Last Week: exporTT in partnership with the Forum for International Trade Training (FITT) hosted a two day Master Class on Costing & Pricing Analysis, on December 7th & 8th 2017.
Dr. Lowe, unafraid to get his trousers scuffed on his mission to provide clarity during the process, drills down on understanding the significance of the Harmonised Commodity Description and Coding System as this system impacts the final price of exported products.
Dr Leroy Lowe (full time faculty member in International Business at the Nova Scotia Community College and an active international business development consultant) facilitated this workshop in direct response to the need of Trinidad and Tobago Exporters. During the course of this advanced Pricing programme, participants had some of the costing and pricing concepts and considerations demystified, as they were guided through the use of methods and tools necessary for decision making and becoming price competitive globally.
With careful consideration given to critical areas often overlooked by exporters, the facilitator touched on credit insurance, the commercial risks to exporting, the process of analysing import costs and pricing of products. The use of reverse personal cheques by the exporter and the cost considerations when outsourcing compared to in-sourcing costs, were also addressed. Exporters were also exposed to ways in which large companies could invest their excess capital in other currencies, as a buffer against the risk of inflation and costly or limited FOREX. At the end of each day, groups were engaged in experiential learning exercises to cultivate and improve their skill and confidence in the activity of Costing and Pricing for Export.
What did participants say?
- This is a good model of costing, it will really influence my decision, making it much quicker. I am willing to learn this method of costing and practice this with the products we sell to the USA.
- The Facilitator shared realistic examples, very important points with regards to ensuring all relevant costs are included, marginal cost in terms of exporting and final cost & price of a product. I noted that working out the unit amount of export products is not always limited to the domestic T&T (costs).
- This session was a reinforcement of current learnings via the eBSI ITS Course. The Costing and Pricing Analysis Course was: Informative, practical, methodical!
