Modern aspects of increasing the efficiency of an enterprise's pricing policy. Factors determining the effectiveness of pricing policy Results of analysis of the effectiveness of pricing policy

Pricing policy is not a discipline or a science, it is only an element of the company’s most important strategies, such as economic, financial, marketing, commercial, tax, assortment policy, commodity, etc.

Note 1

Pricing policy is a set of pricing strategies of the company and tactics for their implementation.

Price increases in pricing policy

Pricing policy indicators may change due to an increase in prices for the company’s goods:

• Special increase in prices for goods. In this case, the manufacturer takes full responsibility for such activities; he is aware that an increase in the price of the product will be perceived negatively by buyers, as well as sales agents, etc. But here the company's management clearly realizes that by increasing the price by at least a few percent, this will lead to a significant increase in profits. A clear and correct calculation of this price move is necessary here, otherwise it can lead to a sharp decrease in sales;
• A sharp increase in the total cost of goods produced. Most often, a manufacturer does not want to increase the cost of its products, but is forced to do so due to various trends: rising inflation in the country, an increase in prices for raw materials by service providers, an increase in staff wages, etc. The most serious problem for an enterprise is stable inflation, since this process occurs regardless of the company’s activities, which leads the latter to a difficult state and a hopeless situation. The result of this is an increase in prices for the company's goods;
• Increased demand for goods. Another problem of the modern pricing market. If a product is actively in demand for quite a long time, then the manufacturer at a certain point increases the price of the product, but this can lead to a decrease in purchasing power, simply extended over time, and when consumers become saturated or a competitor product comes out, sales will begin to fall sharply.

Reducing prices in pricing policy

Pricing policy indicators may change due to a decrease in prices for the company’s goods:

• Partial loading production capacity companies. The production of goods is carried out incompletely, since the demand for the goods does not exceed the supply on the market, in view of this, the management of the company takes forced measures to reduce the price of its goods in order to increase demand and load production capacity;
• Fierce price competition. There are many products on the market of similar purpose and quality, therefore the manufacturing company is forced to use the method of combating competitors using pricing policy, or rather its reduction, in order to increase demand for the product.

Pricing policy indicators

The pricing policy of an enterprise has its own purpose, which, one way or another, leads to the main results of the company’s activities. The final results of the company's activities are considered to be the following indicators:

• Revenue. This is the entire income of a company for a certain period of time. Most often in accounting, when analyzing all the final indicators, the reporting period is used - the calendar year;
• Profit. This is an indicator of the company's performance over a certain period of time, which shows how many available cash the enterprise will receive from its main activity;
• Profitability. This indicator means how effectively all the company's resources are used to achieve its goals.

The company's pricing policy is designed to increase all these indicators. If, based on the results of the past calendar year, one or more indicators have negative trends, this means that somewhere at some point in time an illiterate management decision, including this directly concerns pricing policy as the main sales tool.

When assessing the effectiveness of pricing policy, firms study the dynamics and level of selling prices, and also determine the following indicators:

* gross income of the company for the period;

* the average level of trade markup accepted in the organization;

ѕ level of trade markup in price by product groups;

* the amount of profit and its specific gravity in the trade markup;

* the amount of sales costs and their share in the amount of gross income.

If the organization’s pricing policy provides for discounts, then it is necessary to evaluate the effectiveness of their application, based on the organization’s goals. The main purpose of applying discounts is to increase sales volume, since in most cases the profit received from the trade markup is too small, and trade organizations can make more profit only through the turnover of goods - the higher the turnover, the greater the profit. Therefore, to assess the effectiveness of discounts, it is necessary to determine the increase in sales volume, and also to compare the profit received from the sale of additional units of goods using discounts with the profit that the company would have received without discounts. The use of discounts is appropriate and effective if, as a result, the organization receives more profit.

Sometimes a company, using various types discounts, may strive not to make a profit, but to prevent / minimize losses: selling slow-moving or seasonal goods, accelerating the sale of goods whose expiration date will soon expire, etc. In this case, the effect will occur when a larger quantity of goods is sold than without discounts.

