Learn to create, manage and execute pricing strategies and tactics to succeed in global markets. Examine the fundamentals and role of pricing, study concepts and best practices to capture product and service values, and explore the various pricing strategies and tactics to win in markets and to influence purchase decisions. Investigate how to optimize revenue and profit consistent with market and business strategies, evaluate and select the best competitive strategies, and learn how to organize and manage an organization to achieve world-class pricing across a global corporation.
Course Outline
Course Objectives
- Understand pricing fundamentals and the strategic role of pricing
- Identify product vs. customer values and how to capture this value with pricing
- Design a winning pricing process for new and mature products and services
- Effectively manage the pricing process in the factory, with sales and with the customers
- Understand pricing innovations, best practices and lessons
- Employing various pricing strategies and tactics
- Identify strategic options when confronting competitive challenges and countermoves
- "Manage the executives" and transition an organization to achieve world-class pricing across a global company
What You Learn
- Pricing strategies and options
- Role and power of pricing
- Price sensitivity and challenges
- Using cost and financial analysis in pricing decisions
- Purchase behavior models
- Pricing and antitrust laws
- Retail store pricing considerations
- Integrated portfolio strategy
- Segmentation
- Bundling
- Customer values
- Designing your offering structure
- Communicating value to the customer
- Negotiation tactics
- Value-based pricing
- Psychology of new products' adoption
- Competitive strategy
- Price management and process improvements
- Enterprise solutions, promotions, software and services
How You Learn
- Lectures
- Discussions
- In-class debates
- Case studies
- Individual and group projects
- Team role playing
- Guest speakers
Is This Course Right for Me?
This class is aimed at engineers, marketers, finance or other businesspeople looking for an in-depth understanding of the pricing process and how pricing can be used as a strategic weapon.