Pricing and Revenue Management: Beyond Dynamic Pricing

Indian Institute of Management Indore

How long?

  • 3 days
  • in person

What are the topics?

Indian Institute of Management Indore

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Who should attend

The programme is ideally suited for executives working in any of the following industry:

  • Transportation (Air, ocean, rail, road, car rentals etc.)
  • Hospitality (hotels, cruises, ferries, casinos etc)
  • Media (advertisement)
  • Retail (apparel, consumer goods)
  • Health care (hospitals)
  • Manufacturing (made-to-order manufacturing)
  • Finance (financial products)

About the course

Organizations face the challenge of selling the “right product” to the “right customer” at the “right time” for the “right price”. Revenue management (RM) techniques help in understanding that all customers are not similar, and some will be willing to pay extra for a suitable produced coupled with the desired service offering. RM predicts consumer behavior at the micro-market levels and optimizes product availability and price to maximize revenue.

The conventional wisdom till the late 20th century was to create and sell a single product to all customers at an optimal price. With RM, instead of mass-market, the focus is on micro-market, i.e., understanding different customer segments and their price sensitivity. RM practices ensure that the products, prices, and sales channels align with each customer segment.

Objectives

This programme helps participants to develop a holistic view of products, customer segments, channels, and prices by analyzing customer segments and each segment’s perceived value of the products. The programme has the following objectives:

  • Explore key RM concepts
  • Examine to increase revenue
  • Analyse the contemporary RM techniques and their implications

Content

The programme will cover the following topics:

  • Traditional Approaches to Pricing vis-à-vis RM strategy
  • Customer segmentation and product offering
  • Demand unconstraining and forecasting: Machine learning and other techniques
  • Pricing with supply constraints
  • Dynamic pricing
  • Overbooking decisions
  • Markdown Management
  • Customized pricing
  • Revenue management across the whole network
  • Customer acceptance of RM practices: What can go wrong?

Experts

Amit Kumar Vatsa

Amit completed his fellowship in 2015 from IIM Ahmedabad with specialization in production & quantitative methods. He has done PGDM from IIM Lucknow, and B.Tech in chemical engineering from IIT Kharagpur. His research interest is broadly in the area of Facility Location Problems as they arise...

Pricing and Revenue Management: Beyond Dynamic Pricing at Indian Institute of Management Indore

From  42000 INR$587

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Full disclaimer.

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