The effectiveness of an enterprise’s pricing policy is determined, firstly, by its adequacy of economic and financial strategy enterprises, i.e. How does it fit into the latter? Secondly, it is determined by the degree of implementation of the objectives of the enterprise’s pricing policy. For example, if an enterprise plans to expand its market share, then it analyzes how much its pricing policy contributes to this. Thirdly, the effectiveness of the pricing policy is checked by how successfully the product is sold at the target price. Efficiency is also manifested in the degree of flexibility of the enterprise's pricing policy, and is also considered from different points of view: how prices affected the level of profitability of production; to what extent the pricing policy has strengthened the market, competitive position of the enterprise, its financial stability; to what extent prices are adequate to the quality of goods; What are the possibilities for ensuring price balance? Efficiency of pricing by certain species products to a certain extent characterizes the profitability products sold. The effectiveness of pricing policy takes on particular importance in conditions of price competition, when the struggle for buyers revolves around prices. The pricing policy of Russian enterprises, as a rule, is carried out in conditions of inflation and market instability, therefore prices are practically not differentiated by costs, are not flexible enough, and are poorly linked with other components of the financial and marketing policy of the enterprise.

Financial analysis begins with the calculation of the financial indicators of the enterprise. The calculated indicators are combined into groups. The indicators of each group include several basic generally accepted indicators and a number of additional indicators, calculated depending on the goals of the analysis and the management features of the enterprise acting as the object of analysis.

Indicators characterizing how effectively the enterprise uses its fixed assets:

Capital productivity is an indicator of production output per 1 ruble. determined by the formula:

Fotd=V/F, (1)

where Fotd is capital productivity;

B-revenue, rub.;

F - cost of basic production assets, rub.

Capital intensity - the reciprocal of capital productivity, shows the share of the cost of fixed assets per each ruble of output:

Femk=F/V, (2)

where Femk is capital intensity;

B-revenue, rub.

We determine the capital-labor ratio using the formula:

Fv = F/H, (3)

where Fv - capital-labor ratio;

F - cost of fixed production assets, rub.;

H - average number, slave.

Indicators characterizing the business activity of an enterprise

The turnover ratio is determined by the formula:

K rev = V / Obc

B-revenue for the period under review

Obk - the average amount of working capital for the same period.

Labor productivity is an indicator characterizing the efficiency of labor costs and is determined by the number of products (work, services) produced per unit of working time.

Indicators characterizing the degree financial stability And financial risk

• 1) coefficient of financial autonomy (or independence) - the share of equity capital in the total balance sheet currency;
• 2) financial dependence ratio - the share of borrowed capital in the total balance sheet currency;
• 3) current debt ratio - the ratio of short-term financial liabilities to the total balance sheet currency;
• 4) long-term financial independence ratio (or financial stability ratio) - the ratio of own and long-term borrowed capital to the total balance sheet currency;
• 5) debt coverage ratio with equity capital (solvency ratio) - the ratio of equity capital to borrowed capital;
• 6) financial leverage ratio, or financial risk ratio, - the ratio of borrowed capital to equity.

Chapter 2. Assessing the effectiveness of the pricing policy of JSC Shoro

2.1 General characteristics economic activity enterprises

History of development

The unique idea of ​​producing a national drink and subsequently selling it on the streets of the city, in draft barrels, came to the president of the company, Taabaldy Egemberdiev, back in the distant 80s, or more precisely in 1988, during the era of rapid restructuring of the Soviet Union. Since childhood, according to Taabaldy Egemberdiev, when they met guests in their mother’s house, in great demand the national, ancient drink of the Kyrgyz and Kazakhs, “Maksym,” was used, and not beshbarmak or other national dishes.

In 1993, the company continued to develop at an intensive pace, reaching production volumes of up to 2 tons per day. By the end of the year, the company's products were sold in 25 busy places in the city.

Subsequently, until 1995, the company faced only one problem, the problem of meeting the rapidly growing demand for the company's products; the entire volume of the prepared drink, 3 tons, ended by lunchtime.

Thus, since 1998, the company began producing Maksym-Shoro in bottled form. Since 1999, the company acquired a water bottling line and was the first to produce drinking water"Legend", and other mineral waters - "Arashan", "Baytik". Subsequently, the range of mineral waters was replenished with the waters “Isyk-Ata”, “Jalal-Abad”, “Shoro-Suu”, “Kara-Keche” and “Bishkek”.

In 2005, the company expanded its product sales, successfully entering new market, to the market of the Republic of Kazakhstan.

The Shoro company cooperates with many international programs, such as: TAM (Turnaround management), BAS Programme, which were financed by the European Bank for Reconstruction and Development.

Authorized capital structure

The authorized capital of Shoro CJSC at the end of 2010 amounted to 1,440,000 soms.

