Price Book

ByPastek Editor Sales Cloud

Product :

  • The Products can be associated with Price Books and Price Book Entries to manage their pricing.
  • In order to associate a product with a price book entry, we must choose the product first. 
  • The product gives you the ability to control the pricing for that product based on various factors, such as customer segment. This enables you to set various prices for the same product based on various factors.
  • The performance of sales, revenue, and profitability can all be monitored using products.
  • Products can be used in reports and dashboards to track sales performance, inventory levels, and other key metrics related to the product.
  • Products are available through a related list on the Opportunities tab.
  • The Related Lists In Products Object is Standard Price Book its have the Every product has a baseline price, and that baseline price is stored as a standard price book.

Price Book:-

According to salesforce.com, every product and its price are referred to as “price book entries.” We will be able to examine the prices of the products that our company offers once we combine the products and price books. The price book is split into two sections.

  1. Standard Price Book

The pricing manager or Salesforce administrator is typically responsible for creating and updating the Standard Price Book, which contains a list of all the company’s products and services.

Each item in the Standard Price Book has an associated price, which may be fixed or subject to change depending on elements like quantity, currency, or customer segment.

  1. Custom Price Book

Organizations create custom price books to support particular pricing strategies, like regional pricing, volume discounts, or special promotions. Price differences between the custom price book and the standard price book are possible. Each custom price book does not have to have the exact same price for the same item; prices can differ.

We have to add the first Standard Price Book and then we can add Custom Price Book as offer Price of the customizers .

  • A Product can exist in multiple Price Books, for every different price on offer to a customer. The combination of the Product and the price together is what we call a Price Book Entry. The price book is divided into two parts
  •  A pricebooks in Salesforce is a list of products and their associated prices. Each product and its price is called a price book entry. 
  • When we create an Opportunity, you can select a specific Price Book that will determine the prices  for the products or services associated with that Opportunity.
  •  A Price Book is a collection of products and their prices. It allows you to define different prices for the same product based on different criteria.    
  • Price Books can also manage pricing for different customer segments or regions. This can be useful for companies that offer different pricing tiers for different customer types or for companies that operate in different regions with different pricing requirements.

Price Book Entries :-

  • We can create a Price Book Entry, you select the product that it applies to and specify the price for that product within the associated Price Book.
  • Price Book Entries are individual pricing entries within a Price Book. They specify the price of a specific product or service within the Price Book. Each Price Book Entry is associated with a specific product and can have different prices .
  • Price Book Entries in Salesforce are individual pricing entries within a Price Book that specify the price of a specific Product.
  • The Price Book Entries associated with a currency-specific Price Book will have prices specified in that currency.