the company is increasing its financial stability, while becoming stable in development and independent of the company's external creditors.

Structure coefficient long-term investments

The main idea of ​​calculating the coefficient of the structure of long-term investments is based on the assumption that long-term loans and loans are used to finance fixed assets and other capital investments. Thus, showing what part of fixed assets and other non-current assets are financed by external investors.

Table 12. Coefficient of structure of long-term investments (KGS)

The above calculations show that in 2009 81% of non-current assets were covered by attracting long-term loans. Subsequently, this indicator increases due to the increase in the company's long-term loans, and by the end of 2011, 63% of non-current assets were covered by long-term loans.

Level of financial leverage

This ratio is considered one of the main characteristics of the financial stability of the enterprise. The economic interpretation of which is as follows: how many soms of borrowed capital account for one som of own funds. Savitskaya, G.V. Economic analysis: G.V. Savitskaya - Minsk: 2004

Table 13. Level of financial leverage

Thus, based on the calculations of the level of financial leverage, it follows that in 2009 each som of equity accounted for slightly more borrowed funds. But already in the future, according to the level of financial leverage, the level of own funds and the level of borrowed capital are equal, which indicates an improvement in the financial stability of the enterprise.

Analysis of business activity. The business activity of the enterprise in the financial aspect is manifested, first of all, in the speed of turnover of its funds. In this regard, the analysis of business activity allows you to identify how efficiently the company uses its funds.

For a generalized representation of the economic activity of an enterprise, world accounting and analytical practice has developed 6 turnover ratios. These ratios will be used in the future to characterize the business activity of Shoro CJSC.

Asset turnover. According to the calculations of asset turnover, during the period under review, the full production cycle was completed in more than an annual period of time, as evidenced by the turnover rates varying within 400-468 days in 2009 and 2010. But by 2011, this value decreases (354 days) due to a significant increase in the company's revenue. Accordingly, at the end of 2011, for 1 som of the total value of assets, the company receives more than one som (1.03) for the period, which indicates a high turnover of the company's assets for this industry.

Table 14. Asset turnover

Name
Average annual asset value
Turnover of total assets
Asset turnover, in days

Turnover of fixed assets. The cost of fixed assets of an enterprise characterizes its production potential, in connection with which the turnover of fixed assets of an enterprise reveals the efficiency of using the existing production assets of an enterprise.

Table 15. Turnover of fixed assets

Name
Average annual cost of OS
OS turnover (capital productivity)

Analyzing the turnover of fixed assets, it should be noted that for each som of fixed assets, the company for the analyzed period had about 1.60 - 1.90 soms of income. This profitability is explained by the specifics of the company, which is a manufacturing company that involves the use of a large number equipment and other fixed assets.

Table 16. Equity turnover

The turnover of own capital for the period of analysis had a growth dynamics and at the end of 2011 amounted to 2.68, which indicates an excess of sales by more than 2 times, invested capital. Taking into account the increase in the company's own funds over the period, thereby reducing the borrowed capital in financial and economic activities, the company reduced the likelihood of difficulties with the company's creditors and the possibility of problems associated with a decrease in the company's income. In general, the company's equity at the end of 2011 turned over within 136 days, demonstrating a decrease of 50 days over the analyzed period.

Accounts receivable turnover. The turnover of receivables shows how effectively the company organized the work of collecting debts for the goods provided.

Table 17. Accounts receivable turnover

During the period under review, according to the above calculations, the turnover is falling, which indicates an increase in the company's need for working capital, first of all, this trend was associated with an increase in other receivables, due to an increase in interest-free long-term loans provided to other entities not related to sales, and an increase in loans granted to employees of the enterprise. In this regard, the average period of time spent on collecting the formed amount of debt has also increased. Generally this growth this indicator for the period amounted to more than three weeks.

Accounts payable turnover. The dynamics of this indicator can be interpreted as follows, i.e. the higher the value of this indicator, the faster the company settles accounts with its suppliers.

Table 18. Accounts payable turnover

In general, for the period under review, the value of this indicator remains at a fairly stable level, which indicates stable business activity. Thus, the arisen accounts payable for the period were repaid on average in 41 days. In connection with which it contributed more effective organization relationships with suppliers, providing a more profitable, deferred payment schedule and using accounts payable as a source of obtaining cheap financial resources.

