In NetSuite, item pricing, group pricing, and price levels are key concepts related to managing how products or services are priced for customers. These concepts allow businesses to define and apply customized pricing structures for different customer groups, individual customers, or specific items. Here’s an explanation of each:
- Item Pricing:
- Item pricing in NetSuite refers to the ability to assign specific prices to individual items or services in your inventory.
- With item pricing, you can set up different prices for the same item based on various criteria, such as customer type, location, currency, or other custom factors.
- For example, you might offer different prices for the same product to wholesale customers and retail customers.
- Group Pricing:
- Group pricing allows you to create customer groups and associate specific pricing structures with those groups.
- Customer groups are used to categorize customers with similar characteristics, such as wholesale customers, preferred customers, or VIP clients.
- You can then define pricing rules and discounts that apply to all members of a customer group, simplifying pricing management for similar sets of customers.
- For example, you can create a “Wholesale Customers” group and assign a pricing structure that offers them discounts on all products.
- Price Level of Customer:
- The Price Level of a customer in NetSuite determines which pricing structure applies to that customer.
- A Price Level is essentially a set of pricing rules and discounts that you’ve defined for a specific group of customers or individual customers.
- When you create or edit a customer record in NetSuite, you can assign a Price Level to that customer.
- The customer’s Price Level determines the prices they will receive when purchasing items. It can be a default Price Level or a custom one that you’ve created.
- This Price Level overrides any group pricing or item pricing for that specific customer.
- For example, you might have a Price Level called “VIP Customer” for a high-value client, and this Price Level ensures they receive exclusive discounts regardless of their customer group.