Currently the shareholders include:

1. Egemberdieva Anarkan Berdigulovna with 5% shares;

2. Egemberdiev Taabaldy Berdigulovich with a 47.5% stake in the company;

3. Egemberdiev Zhumadil Berdigulovich with 47.5% shares.

Analysis of the balance sheet asset. The basis for analyzing the financial position of the issuer is the established form financial statements for the last 3 years, accepted by the tax authorities and certified by an audit conducted by Idis Audit LLC.

The totality of the company's property, reflecting the structure and value of assets, is presented in the following table 1:

Indicator name	2009 (som)		2010 (som)		2011 (som)
Cash on hand (1100)
Cash in the bank (1200)
Accounts receivable (1400)
Accounts receivable from other transactions (1500)
Inventory (1600)
Reserves auxiliary materials (1700)
Advances issued (1800)
Total for current assets section
Book value of fixed assets (2100)
Long-term investments (2800)
Book value of intangible assets (2900)
Total for non-current assets section
TOTAL ASSETS

As of the end of 2011, the company's total assets amounted to 227.2 million soms, having increased by 25% since the beginning of the year. The main reason was the increase in the book value of fixed assets due to the purchase of equipment for bottling iced tea. In September 2011, the first issue of bonds of Shoro CJSC took place. But from 2009 to 2010, there was a decrease in assets from 174.08 million soms to 172.29 million soms. This decrease is due to political instability in the country, which was accompanied by export restrictions.

Analysis of the balance sheet asset structure. Analyzing the above table, you can see that a larger share of the balance sheet currency as of the end of 2011 for Shoro CJSC falls on long-term assets. Thus, at the end of 2011, the share of the enterprise’s non-current assets amounted to almost 63.7% of the balance sheet currency. This indicator has a positive trend and for three recent years increased from 56.6% to 63.7%. This is due, first of all, to the stable growth of the company, which consists of expanding the production base of the enterprise. At the same time, during the analyzed period, the share of current assets decreased by 7%. In general, this indicator for the period under review is quite stable and attractive, since it indicates the financial stability of the company and the expansion of production.

Table 2. Asset structure

Analysis of the structure of the balance sheet liabilities. Accounts receivable represents the bulk of the working capital of the company Shoro CJSC, which includes balance sheet items: accounts receivable, other receivables and advances issued.

During the analyzed period, there was a fairly stable situation in the dynamics of the main receivables, while other debt decreased by almost 40% from 2010 to 2011, which indicates an improvement in the efficiency of work with the company’s debtors. The amount of total accounts receivable increases over the analyzed period. So in 2009, accounts receivable amounted to 19.32 million soms, by 2010 this figure increased by 33% (28.82 million soms), and by 2011 by 15% (33.94 million soms). Such a sharp increase in accounts receivable in 2010 is associated with political events in the country, which destabilized the activities of many enterprises in the country. The share of receivables in total assets increased from 5% to 8%.

Fig 3. Structure of the company's main debtors in 2011:

The next largest item for 2011 in the company’s current assets is inventory, the dynamics of which indicate stable growth over the analyzed period: 20.12 million soms in 2009, 14.75 million soms in 2010 and 38.90 million soms in 2011. Moreover, from 2010 to 2011 a significant increase is visible, which amounts to 62%. The growth of this indicator is associated with the release new products to the soft drink market in Kyrgyzstan.

The share of auxiliary materials in 2009 was 11% and increased by 2% by the end of 2010. But from 2010 to 2011, the share of auxiliary materials dropped to 3%. This is an indicator effective management low-value and quickly wearing out items in the warehouses of the enterprise. Savitskaya G.V. Economic analysis: G.V. Savitskaya - Minsk: 2004

Table 3. Analysis of balance sheet liability (som)

Indicator name	2009 (som)		2010 (som)		2011 (som)
Accounts payable (3110, 3190)
Advances received (3210, 3220)
Short-term debt obligations (3300)
Taxes payable (3400)
Current accrued liabilities (3500)
Total current liabilities
Long-term liabilities (4100)
Bonds payable (4110)
Deferred income (4200)
Deferred tax liabilities (4300)
Total long-term liabilities
Total liabilities
Authorized capital (5100)
Retained earnings (5300)
Reserve capital (5400)
Total equity
Total equity and liabilities

According to the analysis of the liability structure of the balance sheet of CJSC Shoro, significant changes occurred in 2011. At the end of 2010, there was a decrease in the company's current liabilities to 12.4% of the total balance sheet currency and a subsequent increase in the company's equity capital to 43.7% as of December 31, 2010. This trend indicates an improvement in the financial stability of the enterprise. Main growth own funds, occurred as a result of increased reinvestment net profit aimed at further development of the company. In 2011, the share of short-term liabilities increased by 13.6% and amounted to 26%, but the share of long-term liabilities and equity decreased by 4% (39.9%) and 9.6% (34.1%), respectively. The increase in the share of short-term liabilities is associated with the first issue of debt securities.