The turnover of functioning capital. Analyzing the values ​​of this coefficient, one can see a slowdown or acceleration of the turnover of capital directly involved in production activities. The obtained values ​​of this coefficient are cleared, in comparison with the indicator of the total asset turnover, from the influence of the enterprise's investments, which do not have a direct impact on the volume of sales.

Table 19. Working capital turnover

Name
Average operating capital
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Price in the marketing mix

Pricing policy is becoming a key strategic tool in the face of increasing competition in the market and expanding consumer choice. The price is considered by the enterprise on 3 levels.

1. On general economic level price is first and foremost exchange regulator, a mechanism for coordinating supply and demand, exchange value in monetary terms.

2. On corporate level price is the most important factor in ensuring long-term profitability, a tool for covering costs and making a profit, an effective means of competition.

3. On marketing level the price is considered as a tool for the formation "perceived value" goods, the most important positioning factor, as information for consumers, as an indicator of the company's marketing efforts.

Price is an important component in the overall system of marketing tools. It performs the function of conveying the value of the product, forms the perceived quality of the product. Pricing policy is closely related to the product, distribution and communication policy of the enterprise.

Price and product.

Individual product level.

Price reflects beneficial features goods for consumers. The total utility of a good is equal to the sum generic and added utility.

Purchase Attractiveness = Generic utility + Added utility

Price + Other costs.

generic utility- standard characteristics of competing products of a certain group of products (for example, the functional utility of shoes, TV, legal services and so on.). The consumer can choose any product or service, guided mainly by their own costs.

Added utility- additional instrumental or emotional utility. The greater the added utility, the more attractive this product, and, consequently, the higher the price. This is due to the fact that the price is perceived as an indicator of quality and as an indicator of prestige.

If buyers are looking for the highest quality in a product that money can buy, then they will be much more sensitive to the characteristics of the product than they are to price. They believe that a high price is an excuse for high quality and are willing to pay even more if the quality is even higher. Possession of first-class goods gives the buyer confidence in the correctness of his choice and a sense of his own well-being.

Level of the whole product line.

The simplest example of this kind of relationship is the setting of prices at gas stations. Gasoline of the 76th, 92nd and 95th brand is on sale, the 76th brand is intended only for a certain class of engines. Interchangeability is possible only at the level of the 92nd and 95th brands. The more expensive the 95th mark, the greater the demand for the 92nd mark. Conversely, the closer the prices for the indicated brands, the more demand will switch to the 95th brand.

Price and distribution.

Depends on the type of distribution. Direct or indirect. How many levels in the distribution channel.

Merchandising. Place of sale of goods.

Increasing buyers' awareness of price levels increases their sensitivity to those price levels. The price is also affected by the PR system, form style etc.

The marketing approach to pricing lies in the fact that the price requested by the enterprise is based not on rational calculation (as the classical price theory suggests), but on the search for an “optimal” equilibrium market value, which should take into account the interests of the main market participants that influence its formation:

1. Manufacturer I cover the cost of producing the product.

2. Competitor - market price.

3. Consumer - consumer value of the goods

This search is associated with the analysis of market information, competitive environment, risk factors and is based on the so-called “magic triangle” of S.Kh. Tukker

The relevance of the development and implementation of an effective pricing policy is determined by the following functions:

R price pretty much generates the level of demand and, hence, volume of sales. Too high or low price can negatively affect the market prospects of the product;

R price directly determines the profitability of all activities of the enterprise, not only setting the level of profit, but also fixing (through sales volume) the conditions under which the cost recovery is achieved within a given time horizon;

R price substantially affects the overall perception of the product and its positioning in the eyes of potential buyers. The latter react to the price as a signal characterizing the quality of the goods. The price, therefore, is one of the components of the brand image;

R price is a forced point of contact between competitors and therefore, to a greater extent than other elements of the marketing mix, can serve as a basis for comparison of competing products or brands;

R acceleration scientific and technological progress and the reduction in the duration of the life cycle of goods dictate the need for a thorough justification of the initial price, since errors in its establishment can cross out the market prospects of the goods;

R a large variety of poorly differentiated brands and products, expanding the product range increase the value correct price positioning: even slight price fluctuations can significantly change the perception of the product by the market;

R legal and social regulation(for example, price control, marginal surcharges, etc.) significantly limits independence of the enterprise in the price sphere.

