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Total and Average Realized Price (Pocket Price)

Total and Average Realized Price (Pocket Price)
   
Home  » Products  » VIP Task Manager Pro  » Tutorials  » Customization Guide  » Total and Average Realized Price (Pocket Price)

Total and Average Realized Price (Pocket Price)

Price Realization refers to final prices the products or services are sold. Realized Prices are calculated by deducting all applicable discounts, rebates, shopper rewards, coupon discounts from list price. The left amount is called Pocket Price or real revenue generated from each product or service.

Consider the list price of a product is $650 USD. According to the special offer the product was marked down by 30% ($195 USD) with extra 10% ($19.5 USD) for prompt payment. And then the company gave back $5 USD for each $100 USD the customer spent purchasing the product.

Thus Pocket Price or Realized Price is calculated by the following formula:

Pocket Price (Realized Price) = List Price - all Applicable Discounts

Keeping with the example,

Pocket Price (Realized Price) = $650 USD - 30% - 10% - $5 USD for each $100 USD
spent = $650 USD - $195 USD - $19.5 USD - $21.78 USD = $413.73 USD

It is obviously that companies tend to increase pocket price to make it closer to the list price. Therefore, Price Realization is aimed at shooting up list prices, decreasing Price Leakage or discounts and services provided.
To calculate total or average Pocket Prices or Realized Prices please follow the steps below:

  • Add custom field “List Price” with Code “cf_list_price”

  • Add custom field “Discount 1” with Code “cf_discount_1”. According to our example it is “Special Offer Discount”

The formula to calculate discounted price looks like this

$cf_list_price * X, where X is the percentage of discount divided by 100.

If the Discount 1 is 30% from the list price, the formula is below:

$cf_list_price * 0.3

  • Add custom field “Discount 2” with Code “cf_discount_2“. Keeping with our example, Discount 2 is for prompt payment and it is 10% from “Discount 1”. So the formula for the custom field “Discount 2” is as follows:

$cf_discount_1 * 0.1

Add custom field “Discount 3” with Code “cf_discount_3”. In the calculations above the customer is given $5 USD for each $100 USD spent.  So the formula for this custom field is below:

($cf_list_price - $cf_discount_1 - $cf_discount_2)/ 100 * 5

  • Add custom field “Pocket Price” (or “Realized Price”) and formula:

$cf_list_price - $cf_discount_1 - $cf_discount_2 - $cf_discount_3

  • To display total or average Pocket Prices on Task List for the given time span set filter by Date

  • To display total Pocket Prices on Task List right click under column “Pocket Price” (or “Realized Price”) and select “Sum”

  • To display average Pocket Prices on Task List right click under column “Pocket Price” (or “Realized Price”) and select “Average”

  • On Task Tree select task group for which you need to display total or average Pocket Price or Realized Price and select “Custom fields options”

  • To see total List Prices and discounts and total amount of Pocket Prices, set the following custom fields settings for the custom fields listed below:

“List Price”, Special Offer Discount 1” (Discount 1), “Prompt Payment Discount 2” (Discount 2), Shopper Program Discount 3 (Discount 3), “Pocket Price” (or “Realized Price”)
- In “Settings for” select “This task group”
- select “Enable”
- in “Aggregated (for task group)” field select “Sum” from drop-down list and the corresponding custom field name to see the total actual revenue or Price Realization



  • To see average values for the same custom fields, select “Average” and the corresponding custom field name. For example:



Total Pocket Price on Task Tree

Average Pocket Price on Task Tree

 


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