Due to the fact that the company actively uses bank loans in its core activities, there are no sharp changes in the dynamics of the company's long-term liabilities. On average, the share of long-term liabilities was 43.2%, but, despite the high share of loans received in the balance sheet currency, it is considered quite acceptable for modern manufacturing enterprises in the Kyrgyz Republic.

Analysis of current liabilities. The main share of current liabilities of Shoro CJSC falls on accounts payable. The share of which in the total volume of the balance sheet amounted to 24.7% at the end of 2011, while significant changes in the structure were observed in the item “Short-term debt obligations”. In 2010, this item was not on the company's balance sheet. In 2011, Shoro CJSC decided to introduce new products to the soft drink market in Kyrgyzstan and expand production by purchasing new equipment. To achieve its goals, the company issued debt securities for a total amount of 45 million soms. This event increased the volume of short-term liabilities and was accompanied by the appearance in the structure of current liabilities of the item “Short-term debt obligations” in the amount of 51.1 million soms.

Rice. 4. Structure of the company’s largest creditors in 2011

Short-term accrued liabilities in 2010 decreased by 97.2% compared to 2009, which was achieved as a result of full payment of dividends on shares and accrued wages shareholders and employees of the company. But by 2011, the amount under this item increased by 90% due to interest payments on bonds.

As a result, at the end of 2011, the company's current liabilities increased by 63.9%, which in absolute value amounted to 37.7 million soms, compared to 2010 - 21.3 million soms.

Analysis of long-term liabilities. CJSC Shoro in its core business actively uses long-term bank loans, as evidenced by the indicators of long-term liabilities in the company's balance sheet; on average, the share of the company's long-term liabilities in the balance sheet currency is 43.2%. Thus, at the end of 2011, the company’s long-term liabilities amounted to 90.6 million soms or 39.9% of the balance sheet currency.

The company’s last long-term loan was received from CJSC Kyrgyz Investment Credit Bank» in October 2012, in the amount of 1 million US dollars.

According to forecasts, by the end of 2013, as a result of attracting a bond loan and taking into account bank loans already received, the volume of loans received by Shoro CJSC will amount to more than 115 million soms, which will certainly affect the future business activity enterprises.

Thus, by the end of 2011, the company’s liabilities increased in absolute terms by 15 million soms and amounted to 90.6 million soms at the end of 2011. At the same time, the growth of equity capital during the analyzed period amounted to more than 2.3 million soms. In this regard, the share of the company's liabilities in balance sheet currency decreased from 43.9% (in 2010) to 39.9%. (in 2011). This trend, first of all, has a positive impact on the profitability of the enterprise, since the use of borrowed capital, in economic activity built on the terms of urgency, payment and repayment.

Analysis of liquidity and solvency. When assessing the financial position of an enterprise from a short-term perspective, the assessment criteria are indicators of liquidity and solvency, i.e. the ability to timely and fully make payments on short-term obligations.

Current ratio. The current liquidity ratio gives an overall assessment of the liquidity of assets, showing how many soms of current assets per one som of current liabilities. The logic for calculating this indicator is that the company pays off short-term liabilities mainly at the expense of current assets, therefore, if current assets exceed current liabilities in value, the company can be considered as successfully operating. Skamay, L.G. Economic analysis of enterprise activities: textbook / L.G. Skamai, M.I. Trubochkina, - Moscow: INFRA-M, 2006

Table 4. Current ratio

Thus, according to the data in the table above, the company’s current liquidity ratio in 2011 was equal to 1.4. This indicator is considered below the standard in Western accounting and analytical practice, the critical value of which is 2. At the same time, the low value of this indicator indicates a high volume of short-term liabilities of the company, which amounts to 26% of the balance sheet currency in 2011. This is due to the issue of debt securities in the amount of 45 million soms. In previous years, the current liquidity ratio corresponded to the standard due to the observed growth trend in current assets and the declining share of the company's current liabilities. In 2010, as a result of the repayment of bank loans and borrowings, one som of the company's current liabilities already accounted for 3.3 soms of current liabilities, this ratio indicates that the enterprise is successfully operating.

