- Knowlegde/comprehension: understand and explain key pricing concepts, theories & techniques
- Apply the pricing concepts, theories, and techniques to examples and real business cases,
- Analysis: collect data and use modeling techniques to analyze the effectiveness of alternative pricing strategies to address pricing problems
- Evaluate the effectiveness of alternative pricing decisions and assess how these pricing strategies create value to the firm
- Formulate proper pricing strategies in a wide variety of business settings
Pricing strategies and tactics are essential determinants of the competitive position and success of an organization. Ultimately, pricing decisions represent one of the most important drivers of firm profitability. At the same time, pricing strategies are often among the least understood and developed marketing activities.|
Organizations and marketing professionals today face many challenges in optimizing pricing strategies, processes and tactics. Straightforward, simplistic, often cost-based or heuristics rule-of-thumb pricing methods are no longer sufficient and need to be replaced with more sophisticated, dynamic and evolving pricing tools and processes. Consumers are often trapped into cognitive biases and psychological pricing approaches may distort their price reactions. Hence, innovative, non-standard approaches and creative price experiments are the way forward in todays’ complex businesses.
This course introduces you to the state-of-the-art pricing strategies and tactics. The emphasis is on quantifying the effect of alternative pricing options and using the insights from these analyses as a guide to set or adjust prices across a variety of different settings and industries.