Item Pricing
Item Pricing refers to setting the price for individual items in your inventory. This method allows you to define prices for specific items based on various criteria such as customer, quantity, and location. Here are some key aspects of item pricing:
- Price Levels: You can create multiple price levels for an item, which allows you to offer different prices to different customer segments or under different conditions (e.g., wholesale vs. retail).
- Quantity Pricing: Set different prices based on the quantity purchased. For example, a higher discount might be applied when customers buy in bulk.
- Customer-Specific Pricing: Set special pricing for specific customers or customer groups, often used for key accounts or long-term clients.
- Currency-Specific Pricing: Define prices in different currencies to accommodate international sales.
- Effective Dates: Set start and end dates for price changes, allowing you to schedule promotions or price adjustments.
Group Pricing
Group Pricing allows you to set a single price for a group of items. This is useful when you want to offer bundled pricing or when you want to apply the same discount or markup to a collection of items. Key aspects include:
- Item Groups: Create groups based on categories, types, or any other criteria that make sense for your business.
- Unified Pricing: Apply a single price or discount to all items within a group, simplifying the pricing process.
- Promotional Pricing: Easily manage promotions and discounts for a group of items, rather than adjusting each item individually.
- Flexible Grouping: Items can belong to multiple groups, allowing for versatile pricing strategies.
Use Cases
- Item Pricing: Ideal for businesses that need precise control over individual item prices, such as retailers with a diverse product range or businesses that offer customer-specific pricing.
- Group Pricing: Suitable for businesses that frequently bundle products, run promotions, or need to manage prices for large categories of items efficiently, like in the case of seasonal sales or product lines.
By leveraging both item and group pricing, businesses can implement flexible and dynamic pricing strategies in NetSuite to better meet their sales and marketing objectives.