Fielder provides different pricing strategy options for your inventory items. This article will explain what those options are, how they work, and how you can set an organization-wide default pricing strategy for all of your products.

There are currently three different pricing strategies you can choose from: Dynamic, Fixed, and Sync with MSRP. You can apply any of these strategies on an item-by-item basis, but you can also configure your Organizational preferences so that the same strategy is applied to all of your product items. Even if you set an organization-wide default strategy, you can still override it for particular items if you need to.

The pricing strategy concept only applies to Product items. It does not apply to Bundles and Services, which always effectively have a fixed price because there is currently no MSRP or average running cost for those types of items.

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The Dynamic pricing strategy works by applying a markup percentage that you specify to your average running cost for that item. For example, if your average cost to acquire an item is $644.47 and you specify a markup of 200%, then the default unit sale price for that item will be $1,933.41.
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Again, the markup is applied to your average running cost for that item, but if you haven't purchased the item yet then the system will apply the markup to the current Purchase Cost for that item.

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The Fixed strategy allows you to enter a static default sale price for an item. Unlike the Dynamic or Sync with MSRP strategies, an item with a Fixed unit sale price will not not change due to any other factors. It's basically just a text field - you enter the value, and that's it. The price will only change if you explicitly change it.

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The Sync with MSRP strategy will keep your item's default unit sale price in sync with the MSRP for that item. If the MSRP changes, then your item's unit sale price will be updated accordingly.
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You can specify the pricing strategy on an item-by-item basis. That is, each item can have it's own pricing strategy. But what if you want to always use a particular strategy? It would be very time consuming to have to update every one of your items to use the same pricing strategy. To solve this problem, you can specify an organization-wide default pricing strategy in the Settings -> Organization Details screen.

The Organization Details screen includes a Preferences panel where you can view and configure your organization's default pricing strategy:

To adjust your default pricing strategy, click the pencil icon in the upper-right corner of the Preferences panel to enter edit mode. Notice that the Default Pricing Strategy section here is very similar to what you see when editing an item.

You can use this form to specify your preferred pricing strategy. When you click the Save button after changing the default pricing strategy, you will be asked if you want to apply the new strategy to all existing items right away. If you click Yes, then the system will update all of your current product items to use the new pricing strategy from that point on. This way, you don't have to go through every one of your product items to update the pricing strategy one by one. Otherwise, if you click No, the new pricing strategy will only apply for new product items (i.e, items that are created after you save your new preferences).

Keep in mind that any changes to an item's default pricing strategy, whether you update an individual item directly or via the organization-wide preferences, will not affect existing Estimates or Invoices. The only impact this has is when you add a product item to an Estimate or Invoice. The unit price for the line item will be populated as per the item's unit sale price, but you can always override that default unit price for a particular Estimate or Invoice.

If you have any questions, or need a hand setting up your default pricing strategy, reach out in the Messenger widget and our support team will be happy to help! 😎

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