Quick ratio. In its semantic meaning, this ratio is similar to the current liquidity ratio. But it is calculated based on a narrower range of current assets; the least liquid part of them, industrial inventories, is excluded from the calculation. The logic of such an exception consists not only in the significantly lower liquidity of inventories, but, what is much more important, in the fact that the funds that can be gained in the event of a forced sale of inventories can be significantly lower than the costs of their acquisition. Therefore, it is so important to determine the ability of an enterprise to pay off short-term obligations without resorting to the sale of inventory.

Table 5. Quick ratio

As a result of the analysis, the quick liquidity ratio had a positive growth trend similar to the current liquidity ratio of the enterprise. It should be noted that in 2011 the company experienced a lack of the most liquid assets, and therefore the value of the coefficient was 0.3 points less than the minimum standard value. But by the end of 2010, due to a noticeable excess of liquid assets over current liabilities, this ratio was 2.6. Thus, the company, without resorting to the sale of illiquid assets, can pay off its current liabilities.

Absolute liquidity ratio. The absolute liquidity ratio is the most stringent criterion of an enterprise's liquidity and shows what part of short-term borrowed obligations can, if necessary, be repaid immediately only using available funds, without resorting to the use of other assets.

Table 6. Absolute liquidity ratio

According to the table above, the company's cash flows have been steadily declining over the analyzed period, while the dynamics of the company's short-term liabilities vary markedly over the analysis period. But as a result, the company’s liquidity indicator, which characterizes the level of the most liquid assets, through which the company’s short-term liabilities can be repaid, has a negative trend. So in 2009, the indicator had a fairly high value, but already in 2010 this indicator almost equaled the recommended lower limit of the indicator, which indicates a noticeable decrease in cash in the company due to the use of the main cash of the company to repay the loan in 2010. And in 2011, this figure is lower than the standard used in Western countries due to a significant increase in the volume of short-term liabilities. The increase in short-term liabilities is due to the issue of debt securities for the introduction of a new soft drink to the Kyrgyz market.

Thus, as can be seen from the analysis performed, the liquidity of an enterprise is mainly influenced by two elements: the volume of current assets and current liabilities. According to the dynamics of which, during the period of analysis, current liabilities tended to decrease, which was reflected in the increase in the liquidity of the enterprise.

Table 7. Amount of own working capital

The amount of own working capital represents the difference between the amount of current assets and current liabilities. The corresponding indicator, as can be seen from the table above, changes unstably. So in 2010, compared to 2009, the growth of the company’s own working capital during the analyzed period was 11%, in absolute terms this is an increase of almost 5.5 million soms. But in 2011, compared to 2010, the amount of own working capital decreased by 53%. I would like to note that, despite the decrease in this indicator, an increase in the company’s current assets by 14% is visible, which indicates an increase in the company’s solvency.

Maneuverability of equity capital. This ratio shows what part of the company’s equity capital is used to finance current activities, i.e. invested in working capital, and what part is capitalized.

Table 8. Maneuverability of equity capital

In Western practice, this coefficient in normally functioning companies varies from zero and above. According to the analysis of the maneuverability of the equity capital of Shoro CJSC, it is possible to conclude that their values ​​correspond to the values ​​of successfully operating companies or the level of financing of current activities from the company’s own capital has increased significantly, which indicates an improvement in the financial stability of the enterprise. Savitskaya, G.V. Economic analysis: G.V. Savitskaya - Minsk: 2004

Provision ratio of own working capital. IN financially current activities the company is expressed in the constant transformation of short-term assets and liabilities. Any assets of a successfully operating enterprise have two sources of financing: own and attracted. If an enterprise has a lack of its own working capital, this enterprise, as a rule, has an unsatisfactory balance sheet structure and an unstable financial condition. Having your own working capital is one of the important indicators the financial stability of the organization, the lack of its own working capital indicates that all the working capital of the organization is formed from borrowed sources.

In connection with this, world practice has developed a number of coefficients characterizing the level of provision of an enterprise with working capital. The most common indicator characterizing the level of financing of a company's current assets from its own funds is the ratio of its own working capital.

