Gross margin is the single most impactful driver of profit. For example, a 2% improvement in gross margin would drive higher profit than a commensurate improvement in either sales or expenses.
Margin is, of course, driven by both the ability to buy right and to price right. Even though both are important, the impact of price far out ways the impact of purchasing.
This webinar reviewed the key approaches to enhancing pricing performance. These include setting prices correctly from the start, reviewing pricing approaches on slow selling items, controlling salesforce pricing decisions and ensuring that supplier price increases have a positive impact.