Price Matrices

This help topic is applicable to the following TireMaster applications:

TireMaster Point of Sale

TireMaster Plus

TireMaster Corporate

With a price matrix, an item’s selling price is updated by calculating a markup based on where the item’s cost (the amount the vendor charges you) falls within a set of ranges.

Example: You could use a matrix to calculate a 30% markup for items that cost between $1 and $100 and a 20% markup for items that cost between $100 and $200.
Note: A markup is an amount that’s added to an item’s cost. Matrix price changes are calculated with the items' next cost. If an item doesn’t have a next cost, its last cost is used for the calculation instead.

Setting up a price matrix includes creating cost ranges and defining how prices will be calculated for those ranges. Each matrix can have up to seven cost ranges.

To set up a price matrix

1. Select Inventory > Price Matrix. The Price Matrix screen opens with the first matrix on the list selected (unless none have been set up).
2. Click Clear Matrix to reset the screen.
Note: This step is unnecessary if there are no existing price matrices in TireMaster.
3. Type a name for the matrix.
4. For each range in the matrix, do the following.
a. Define the low and high cost amounts.
Note: Prices do not update when there are gaps between matrix ranges. Therefore, when you add the second range and any additional ranges to a matrix, the amount in the Low Cost field needs to match the amount in the High Cost field for the previous range.
b. For price changes based on a percentage, make sure Percent is selected. To change prices by a fixed dollar amount, select Amount.
c. Type the percentage or amount for the range.
5. When you’re finished setting up the matrix ranges, click Save Matrix.

When you decide to change price calculations or that a matrix is no longer needed, you can make changes to existing price matrices or delete them.

If you need to adjust the way in which a matrix calculates prices, update the matrix.

To update a price matrix

1. Select Inventory > Price Matrix. The Price Matrix screen opens.
2. Select the name of the matrix you want to update. The cost ranges and price change information for the selected matrix appears.
3. For each existing range that needs to be updated, do the following as needed:

Change one or more cost amounts.

Change the pricing method to Percent or Amount.

Change the percentage or fixed dollar amount.

4. Add a new range if needed, define the cost amounts, the pricing method, and the percentage or dollar amounts.
5. To remove a range from the matrix, clear its check box.
6. Click Save Matrix.

If many of the settings for an existing price matrix are similar to those you want to assign to a new matrix, make a copy of the existing matrix and then make the needed changes.

To copy a price matrix

1. Select Inventory > Price Matrix. The Price Matrix screen opens.
2. Select the name of the matrix you want to copy.
3. Change the matrix name to the name of the new matrix you’re creating.
4. Change the settings for one or more matrix ranges, add ranges, or remove ranges. For more information, see Update a Price Matrix .
5. Click Save Matrix. The name of the new matrix is added to the list.

When you no longer use a price matrix, you can delete it. When a matrix is deleted, it is also removed from the items it was assigned to.

To delete a price matrix

1. Select Inventory > Price Matrix. The Price Matrix screen opens.
2. Select the name of the matrix you want to delete.
3. Click Remove Matrix. A confirmation message appears.
4. Click Yes. The matrix is removed from the database.

A matrix can be assigned to individual items or a group of items.

If a price matrix needs to be assigned to a single item or a just few items, you can define the matrix in the price and quantity settings.

To assign a matrix to a single item

1. Search for the item to which you want to assign a matrix. For more information, see Inventory Searches.
2. On the Inventory Maintenance screen, click the Qty/Pricing tab.
3. Click Detail/Edit. The Site Prices and Quantity screen opens.
4. Select the matrix you want to assign from the Price Matrix drop-down.
5. Click OK to save your changes. The screen closes and the item’s part price is updated based on the calculation set up in the assigned matrix.
Note: To see the updated price, reopen the Site Prices and Quantity screen.

If assigning price matrices to individual items is not practical, you can assign a matrix to a group of items with the Pricing Wizard.

To assign a matrix to a group of items

1. Select Inventory > Pricing Wizard. The Pricing Wizard opens.
2. Make sure Price Change is selected.
3. Select Matrix from the Field to Update drop‑down for the operation you're using to update matrices. A second drop-down with a matrix list appears.
4. Select the matrix you want to assign from the second drop-down.
5. Define the items to which you’ll assign the matrix.
a. Click Inventory. TireMaster prompts you to search for items.
b. Look up the items. For more information, see Inventory Searches.
6. Implement the matrix assignments.
a. Click Apply. A confirmation message appears.
b. Click Yes. The update notification message appears.
c. Click OK. The parts prices for the selected items are updated based on the calculations set up in the assigned matrix.
7. Close the Pricing Wizard, or repeat steps 3 through 6 to assign a matrix to other items.
Note: To verify price changes for a group of items, open Inventory List Editing and search for the items in the group. The updated prices are listed in the Parts column.

Updating prices with a price matrix is a hands-off process. Parts prices are automatically recalculated in the following scenarios:

When you assign a price matrix to an individual item

When you assign a matrix to a group of items

When you update your cost for items that you’re receiving into inventory (In this scenario, price matrices were previously assigned to the items.)

To see price changes for a single item, look at the entry for the parts price. To see updated prices for a group of items, open Inventory List Editing and look up the items in that group. The updated prices are listed in the Parts column.