Thus, the price can significantly increase the economic efficiency of the enterprise.

The price belongs to the category of controllable marketing factors, therefore, the careful development of a pricing policy for setting and changing prices over time, for goods and markets is the most important task of the enterprise.

When developing a pricing policy, it is extremely important to ensure that it is closely linked

s with a common marketing enterprise strategy,

s production planning,

s identifying consumer needs,

s sales organization,

s sales promotion.

Pricing policies should be constantly reviewed on the basis of actual results achieved and adjusted if necessary, which implies

s flexible price changes in accordance with the changing market situation,

s ensuring the interconnection of prices for goods within the range,

s making decisions about price modifications.

The price must be set in such a way that,

s meet the needs and requirements of customers,

s to realize all the goals of the enterprise in a particular market, to ensure that it receives sufficient income.

At the same time, it is extremely important to take into account that the price should not be considered as the only marketing tool that generates income. All elements of the marketing mix, and only in interaction and interconnection, ensure the achievement of the goals of the enterprise.

The formation of a pricing policy includes a number of successive stages:

1) identification of factors that determine the effectiveness of pricing policy;

2) setting pricing goals;

3) choice of pricing method;

4) substantiation and implementation of the pricing strategy.

Factors that determine the effectiveness of pricing policy

Being a quantitative category, the price is formed under the influence of many factors that can be divided into two groups: internal and external.

Internal factors.

Internal factors depend on the activities of the enterprise itself and the characteristics of the goods it supplies to the market.

1. Goods with special properties will certainly have a higher price, reflecting its quality and uniqueness.

2. The cost of producing a product. Goods of small-scale and individual production, as a rule, have a higher cost and, accordingly, a price. For the goods mass production relatively low prices. With frequent and intense changes in technology, the product will have a higher price.

3. Orientation marketing activities businesses in multiple market segments makes it necessary to differentiate prices, adapt them to the requirements of different categories of buyers.

4. In addition, the price is most directly related to product life cycle. Most often, goods have a higher price with a short life cycle and relatively low - for a long time. Moreover, the concept of the life cycle of a product predetermines the need to carry out not one, but several pricing strategies throughout this entire period, each of which should be an integral part of the overall marketing strategy enterprises.

External factors.

In many ways, decisions to establish a particular price are determined by factors external to the enterprise.

Influence of external factors on the established price.

P Significantly limit the freedom of the enterprise in setting prices.

P Do not have a noticeable effect on the freedom of pricing.

P Significantly expand it.

Therefore, the end result of assessing external factors when choosing a pricing strategy should be to determine the boundaries of the freedom of the enterprise in setting prices for the offered goods.

The main external factors that determine the conditions for the development and implementation of an effective pricing strategy include the competitive situation in the market, consumers, participants in distribution channels, and the state.

1. The competitive situation in the market and the marketing activity of competitors.

In this case, the formation of prices is determined by the structure of the market.

Yes, under the conditions perfect (pure) competition the enterprise has practically no freedom in relation to setting the price: prices in fact already given by the market and the company is forced to adapt to them. In order to improve its position, it can only change the volume of supplies, reducing or increasing the volume of production, depending on the attractiveness of the market price. The focus is on reducing costs in order to maintain an acceptable level of profitability.

In conditions monopoly, when there is one seller on the market, the situation is different. In this case, the price is formed by the monopolist simultaneously with the determination of the volume of supply of goods. This takes into account costs, demand and the degree of state influence on price setting in such a market structure.

Market prices monopolistic competition vary over a wide range. The company independently determines the price of its product based on the existing structure of demand, competitors' prices and own costs. To achieve competitive advantages, price competition techniques are widely used.

Under the conditions of an oligopoly, pricing is carried out with the dominant role of several enterprises that are forced to reckon with the reaction of their competitors through adjusting production and sales volumes, the possibility of a “price war”, division of sales markets, etc.

The main elements and stages of pricing policy assessment in accordance with the developed pricing strategy, the main activities:

The first stage of work is the collection of initial information for assessing the pricing policy and strategy of the enterprise, and the main activities in the course of this stage of work are the following:

a) cost estimation. When assessing the costs of production and marketing of products, the main attention should be paid to identifying all those costs that are actually associated with the production and marketing of these products, as well as identifying and analyzing those cost items whose value may change when the volume of output (sales) of products changes as a result of changes in prices;

b) clarification of the financial goals of the enterprise. The pricing strategy should be consistent with the main financial goals enterprises adopted for the near future and the future.

