Manager - Pricing Strategy at Best Buy in Richfield, Minnesota

Job Description:

The Pricing Strategy Manager plays a key role in advancing the pricing dialogue within the Organization. The individual will lead the development of overarching category and multichannel pricing strategies leveraging data analytics, customer research, competitive assessments, and Best Buy category role and intent priorities. The individual will also lead cross functional pricing projects intended to improve or enhance Best Buy’s pricing capabilities to drive improved revenue, margin, and/or market share across a variety of functional areas. The individual is also responsible for managing and developing the Associate Manager of Pricing Strategy, including providing work direction and fostering professional growth. The individual will also work closely with other members of the Pricing team and develop cross-functional partnerships with members of the Merchant, Finance and Demand Planning teams.

This role will be responsible for thoroughly understanding Best Buy’s existing pricing capabilities and limitations, as well as broad retail industry pricing & promotional trends. With that as a basis, this individual will help design new capabilities and frameworks to deliver implementation of new pricing strategies and enhancements. This individual will be tasked with influencing and driving sustainable change throughout the organization at various levels of leadership.

Potential projects include improvement of end of life strategies, channel pricing strategies, key category and vendor level strategies, and support of ongoing initiatives such as promotional effectiveness and delivering comprehensive executive pricing updates.

Key Responsibilities
Critical Thinking & Analytical Skills

• Analyze large sets of complex data to find key insights and identify areas of opportunity for Pricing team to drive value


• Work closely with members of the Analytics & Modeling team within Pricing to frame analysis and identify relevant data for addressing pricing opportunities


• Develop actionable recommendations based on in-depth understanding of Best Buy’s business model and capabilities across channels


• Quantify Financial impacts of recommendations to size potential pricing investments and opportunities


• Demonstrate ability to work in “white space”, providing structure and developing frameworks for approaching new business challenges.

• Communicate findings from complex analysis in clear, concise manner to cross functional partners and members of Pricing team


• Develop clear, executable strategies for pricing team and business partners


• Drive cross-functional partnership with internal/external teams (Internal – Pricing Strategy and Capability Design, Analytics, Price Execution; External - Retail Ops, Demand Planning, Merchants, Space Management, Bestbuy.com, Secondary Markets, Finance, IT, etc...) to ensure alignment of price strategy and seamless execution of pricing-related initiatives


• Work closely with Merchant, Finance, and Pricing teams in order to identify and implement sales & margin improvement opportunities

• Provide work direction and own performance development for Associate Manager


• Identify opportunities to drive margin improvements or efficiencies across Pricing organization


• Manage projects across Pricing and cross functional partners from inception through completion

• 8+ years of financial analysis experience


• 6+ years of proven experience in an analytical role


• Experience in a consultative role: influencing without primary authority, storytelling with data, providing fact-based and actionable recommendations


• Experience managing cross functional partnerships with groups such as Merchandising, IT, Supply Chain and Finance


• Strong communication and interpersonal skills, both verbal and written


• Must be highly developed in the following competencies: Decision Making, Drive for Results, Priority Setting and Problem Solving