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Pricing Strategy in Practice

Approx. 13 hours to complete

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Course Summary

This course by University of Virginia Darden School of Business, in partnership with Boston Consulting Group, teaches learners the fundamentals of pricing strategy and how to use them to make better business decisions. The course includes real-world examples, case studies, and interactive exercises to help learners apply the concepts presented.

Key Learning Points

Understand the key components of pricing strategy and how to use them to make better business decisions
Learn how to analyze pricing data and use it to optimize pricing decisions
Explore real-world case studies and examples to deepen your understanding of pricing strategy

Job Positions & Salaries of people who have taken this course might have

Pricing Analyst
- USA: $63,000 - $101,000
- India: INR 4,00,000 - INR 12,00,000
- Spain: €30,000 - €45,000
Marketing Manager
- USA: $65,000 - $135,000
- India: INR 6,00,000 - INR 19,00,000
- Spain: €40,000 - €70,000
Business Consultant
- USA: $70,000 - $160,000
- India: INR 5,00,000 - INR 20,00,000
- Spain: €35,000 - €80,000

Learning Outcomes

Develop a comprehensive understanding of pricing strategy and its importance in business decision making
Learn how to analyze data to make better pricing decisions
Apply pricing strategies to real-world scenarios

Prerequisites or good to have knowledge before taking this course

Basic knowledge of business concepts
Familiarity with Excel

Course Difficulty Level

Intermediate

Course Format

Online Self-Paced
Interactive Exercises
Real-World Examples

Similar Courses

Pricing Strategies: Mastering the Pricing of Services
Marketing Analytics: Pricing Strategies and Price Analytics
Pricing: Strategy and Tactics

Related Education Paths

Notable People in This Field

Mark Stiving
Hermann Simon
Rafi Mohammed

Related Books

Description

In this project-centered course, Darden's Ron Wilcox and BCG's Thomas Kohler will walk you through a real-world case, from problem statement to detailed analyses. You'll use all three lenses (cost, customer value, and competition) to recommend an optimal price—and then adjust to market disruptions. Utilizing the concepts, tools and techniques taught in previous Specialization courses—from basic techniques of economics to knowledge of customer segments, willingness to pay, and customer decision making to analysis of market prices, share, and industry dynamics—you will practice setting profit maximizing prices to improve price realization. You'll finish the course with a portfolio-building project that demonstrates your pricing prowess from this Darden School of Business at the University of Virginia and Boston Consulting Group course.

Knowledge

How to use the three lenses to set an optimal strategic price to maximize revenue
How to approach a pricing case, glean information, and work through a complicated pricing decision
How to utilize tools and data to analyze and recommend a strategic response to a real world pricing situation

Outline

Retail Market Dynamics
Pricing Specialization Overview
Three Lenses
Course Overview
Developing the Three Lens Framework
Using the Three Lenses
Knowledge Is Not Enough
Case Introduction
Assignment 1 Introduction
Review: Basic Metrics of Pricing: Margins and Markups
Calculating Power Usage and Cost
Assignment Debrief: Superbulb Failure
Assignment Debrief: LED Price Considerations
Assignment Debrief: Retailer Margin Justification
Assignment Debrief: Customer Economics
The Myth of the Invisible Hand
Course Overview & Requirements
Survey
Philips: Pricing the LED Bulb (A)
Week 1 Case Questions
Case-based Learning at Darden
Superbulb Economics
LED Price Considerations
Customer Economics

Customer Value and Conjoint Analysis
Assignment 2 Introduction
Conjoint Analysis: Steps 1 – 3
Conjoint Analysis: Step 4 and Product Preferences
Attribute Trade-offs
Attribute Importances
Conjoint Analysis: Willingness to Pay
Assignment Debrief: Learning about the Market Using Conjoint Analysis
Assignment Debrief: Calculating WTP Using Conjoint
Week 2 Case Questions
Learning about the Market
Calculating WTP Using Conjoint

Price Recommendation
Assignment 3 Introduction
Assignment 3 Debrief

Curveball
Assignment 4 Introduction
Signaling Games
Extensive Form Signaling Games
Gas Wars and Takeaways
Competitor Pricing Models
Competitive Price Moves: Understand Competitive Dynamics
Competitive Price Moves: Assess Your Options
Competitive Price Moves: Choose and Execute Best Move
Price Wars
Assignment 4 Debrief
The Three Lenses Across Industries
The Art and Science of Pricing
A Career in Pricing
Why I Love Pricing
Course Conclusion
Philips: Pricing the LED Bulb (B)
Week 4 Case Questions
Responding to Competitor Moves

Summary of User Reviews

This course on pricing strategy offered by UVA Darden School of Business and Boston Consulting Group has received positive reviews overall. Learners have appreciated the practical approach of the course and have found the content to be relevant and well-structured.

Pros from User Reviews

Practical and applicable content.
Well-structured course with clear explanations.
Useful case studies and real-world examples.
Engaging and knowledgeable instructors.
Opportunities to practice and apply concepts.

Cons from User Reviews

Some learners found the course to be too basic or introductory.
A few users experienced technical issues with the platform.
Lack of interaction or feedback from instructors.
Not suitable for those looking for a theoretical or academic approach.
Limited discussion or interaction with other learners.

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