In accordance with financial plan the enterprise determines the minimum level of profitability required for the sale of each type of product, as well as the priority of the task - obtaining the largest amount of profit or making a profit within a certain period to pay off debts on previously attracted borrowed funds(including non-payments to budgets of all levels, off-budget funds, employees or suppliers);

c) determination of the list of potential competitors. When carrying out this activity, it is necessary to identify existing and potential competitors whose activities can most affect the profitability of sales of the company's products and establish the level of contract prices for products manufactured by existing competitors, and assess how these prices differ from the prices of real transactions, including through various discounts and special sales conditions.

Based on the available information about enterprises - competitors, their activities in the past, the personal characteristics of their executives, organizational structure, development plans, etc., determine the main goal in the field of pricing and analyze the advantages and disadvantages that exist in the production and marketing of competitors' products, for example, in terms of reputation with customers, product quality, assortment, etc.

The second step in the pricing strategy evaluation process is strategic analysis. In the course of its implementation, previously collected information is subjected to appropriate analysis:

a) financial analysis. Holding financial analysis based on information about:

* possible price options;

- the product and the cost of its production;

- the possible choice of the market segment in which the company can win buyers by better satisfying their requirements, or for other reasons, it has a preferable chance of creating sustainable competitive advantages.

Financial analysis will allow the company to determine the most preferable and profitable market sector, either through additional costs to meet the requirements of buyers of products of a higher level and quality than competitors, or by improving the organization and production technology aimed at meeting the requirements of buyers of products of the same quality level as and competitors, but at a lower cost.

At the same time, it is necessary to calculate the amount of net profit from the production (sales) of a unit of each type of product at the current price, the amount of growth in sales of each type of product in the event of a decrease in its price and subject to an increase in the total net profit of the enterprise, as well as the marginal reduction in sales of the enterprise's products in the event of an increase in its price, at which the total amount of the net profit of the enterprise will fall to the existing level;

b) segment analysis of the market, during which it is necessary to determine how to most advantageously differentiate prices for products manufactured by the enterprise in order to take into account the differences between market segments in terms of buyers' sensitivity to the level of product prices and the level of costs of the enterprise in order to most adequately meet the requirements of buyers from various segments.

For these purposes, it is required to determine in advance the composition of buyers in various market segments and determine the boundaries between individual segments so that the establishment of reduced prices for their products in one of the segments does not interfere with the establishment of higher prices in other segments. And also it is necessary to differentiate prices by market segments, having previously analyzed the fulfillment of the requirements of the current legislation on pricing issues;

c) competition analysis. The purpose of such an analysis is to assess (forecast) the possible attitude of competitors to the planned changes in product prices and the specific measures that they can take in response. Tsarev A.N. - Prices and pricing in the marketing system, M .: "Filin", 2009, p. 81

On this basis, it is necessary to try to determine the impact of competitive responses on the level of profitability and the effectiveness of the pricing strategy that the company intends to implement in the market. It is advisable to determine the level of sales and profitability of each type of product that the company can actually achieve, taking into account the possible reaction of competitors, to find measures to influence competitors in order to achieve the results of their pricing strategy and reduce losses from competition. In addition, it is necessary to determine the ability of the enterprise to increase the assurance of achieving its goals in terms of volume and profitability of product sales by focusing efforts on those target market segments where it is easier for it to achieve a sustainable competitive advantage, as well as to identify those market segments in which it is strategically rational to stop spending resources (for example, abandon the production of products intended for these market segments).

The third stage of evaluation of pricing policy and strategy is the evaluation of pricing strategy, which is part of the overall development strategy of the enterprise.

To assess the effectiveness of the company's pricing policy, it is recommended to have a permanent structural unit responsible for pricing issues for the company's products. The activities of this unit are carried out under the direct control of the head of the structural unit of the enterprise, which is responsible for marketing or sales of the company's products, and may be part of either this unit or the planning and economic unit.