Based on the calculations in the table below, it should be noted that this ratio is constantly growing, which indicates a constant increase in its creditworthiness. In the global accounting and analytical system, the minimum value of this coefficient is 0.1.

Thus, by the end of the analyzed period, the value of this coefficient was 0.28, which indicates a fairly high level of provision with own working capital in economic activities.

Table 9. Coefficient of provision with own working capital (som)

Name
Own working capital
Current assets
Provision ratio of own working capital

Financial stability analysis

One of the main characteristics of the financial condition of an enterprise is its stability from a long-term perspective. The ability of a business entity to repay its long-term loans in a timely manner indicates its financial stability in the long term. In this regard, global accounting and analytical practice has developed a number of indicator systems for assessing the financial stability of an enterprise.

These indicator systems can be divided into two categories:

§ capitalization ratios;

§ coverage ratios;

Capitalization rate

In the group of capitalization ratios, we can highlight the following main indicator of financial stability - the ratio of the company's borrowed and equity funds.

Table 10. Capitalization rate (som)

As can be seen from the table, for the analyzed period the value of the company's liabilities exceeds the amount of equity. Thus, in 2011, the company used almost twice as much borrowed funds in business activities as equity capital, as evidenced by the debt-to-equity ratio of 1.93. This coefficient has the following interpretation: for every invested som of own funds, there are 1.93 soms of borrowed funds and indicates a fairly high level of financial stability risk. But during the period under review, as can be seen from the dynamics of equity capital, we can conclude that the company is rapidly increasing and using its own funds in its core activities, by reinvesting the company’s profits in further development. In this regard, the company becomes financially stable, which helps to minimize problems with creditworthiness and the level of risk of financial stability.

Coverage ratios:

Equity concentration ratio

The coefficient characterizes the share of property of the owners of the enterprise in the total capital of the enterprise.

Table 11. Equity concentration ratio

During the period under review, the indicator of the use of owners' funds, as can be seen from the table above, had a growing trend, which was associated with the dynamics of reinvesting part of the profit in the development of the company. Thus, we can conclude that the enterprise is increasing its financial stability, while becoming stable in development and independent from the enterprise’s external creditors.

Long-term investment structure coefficient

The basic idea of ​​calculating the structure coefficient of long-term investments is based on the assumption that long-term loans and borrowings are used to finance fixed assets and other capital investments. Thus, showing what part of fixed assets and other non-current assets are financed by external investors.

Table 12. Long-term investment structure coefficient (som)

The above calculations indicate that in 2009, 81% of non-current assets were covered by attracting long-term loans. Subsequently, this figure increases due to an increase in the company's long-term loans, and by the end of 2011, 63% of non-current assets were covered by long-term loans.

Level of financial leverage

This ratio is considered one of the main characteristics of the financial stability of an enterprise. The economic interpretation of which is as follows: how many soms of borrowed capital account for one som of own funds. Savitskaya, G.V. Economic analysis: G.V. Savitskaya - Minsk: 2004

Table 13. Level of financial leverage

Thus, based on calculations of the level of financial leverage, it follows that in 2009, for each som of equity capital, there were slightly more borrowed funds. But subsequently, according to the level of financial leverage, the level of equity and the level of borrowed capital are equal, which indicates an improvement in the financial stability of the enterprise.

Analysis of business activity. Business activity of the enterprise in financial aspect manifests itself, first of all, in the speed of turnover of its funds. In this regard, analysis of business activity makes it possible to identify how effectively an enterprise uses its funds.

For a generalized representation of the economic activity of an enterprise, world accounting and analytical practice has developed 6 turnover ratios. These coefficients will be used in the future to characterize the business activity of Shoro CJSC.

Asset turnover. According to calculations of asset turnover, during the period under review, the full production cycle was completed over more than an annual period of time, as evidenced by turnover indicators varying between 400-468 days in 2009 and 2010. But by 2011 given value decreases (354 days) due to a significant increase in the company’s revenue. Accordingly, at the end of 2011, for 1 som of the total value of assets, the company received more than one som (1.03) for the period, which indicates the high turnover of the company’s assets for this industry.

Table 14. Asset turnover

Name
Average annual asset value
Total asset turnover
Asset turnover, in days

Fixed asset turnover. The cost of an enterprise's fixed assets characterizes its production potential, and therefore the turnover of an enterprise's fixed assets reveals the efficiency of using the enterprise's existing production assets.

