Course Outcomes:
Pricing presents marketing managers with one of their most powerful levers for maximizing profits and shareholder value. This course addresses strategic and tactical pricing issues and identifies profit-boosting changes in pricing practices across a range of professional contexts.
- The course establishes a foundation for effective pricing decisions, by covering:
- Importance of pricing to the bottom line
- Relationship between costing and pricing
- Key economic, analytical and behavioral concepts associated with costs
- Customer behavior and competition
- Dynamic pricing, Segment pricing, Pricing structures, bundling and promotions
- Practical applications of these approaches within specific industry contexts
Course Outline:
Issues & Challenges with Pricing Products:
- Pricing strategies and approaches
- How costs affect prices
- Pricing factors: problems and issues
- Distinguishing successful pricing strategies from unsuccessful pricing strategies
- Align pricing with other marketing mix elements
Factors Affecting Pricing Decision: Internal vs. External:
- Role of demand
- Influences of supply
- Elasticity of demand and the impact on pricing
- Pricing & its relationship to forecasting
- Pricing & regulatory environment.
Pricing Influence Puzzle:
- Customers & Value
- Industry & Competition: Porter’s Model & Market share issues
- Costs/Profit: Impact of profitability when dealing with cost & volume
- Types of costs to consider: Fixed and variable, Direct and Indirect
- Marketing Mix: How it affects pricing strategies
- Impact of Life-cycle state on products, technology & market adoption
Target Audience:
Any sales, marketing or product personnel whose responsibility is to develop an effective pricing and communication strategy for products/services
Course Curriculum
Instructor
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