It is advisable to carry out work on pricing issues together with the structural divisions of the enterprise responsible for assessing and forecasting the cost of production with various options for pricing policy and the corresponding production and marketing policy, for substantiating financial indicators which the pricing policy should be aimed at, as well as for the development of financial aspects of the implementation of such a policy (for example, determining the limits for financing advertising activities), as well as with structural units responsible for collecting information about the current market situation, determining the real structure (segmentation) the market for the company's products, forecasting sales volumes possible with various levels prices for products, assessment of possible actions of competitors with certain pricing options, substantiation of opportunities to increase sales and improve its financial performance without price changes, and with departments responsible for conducting advertising campaigns, the formation of the brand image and the dissemination of information that allows you to influence the commercial decisions of competitors.

An economist is always faced with several difficult problems:

Difficult to develop competitive strategy, which is well balanced and has a chance of success;

It is difficult to explain it to the firm's managers and convince them to adopt such a strategy as the basis of the firm's actions;

It is even more difficult to achieve the correct implementation of the approved strategy.

Difficulties also increase due to the fact that the company's commercial strategy belongs to the category of classified information and therefore not every lower and even middle manager should be privy to all its elements. Slepneva T.A., E.V. Yarkin. Pricing and Pricing: Tutorial. - M.: INFRA-M, 2007, p. 154

The means of solving this problem is a clear formulation of the company's policy in solving problems of various types, including price policy, as a system of standard rules for solving typical problems in determining prices. It is in the field of pricing that this approach is especially important, since staff errors in determining prices can have consequences that will not appear immediately, but after some time and then become a serious problem for the company. Therefore, in order to prevent such errors and misunderstandings, it is necessary not only to formulate the company's pricing policy, but also to bring it as a document approved by the company's management to each employee who is involved in pricing.

Pricing policy assessment - a system of standard rules for determining the optimal price for typical sales transactions of the company's goods.

Take as an example a firm entering a market where customers are particularly sensitive to the level of after-sales service, and the product is at the initial stage of its life cycle (we will talk more about the relationship between pricing and the product life cycle later). Of course, buyers can also be attracted by playing on the cheapness of goods compared to competitors. But this would be a short-sighted strategy, as it would generate a short-term increase in sales, but would not create a reputation for the firm to consistently sell its products at a profit over many years.

And therefore, a more reasonable way to implement the strategy of "long-term success" in this case would be to introduce a policy of fixed prices. It deprives the company's sales agents of the opportunity to achieve sales growth through price concessions, and the engineering and technical staff of the hope that with more low prices buyers will not be particularly demanding. Prices and pricing / textbook for universities 5th ed. / Ed. V.E. Eliseeva. St. Petersburg: Peter, 2008, p.165

Fixed price policy - the sale of goods in accordance with the price list (price list) approved by the company's management.

In such a situation, sales agents will have to actually create the image of the company as a model of ideal after-sales service, and engineers - to ensure that this image is confirmed in practice. Of course, at first this will make life extremely difficult for everyone and even lead to a slower increase in sales than would be possible with greater price freedom for sales agents. But if the firm has really come to this market for a long time and wants to build a stable reputation, this kind of temporary difficulties will then pay off for it with the opportunity for many years to sell its products to a wide range of fairly demanding customers, and maybe even get a premium price at the same time.

Naturally, the policy of fixed prices does not require a complete rejection of price discrimination by the firm. Additional discounts may be provided to certain categories of buyers. However, here, too, the most important parameters must be rigidly set by the company's management in the corresponding internal circular letter. It should define:

The range of buyers eligible for additional discounts;

Conditions under which additional discounts may be granted (lot size, purchase period, payment arrangements, etc.);

The amount of the discount provided when the required conditions are met. Lifanov F.M. Prices and pricing: Textbook.-M.: AVT, 2007.- p28-49

It may seem that this is an excessive bureaucratization of pricing. In fact, this is the normal approach of a prudent manager who has chosen a fixed price policy for his firm and consistently achieves its implementation in practice.

A different pricing policy will be more acceptable for a firm operating in the market for goods that have reached a phase of maturity in their life cycle and have parameters that are easily comparable. Here, the policy of individualization of prices based on negotiations with a specific buyer can bring the best results. Each of them may have their own preferences and requirements, and it will be easier to sell the goods if sales agents have the freedom to vary price levels and terms of sale. But even this policy does not at all mean complete freedom of action for sales agents on the principle of "bargain until you sell."