Table 15.Turnover of fixed assets

Name
Average annual cost of fixed assets
Asset turnover (capital productivity)

Analyzing the turnover of fixed assets, it should be noted that for each som of fixed assets, the company had about 1.60 - 1.90 soms of income during the analyzed period. This profitability is explained by the specifics of the company, which is a manufacturing company that involves the use of a large number of equipment and other fixed assets in its core activities.

Table 16. Equity turnover

The turnover of equity capital during the period of analysis had a growth dynamic and at the end of 2011 amounted to 2.68, which indicates that the level of sales exceeded the invested capital by more than 2 times. Taking into account the increase in the enterprise's own funds over the period, thereby reducing borrowed capital in financial and economic activities, the company reduced the likelihood of difficulties with the enterprise's creditors and the possibility of problems associated with a decrease in the enterprise's income. In general, the enterprise's equity capital at the end of 2011 turned over within 136 days, demonstrating a decrease of 50 days over the analyzed period.

Accounts receivable turnover. Accounts receivable turnover shows how effectively the company organized the collection of debts for goods provided.

Table 17. Accounts receivable turnover

During the period under review, according to the above calculations, turnover is falling, which indicates an increase in the company's need for working capital. First of all, this trend was associated with an increase in other receivables, due to an increase in interest-free long-term loans provided to other entities not related to sales, and an increase in loans provided to employees of the enterprise. In connection with this, the average period of time spent collecting the resulting amount of debt has also increased. In general, this increase in this indicator over the period was more than three weeks.

Accounts payable turnover. The dynamics of this indicator can be interpreted as follows, i.e. The higher the value of this indicator, the faster the company pays its suppliers.

Table 18. Accounts payable turnover

In general, during the period under review, the value of this indicator remains at a fairly stable level, which indicates stable business activity. Thus, the accounts payable that arose during the period were repaid on average in 41 days. In connection with this, it contributed to a more efficient organization of relationships with suppliers, providing a more profitable, deferred payment schedule and using accounts payable as a source of obtaining cheap financial resources.

Turnover of operating capital. Analyzing the values ​​of this coefficient, you can see the slowdown or acceleration of the turnover of capital directly involved in production activities. The resulting values ​​of this coefficient are cleared, in comparison with the indicator of total asset turnover, from the influence of the enterprise's investments, which do not have a direct impact on sales volume.

Table 19. Operating capital turnover

Name
Average operating capital
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The effectiveness of an enterprise's pricing policy can be assessed by how much revenue compensates for sales costs. For this financial service it is necessary to determine what the minimum acceptable selling price is.

It will make it possible to find out to what extent real prices satisfy the interests of the company, and whether the commercial service is abusing discounts for customers in the face of falling sales. Later in the article we will describe in detail how to evaluate the effectiveness of pricing policies.

How often should the company review the minimum acceptable selling prices?

It is better to review the minimum selling prices () regularly in order to respond in a timely manner to changes occurring in the market. The frequency of review depends on the situation in a particular market. For one company it is enough to do this once a quarter, for another - once a month (for example, see). Of course, if variable selling costs, such as railway transportation tariffs, increase sharply, it would be reasonable to increase the minimum selling price without waiting for its planned recalculation.

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Purpose of activity commercial enterprise– making a profit. The company receives income through the sale of goods and services. Sales can be either wholesale or retail. The key factor influencing the success of sales is the cost of the product sold. Determining the cost depends on the pricing policy of the enterprise.

The concept of an enterprise's pricing policy

Pricing policy (PP) is a set of principles for establishing a certain price for goods and services. This marketing tool, which affects the sales success and positioning of the company. Main task pricing policy – ​​obtaining a stable profit from sales, ensuring competitiveness. There can be many side tasks. They depend on the specifics of the company’s functioning. When forming the CPU, the following points are taken into account:

• The impact of cost on a company's competitiveness.
• The organization's chances of winning a “price war.”
• The reasonableness of the chosen pricing policy for new products.
• Change in value based on life cycle product.
• Possibility of establishing different base prices.

To form a value, it is possible to select a company that is similar in characteristics to the enterprise. It is assessed for the cost-to-benefit ratio.

