If a supplier provides recommended retail prices (RRPs) to Minfos, you will be able to create a price policy for the relevant supplier’s products. The timely application of available RRP changes can result in your store maintaining a higher gross profit by selling related items at the higher price prior to invoicing these products into the store at a higher cost.
Note: RRPs are not available in every supplier's MNPN update that you collect from Minfos. To find out whether RRPs are available for a specific Direct Supplier maintained by Minfos, please submit a ticket with your query.
Video demonstration
Step by step instructions
Steps to complete this procedure
- Create an RRP price policy.
- Collect the relevant supplier's MNPN update.
- Add the relevant products to the price policy.
- Check and accept price changes.
- Adding products to an existing price policy.
Step One: Create an RRP price policy
From Stock Manager:
1. Click the Pricing menu and select 2. Policy Maintenance.
The Price Policy Maintenance window is displayed.
2. Click Add.
The Price Policy Entry window is displayed.
3. Make a note of the policy number displayed in the Policy Number text box, as you will need this information later.
4. In the Policy Name text box, enter a description of the new price policy; for example, "Revlon RRP policy".
5. Click the Policy Type drop-down, and select Mark up on Wholesaler Retail Price from the list.
6. Click Okay, to save your price policy.
7. Click Cancel, to close the Price Policy Entry window or repeat Steps 3 to 7 to continue to adding price polices.
8. Click Cancel, to close the Price Policy Maintenance window.
Step Two: Collect the relevant supplier's MNPN update
For instructions on collect MNPN updates refer to either:
Step Three: Add the relevant supplier products to your price policy
From Stock Manager:
1. Click the Products menu and select 4. Product Quick Fix.
The Quick Fix window is displayed.
2. Click the Sort list by drop-down list, and select 13. Preferred Supplier.
3. In the From and To text boxes, enter the relevant supplier code or supplier name, and press [Tab]. If the name has been entered, the Supplier Search Window is displayed, highlight the relevant supplier and click Okay.
4. Click OK.
The Product Quick Fix window is displayed.
5. Highlight the products that need to be fixed. Click Find to search for a product.
Note: To select all products press [Ctrl+A]. To select several individual items, hold down [Ctrl] as you click the items. To select a group of items, click the first product and hold down [Shift] and click the last product of the group.
6. Click Fix.
The Quick Fix Selection window is displayed.
7. Check the Price Policy checkbox. The text box is then enabled.
8. Enter the name or number of the previously added Price Policy from Step One.
9. Click OK, to apply the selected price policy to the selected product(s).
10. Click Cancel to close the Product Quick Fix window.
Step 4: Check and accept price changes
You should check/price/clear your Price Changes report before accepting any price changes. Please refer to Print labels for retail price changes for more information.
From Minfos Stock Manager:
1. Click the Pricing menu and select 1. Price Maintenance.
The Product Price Policy Options window is displayed.
2. Click the Sort list by dropdown list and select Price Policy or Supplier (Preferred).
3. In the Code text box, enter the name relevant to the category selected; if you selected; e.g. enter the Revlon supplier code or name or enter the name or code of the Revlon price policy added in Step 1.
4. In the Starting Name text box, enter the first letter or the name of the first product from which you want to review the prices.
- For example, if you stock Revlon cosmetics but do not stock Almay cosmetics, you could enter R in this text box to skip all of the supplier products with descriptions starting with the letters A to P
5. Check the Stocked Only check box, if you only require price changes for items that are currently marked as stocked (Re-order) in your database.
6. Click Okay.
The Wholesaler Price Maintenance window is displayed. All products that require price changes are highlighted in blue.
Note: Do not click Accept All. This will update the products current Retail Price with the New Prc for ALL products in the Price Policy. It is recommended one page at a time is Accepted.
The Curr Prc is the products current retail price and the New Prc is the Recommended Retail Price.
7. Review the New Prc column and highlight the products that require a price change.
Tip: To select several individual items, hold down [Ctrl] as you click the items. To select a group of items, click the first item and hold down [Shift] and click the last item of the group.
8. Click Accept to update the retail prices.
The Accept Product Price Changes prompt is displayed.
9. Click Yes to confirm the new retail prices.
10. Click Next to move to the next page of products.
Repeat steps 8, 9 and 10 until all pages of price changes have been accepted.
11. Follow instructions in Print labels for retail price changes to print or clear labels as required.
Step 5: Add new products to an existing price policy
There are a number of ways to add products to an existing price policy.
Ideally, updates to a supplier RRP price policy should be followed by a full RRP price policy price review.
Add products to a price policy from Order Maintenance:
Products can be updated from the Order Editing window:
1. Highlight the product and click Stock Card.
The Product Edit window is displayed.
2. Click the Categories tab.
3. Update the Price Policy text box to the corresponding RRP price policy.
4. Click OK to save and close.
Or
1. Navigate to the Order Pricing window - from this window you can see what price policy the product is currently in.
2. Highlight the product and click Stock Card.
The Product Edit window is displayed.
3. Click the Categories tab.
4. Update the Price Policy text box to the corresponding RRP price policy.
5. Click OK to save and close.
Or
1. Navigate to the Price Manager: Pricing Review window.
2. Highlight the product and click Stock Card.
The Product Edit window is displayed.
3. Click the Categories tab.
4. Update the Price Policy text box to the corresponding RRP price policy.
5. Click OK to save and close.
Or
Add products to a price policy from Product Maintenance:
1. From Product Maintenance, click Find.
The Search window is displayed.
2. Scan the product, enter the Name, Product number or /PDE (e.g./7218773070)
3. Highlight the product and click Change.
The Product Edit window is displayed.
4. Click the Categories tab.
5. Update the Price Policy text box to the corresponding RRP price policy.
6. Click OK to save and close.