If strict rules of the game are not defined for sales agents here, then there may be Negative consequences of two kinds:

1) agents will make their lives easier and compensate for their weak sales skills with the help of a universal remedy - everything big discounts from prices. This will lead to a drop in profitability, and can also create a very dubious reputation for the company's products.

2) a price war may arise between different agents of the same firm, who will begin to lure buyers from each other, promising them ever greater discounts from the price.

In order to prevent such a development of events, and within the framework of the policy of individualization of prices, it is also necessary to set fairly strict rules for sales agents. For example, a firm's management may determine that:

Certain types of discounts can be provided to customers only if the latter refuse certain standard services of the company (for example, accelerated delivery, training in use, etc.) or certain choices (not in terms of fundamentally important parameters, but, say, in relation to the color of the goods or some other minor property)

The buyer must place his order at the price agreed with him in writing and this order is approved by the management of the sales service (central or regional);

Certain discounts are provided only when placing a long-term order (for example, a supply contract for a whole year), etc.

Of course, such restrictions usually do not delight salespeople. The latter always tend to underestimate the true value of the firm's product in order to justify the scale of discounts they provide to customers and to show how valuable their efforts are to the firm to promote this product "in such a difficult market as ...". Meantime, although the interests of the firm as a whole and its sales department coincide in striving to maximize sales volumes, the interests of the firm are broader - they also include the desire to maximize overall profits.

If the company goes to meet the buyer, providing him with discounts in an increased amount, then she has the right to expect some sacrifices from him (in terms of mitigating the requirements for some of the secondary parameters of quality and service). This limits the ability of the buyer to initiate price fights between agents of the same firm, prompting each to offer him ever larger discounts.

It is very important, when formulating a price policy, to link it with the rest of the company's commercial policy. For example, the main idea of ​​a firm's pricing policy may be to sell products at premium prices and position them appropriately in the market.

Product positioning - the creation of buyers by means of marketing ideas about how the company's product compares with the products of other firms in terms of its properties.

In other words, the firm wants to sell customers the "value" of its products. At the same time, the system of financial incentives for sales specialists can be built in such a way that it focuses mainly on achieving maximum sales volumes. Under these conditions, sales agents are really interested in selling the "price" and not the value of the product. Naturally, at the same time, they try to avoid lengthy negotiations with buyers as much as possible, which make it possible to prove the high value of the goods they offer.

A much more direct route to the greatest personal reward is to offer more and more discounts. And this interest can be broken only by reforming the system of material incentives: it should reward sales agents not for the maximum volume, but for the maximum profitability of sales.

pricing policy commercial marketing

A feature of pricing for catering products is that this product is sold to the population and retail (selling) prices are formed for it, the level of which is the sum of the cost of raw materials at retail prices and markups, intended along with trade allowances(discounts) to reimburse the total costs of these enterprises, pay taxes and non-tax payments in accordance with applicable law, generate profits.

The pricing feature catering It also consists in the fact that in this industry the unit cost of output is not determined. However, for each product own production selling price is calculated.

Calculation of sales prices for dishes and products in the restaurant "Gastronom" is carried out in calculation cards, which are numbered and registered in a special journal. Pricing cards indicate the name of the dish, the number of the recipe, the name of the Collection of recipes, the date the calculation was made or it was changed, the output of the dish in finished form and the price of a serving. The calculation of the cost of a dish (product) is based on the cost of raw materials (including the markup) consumed per 100 servings of dishes or 10 kg of products. Then, by dividing the total cost of a set of raw materials by 100 (or 10), the price of one serving (or 1 kg of product) is determined.

The main documents in the calculation of dishes that regulate the norms for laying raw materials are Collections of recipes for dishes and culinary products for public catering establishments, national cuisines. The paper presents examples of calculating the prices for the sale of restaurant products.

In order to improve the pricing policy of the enterprise, it is proposed:

1) periodically check the correctness of the application of prices for dishes;

2) focus on the pricing policy of competitors;

3) focus on regular customers and changes in the product market;

4) take into account the seasonality factor;

6) use the psychological factor when setting the price (599 rubles instead of 600 rubles);

In general, it must be said that the company must carefully monitor the constantly changing market situation and try to respond sensitively to the suggestions and wishes of visitors.

Conclusion

Price is the only element that provides real income to a catering company. Prices provide the enterprise with the planned profit, the competitiveness of products, and the demand for it. Through prices, the final commercial goals are realized, the efficiency of all parts of the production and marketing structure of the enterprise is determined.