Main goals of pricing policy

Let's consider the main goals of the company's pricing policy:

1. Continuation of the organization's activities. The company operates under the influence of such threats as excess capacity, high competition, and sharp changes in demand. Some of these risks can be addressed by reducing costs. However, the price reduction must be such that the income received covers the costs. This CPU goal is considered short term.
2. Short-term increase in profits. Sometimes the price of a product is changed to maximize profit. Often this goal is set within the framework of a transition economy. This is a short term task. In the long term, such a goal is not used, since a significant increase in cost will not allow it to win in the competition.
3. Short-term increase in sales. In this case, the cost of the product, on the contrary, decreases. An attractive price allows you to increase your sales volume. Alternative option– setting commissions for intermediaries, which also helps increase sales. This measure will allow you to extract maximum profits and also gain market share.
4. "Skimming the cream." This measure is relevant if the company sells new products. In this case, the highest possible cost is assigned. If sales start to fall, the price is reduced slightly to ensure turnover.
5. Long-term increase in profits. One of the current strategies is to create an image of a company that produces exceptionally high-quality products. If the client is confident in the quality of the product, he will be ready to purchase it at a high cost. This will achieve long-term profit maximization.

To establish an optimal pricing policy, one goal is set. It is selected depending on the characteristics of a particular enterprise and its competitors.

Types of pricing policies

In practice, these forms of pricing policy are used:

1. High price policy. When a new product appears on the market, the highest possible price is set. This is relevant only for truly new products that are in demand and are protected by a patent. The cost gradually decreases if a decrease in demand is noticed.
2. Policy low prices. Relevant if a company needs to quickly enter the market and gain its share. Suitable for stimulating demand. Used in markets with increased production volumes and increased elasticity of demand. The company's costs are covered by maximizing sales of low-cost products.
3. Differential pricing policy. The average cost of products changes under the influence of surcharges and discounts. Each consumer segment is offered a separate price for the product.
4. Preferential price policy. The company gets the opportunity to attract new customers through preferential offers. This method is suitable for expanding the sales market.
5. Flexible price policy. The cost is determined depending on the capabilities of consumers. Changes quite often.
6. Stable price policy. In this case, prices do not change for a long time. Suitable for everyday goods.

Before establishing a specific pricing policy, you need to carefully monitor changes in prices for goods on the market. Before choosing a strategy, you need to take into account internal (enterprise specifics) and external (market characteristics) factors.

IMPORTANT! The chosen policy changes from time to time. You cannot choose one strategy and use it for decades. The policy is determined depending on external factors, which are constantly changing.

Factors influencing the pricing policy of an enterprise

There is no objectively ideal pricing policy. Its effectiveness is determined depending on a number of factors. Let's look at the factors affecting the CPU:

• The type of market in which the company operates. If it is a perfectly competitive market, the role of the CPU is minimal since the company has no control over price. The role of pricing policy under monopoly conditions is also minimal.
• Elasticity of demand. It can be direct, cross, depending on income.
• The size of the company, the number of divisions in it, the available capital.
• If an organization produces consumer products, it has greater influence on the CPU, as opposed to companies involved in the production of industrial goods.
• Small companies have limited freedom to influence prices.
• Product distribution channels. The manufacturer of the product can sell the product himself or use intermediaries for this. In the first case, the company's influence on the CPU is higher.
• Market segment.
• Geographical area.
• Presence of inflation.
• Amount of taxes.
• The degree of interference in the company's activities by government agencies.

The effectiveness of pricing policy depends not only on the efforts of the company, but also on many other enterprises. Not all organizations can influence value. The lowest performance of the CPU is observed in small companies with high taxation, in whose activities government agencies interfere.

How to determine the effectiveness of pricing policy?

The efficiency of a company's CPU is determined in the following ways:

• Compliance of the chosen pricing policy with the financial strategy of the organization.
• Realization of set goals. For example, a company wants to maximize sales figures. An appropriate pricing policy is selected. Over time, it is analyzed how much the sales market has increased. If the indicator has achieved its goals, the selected CPU is considered effective.
• Product sales success. The main purpose of using CPU is to increase product sales. If products cannot be sold at the established price, the pricing policy cannot be called effective.
• Flexibility of pricing policy.
• The impact of set prices on profitability indicators.
• The influence of the CPU on the competitiveness of the organization, strengthening its position in the market.
• Ensuring financial stability.
• Adequacy of cost to product quality.
• Balanced prices.

When analyzing the effectiveness of pricing policy, it is necessary to take into account the main indicators of the success of the enterprise: profitability, sales level, competitiveness, increase in income.