Good pricing practices are very good for business as it increases profits and customer satisfaction. Here are suggestions by the Federal Trade Commission and the National Conference on Weights and Measures to improve pricing practices:

1. Written procedures should be developed for all forms of

pricing activity in your store including ways to ensure that the price in the store’s computer matches the posted or advertised price.

2. Training programs should be developed for store employees that stress commitment to accurate pricing.

3. A pricing coordinator should be designated for your store.

4. Give one employee the responsibility for the price accuracy of all Direct Sale Delivery items.

5. Everyday check prices of random sample of items to ensure that the price in the store’s computer matches the posted or advertised price.

6. Prices in every aisle, section or area of the store should be checked several times a year to find all of the undercharges.

7. A pricing audit should be conducted by the inventory audit team while they’re doing an inventory audit.

8. To speed price audits, use hand-held scanners.

9. To immediately replace incorrect or missing shelf labels, use a portable label printer during price audits.

10. For how-to manuals on pricing accuracy, contact trade associations.

11. For information about inspection procedures and pricing laws, contact your local weights and measures officials

12. Encourage your wholesaler or trade association to set up an industry monitoring program.