Job Title: Estimation & Pricing Specialist
Job Overview
The Estimation & Pricing Specialist for a trading business is responsible for determining accurate pricing strategies for products sourced and traded by the company. The role requires analyzing cost factors, market conditions, and supply chain variables to ensure competitive yet profitable pricing. The specialist works closely with procurement, sales, and logistics teams to develop pricing structures that support the company's sales and margin goals.
Key Responsibilities
Cost Estimation & Analysis
:
- Gather and analyze cost information from suppliers, freight providers, and other relevant parties to accurately estimate the landed cost of traded goods.
- Factor in import/export duties, taxes, transportation, warehousing, and other logistical costs to calculate the total cost of goods sold (COGS).
- Collaborate with procurement and logistics teams to ensure accurate pricing of goods based on current market conditions
Pricing Strategy
:
- Develop pricing models that are aligned with company profitability goals while remaining competitive in the market.
- Regularly review and adjust pricing strategies based on market trends, currency fluctuations, and competitor pricing.
- Recommend dynamic pricing structures, discounts, and special offers based on customer profiles and volume purchasing.
Market Research & Competitor Analysis
:
- Conduct market research to assess supply and demand dynamics, industry trends, and competitor pricing strategies.
- Provide pricing recommendations based on competitor analysis and market trends.
- Monitor global commodity prices, exchange rates, and other external factors that impact product pricing.
Bid & Tender Preparation
:
- Assist the sales team in preparing competitive quotations, bids, and tenders for large customer accounts or long-term contracts.
- Ensure that pricing proposals are aligned with the company's margin requirements and reflect accurate cost estimations.
- Support negotiations with customers and suppliers by providing detailed pricing breakdowns and justifications.
Collaboration with Sales & Procurement
:
- Work closely with the procurement team to gather updated cost data from suppliers and vendors.
- Collaborate with the sales team to tailor pricing proposals to meet customer needs while maximizing profitability.
- Liaise with logistics and warehouse teams to factor in inventory holding costs, transportation, and delivery charges into pricing models.
Risk Management
:
- Identify potential risks (currency volatility, supply chain disruptions, etc.) in pricing and estimation.
- Implement strategies such as price hedging or fixed pricing agreements to mitigate risks.
- Factor in contingencies for price fluctuations and market uncertainties in pricing strategies.
Data Management & Reporting
:
- Maintain accurate records of cost estimates, pricing proposals, and related documentation in the company's pricing systems.
- Analyze historical pricing data and sales performance to improve future pricing strategies.
- Provide regular pricing and cost estimation reports to senior management for review.
Continuous Improvement
:
- Proactively seek ways to improve the pricing and estimation processes.
- Stay updated on global market conditions, trade regulations, and industry standards to refine pricing strategies.
- Implement tools and software to automate and streamline the cost estimation process.
Key Skills & Qualifications
Educational Requirements
:- Bachelor’s degree
- Good In Math's & Calculations
Experience
o years of experience in estimation, pricing, or financial analysis, preferably in a trading or import/export business.
o Experience in handling multi-currency transactions, international shipping, and global supply chains.
Technical Skills
:- Strong proficiency in Microsoft Excel for pricing analysis, financial modeling, and reporting.
- Familiarity with ERP systems (e.g., SAP, Oracle, etc.) and pricing tools used in trading businesses.
- Knowledge of international trade regulations, tariffs, and customs duties.
Soft Skills
:- Excellent attention to detail and analytical skills.
- Ability to work under tight deadlines and manage multiple projects simultaneously.
- Strong negotiation and communication skills, with the ability to collaborate cross-functionally.
Industry Knowledge
:- Familiarity with commodities, raw materials, or products related to the trading business.
- Understanding of global trade, logistics, and supply chain management.
Key Performance Indicators (KPIs):
- Accuracy of cost estimates vs. actual costs.
- Profit margins maintained on traded goods.
- Competitive pricing achieved without sacrificing profitability.
- Timely submission of pricing proposals and quotes.
- Reduction of pricing discrepancies due to exchange rate or cost changes.
- Cost-saving initiatives and process improvements implemented.
