Job ID: 2024-13265 Type: Employee # of Openings: 1 Category: Marketing and Product Management US-CA-Valencia -1166
Overview
ThePricing Analyst is responsible for establishing profitable pricing for all ITT Aerospace Controls products based on a variety of factors. Duties include conducting market research to learn more about competitor pricing for similar products, reviewing previous sales data and company expectations and deciding a market price for a range of products based on their findings. The pricing responsibility will include legacy products, standard price list products, Long Term Agreement (LTA) contracted products, and pricing for new product development. The Pricing Analyst is responsible for evaluating incoming proposal packages and arranging or leading bid no-bid and proposal kick off meetings to communicate deliverables and timeline for completions. The position will perform collaborative work with Sales, Engineering, Product/Program Management, Finance, Supply chain and Operations groups to gather cost and other deliverables with legacy products and new product development programs.
Responsibilities
Pricing Analysts use mathematics and statistics to understand pricing. Analyze historical pricing data from previous sales trends and competitors and report data to establish pricing.
Determine price elasticity of products and services.
Understands and utilizes program cost (labor and material) for both non-recurring development activities and recurring (per unit) pricing and Margin and ROI analysis
Critique existing pricing, market pricing, and/or target pricing based on standard/estimated cost for quote closure within margin authority
Identify and track products with poor profit margins and establish potential for price increase and participate in profit plan.
Enhance pricing tools and process to increase productivity and achieve goals.
Understand factors contributing to financial performance of product profitability including:Costing and Purchasing practices; Sell price determination and quoting; and Burden rates, Labor rates and their effects on profitability
Update and maintain standard product price lists, work with Sales to update customer LTA and Contract pricing and recognize when production volumes are dropping due to obsolescence or new technology. Will work with Sales to develop and implement counter measure plans.
Develop a working knowledge of DFAR (DoD Federal Acquisition Regulation) Preference for Domestic Specialty Metals and ITAR (International Traffic in Arms Regulations) requirements
Will be a team member for TINA (Truth In Negotiations Act) analysis preparation and proposals.
Develop an understanding of the varied Aerospace markets and the value ITT Aerospace Controls products bring to these markets to maximize Sales growth and optimize profits.
Work with Contracts team to organize and requote yearly LTA contracts that have an escalation formula applied.
Coordinate cost and pricing activity for quoting among various disciplines including Design Engineering, Purchasing, Planning, Compliance, Quality, Test Lab, Machine Shop, Shipping, etc. to ensure all deliverables associated with the product or new product development project are properly accounted for and priced accordingly.
Participate in, or sometimes manage, multi-functional ad-hoc projects around pricing and product related business needs
Qualifications
Bachelor's degree in Finance, Business or Engineering from a four-year college or university; 2 years minimum professional experience.
3 years of experience demonstrating problem solving ability in collaboration with functions such as Marketing, Customer Service, Finance, Engineering, and/or Operations
2 years of experience in a direct analytical capacity
Ability to write reports and plans that conform to a prescribed style and format. Ability to effectively present information and respond to questions from groups of managers.
Ability to define problems, collect data, establish facts, and draw valid conclusions. Ability to interpret an extensive variety of technical requirements and relate them to actual cost and pricing requirements.
Must possess strong communication skills and strong business sense.
Ability to use Word, Good Excel Knowledge (including pivot tables), PowerPoint, effectively utilize CRM and ERP Systems, such as Oracle, BPCS
Understanding of financial review
This position requires use of information which is subject to the International Traffic in Arms Regulations (ITAR). All applicants must be U.S. persons within the meaning of ITAR. ITAR defines a U.S. person as a U.S. Citizen, U.S. Permanent Resident (i.e. 'Green Card Holder'), Political Asylee, or Refugee.
Safety is a core value at ITT. Our employees understand and follow all ITT safety policies and procedures, participate in workplace inspections, safety training, and in the development of job safety analyses.
