Pricing for Profitability in the Information age
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Companies leave millions on the table every year through sub-optimal pricing practices. The current abundance of customer data, in the context of increased global competition and instant information sharing, requires companies to not only set the right prices but to continually monitor and refine pricing.
Taught by UC Berkeley faculty and local industry experts, this hands-on program will help participants assess challenges within their own organizations and experiment with better approaches.
Master Essential Techniques for Profitable Pricing Possess a solid understanding of current pricing practices and explore innovative approaches that take full advantage of rapid changes brought about by the information age.
Learn How to Make Better Pricing Decisions Practice assessing, formulating, and monitoring pricing strategies and understand when and how to apply state-of-the-art frameworks to optimize pricing decisions.
Improve Pricing Negotiation Learn how to successfully analyze and prepare for contract negotiations and high-stakes B2B transactions.
Understand the role of Pricing in Value Creation Examine and learn to harness the effects of price setting up and down the supply chain on value capture and creation.
The Pricing for Profitability in the Information Age program curriculum covers the following topics:
TOPIC 1 | Economic Value to Customers (EVC)
- The flaws of cost-plus and market-share based pricing
- Benefits, uses and steps for using EVC analysis to identify a maximum price for a market segment
- Exploring effective techniques for influencing price sensitivity
- Identifying the problems with a single price strategy and exploring a variety price customization strategies -- by customer, location, time of purchase, quantity, and product design
TOPIC 2 | How Cost Affects Price
- The benefits, drawbacks, and mechanisms of three pricing strategies -- cost-driven, revenue driven and profit-driven
- Evaluating pricing changes in terms of overall impact on firm profitability, which requires a deep understanding of both your customer and your cost structure
TOPIC 3 | Price Discrimination and Dynamic Pricing
- Understanding the value of price discrimination
- Practical price differentiation techniques
- Value and methods used in dynamic pricing
TOPIC 4 | Fighting a Price War
- Coordinating to avoid ruinous price competition
- What happens when two entities compete over many periods
- Using the future to affect the outcome in the present
- How your decisions, your competitors and your customers influence pricing success
TOPIC 5 | Pricing Frameworks, Experiments, and Revenue Models
- Creative pricing approaches that add value
- Using the Willingness to pay (WTP) discovery technique to obtain the data necessary for optimal pricing strategies
- Price sensitivity variations by customer segment
- Segment customers by differentiating the product/service offering and pricing in a way that reflects the targeted segments
- Product Line Pricing, Bundling, and Versioning
TOPIC 6 | Price Customization
TOPIC 7 | Licensing Models
TOPIC 8 | Auctions
TOPIC 9 | Revenue Management and Revenue Models
Who should attend
This course is targeted to Product Management, Marketing, Pricing, and Finance professionals who are responsible for pricing products and services. This course is ideal for the Executive who has responsibility for pricing an entire product or service line.