Description
Monitor the direction and momentum of the product prices on a long-term basis, identify and predict the movement of prices as well as identify the recurring trends.
Alternative labels
tracking price trends
track price drifts
track price leanings
tracking a price trend
track price movements
track price directions
track a price trend
Skill type
skill/competence
Skill reusability level
sector-specific
Relationships with occupations
Essential skill
Track price trends is an essential skill of the following occupations:
Purchaser: Purchasers select and purchase stock, materials, services or goods. They organise tender procedures and select suppliers.
ICT buyer: ICT buyers create and place purchase orders for ICT products and services, handle receiving and invoice issues, assess current procurement practices and effectively apply strategic sourcing methodologies. They build relationships with strategic vendors and negotiate price, quality, service levels and delivery terms.
Purchase planner: Purchase planners organise the continuous supply with goods out of existing contracts.
ICT vendor relationship manager: ICT vendor relationship managers establish and maintain positive business relationships between stakeholders (external or internal), by deploying activities which are compliant with organisational processes. They also manage the outsourcing process for the organisation’s ICT department and the supply chain communications.
Optional skill
Track price trends is optional for these occupations. This means knowing this skill may be an asset for career advancement if you are in one of these occupations.
Purchasing manager: Purchasing managers are in charge of buying goods, equipment and services for their company, and try to ensure the most competitive prices. They are also responsible for negotiating contracts, reviewing the quality of products and analyzing suppliers , and the use and resale of goods and services.
Supply chain manager: Supply chain managers plan, manage and coordinate all activities related to the sourcing and procurement of supplies needed to run manufacturing operations from the acquisition of raw materials to the distribution of finished products. The supplies can be raw materials or finished products, and it can be for internal or external use. Moreover, they plan and commission all the activities needed to be performed in manufacturing plants and adjust operations to changing levels of demand for a company’s products.
References
- Track price trends – ESCO