In a market economy, price is one of the most important synthetic indicators that significantly affect financial position enterprises. This is due to the fact that the value of the profit of a commercial organization, the competitiveness of the enterprise and its products depends on the price level. The price is the most important tool for intra-company planning and serves as a guideline for making business decisions.

Many problems are solved with the help of prices, which indicates that in market economy their importance in the management of the economy, the regulation of production, the mechanism of circulation, exchange, distribution, consumption and accumulation is constantly increasing. Economic entity prices are actively manifested in its specific functions associated with the operation of objective economic laws.

Prices for products of public catering enterprises are determined by the specifics of the activities of these enterprises that prepare dishes and culinary products, sell them and organize the consumption of their own production and purchased goods, as well as the leisure of the population. Therefore, the costs of public catering enterprises are the sum of the costs of production, circulation and organization of consumption and are calculated as total costs.

One of the most significant aspects of the functioning of a public catering enterprise in a market environment is the formation of a pricing strategy. It represents a reasonable choice among several options price (or list of prices) such that would contribute most effective solution tasks facing the enterprise in the current and long term.

The pricing policy consists in setting such prices for goods, varying them in such a way, depending on the situation on the market, in order to seize its maximum possible share, achieve the planned profit volume and successfully solve all strategic and tactical tasks. Depending on the field of activity, on the share of the occupied market, the enterprise must choose one of the following pricing methods:

- “average costs plus profit”;

Break-even analysis and ensuring target profit;

Setting a price based on the perceived value of a product;

Setting a price based on the current price level.

When calculating the initial price, the company uses different approaches to the issue of pricing. One such approach is geographic pricing, where the restaurant decides how to calculate the price for remote customers and chooses either the method of pricing at the place of origin of the goods, or the method of pricing a single price with delivery costs included in it, or the method of pricing zone prices, or the basis point pricing method, or the shipping cost pricing method. The second approach is pricing with discounts and offsets, when the enterprise provides discounts and offsets. The third approach is discriminatory pricing, where a business charges different prices for different customers, different locations, and different times. The fourth approach is pricing within the range of culinary dishes, when the company sets price targets for a number of products within the product range.

When deciding whether to change prices proactively, an enterprise must carefully consider the likely reactions of consumers and competitors. The reaction of consumers depends on what meaning they see in price changes. The reactions of competitors are either the result of a clear set of response policies, or the result of a specific assessment of each newly emerging situation. In the event of a price change undertaken by one of the competitors, the enterprise should try to understand its intentions and the likely duration of the innovation. If an enterprise wants to respond quickly to what is happening, it should plan in advance its response to possible price maneuvers of competitors.

At present, in the transition to market relations, it is important to understand the importance of working to develop the right pricing strategy. Pricing must be systematic and strategic.

A catering establishment in which many components are intertwined, requiring the correct setting for effective work. To do this, experience, time and energy are needed. And the problems here are not in the ever-increasing competition in the restaurant services market, but in proper creation adequate pricing policy and designing a unique image of the restaurant.

List of used literature

1. Yakovlev G.A. Economics of the hotel industry. - M .: RDL Publishing House, 2006. - 328 p.

2. Economics of an organization (enterprise): textbook / ed. ON THE. Safronov. - 2nd ed., revised. and additional - M.: Economist, 2006. - 618 p.

3. Efimova O.P. Economics of catering. - Minsk: New knowledge, 2000. - 304 p.

5. Kravchenko L.I. Analysis of the economic activity of public catering enterprises. - Minsk: OOO FUAinform, 2003. - 288 p.

6. Magazine: “Showcase. Catering business", No. 1 -2000, p. 14.

7. Nazarov O. The prices he paid were not small ... // Restaurant Vedomosti. - 2003. - No. 60.

8. Popova L.V. Application of account 20 "Main production" and account 44 "Expenses for sale" at catering establishments (canteens, restaurants) // Accounting and taxes in trade and public catering. - 2004. - No. 9.

9. Potapova I.I. Calculation and accounting in public catering. - M .: Publishing Center "Academy", - 2004. - 160 p.

10. Shestakova T.I. Calculation and accounting in public catering. - Rostov n / D: Phoenix, 2004. - 384 p.