Enroll Course: https://www.coursera.org/learn/uva-darden-bcg-pricing-strategy-cost-economics
Introduction
The question of how much to charge for products and services is a fundamental one for businesses large and small. In the age of ever-increasing competition, understanding the economics behind pricing strategies can make or break a company’s success. Coursera’s course, Cost and Economics in Pricing Strategy, offered by the Darden School of Business at the University of Virginia, provides a comprehensive guide to developing effective pricing strategies based on economic principles.
Course Overview
This course is designed for professionals looking to refine their understanding of pricing mechanisms. Led by esteemed faculty from the Darden School and experts from the Boston Consulting Group, the course guides participants through a systematic exploration of pricing fundamentals, price discrimination, common pricing metrics, and channel pricing.
Syllabus Highlights
Week 1: Pricing Fundamentals
The course kicks off by introducing basic economic principles related to pricing. Participants learn about cost variations and their implications for the supply curve. The highlight of this week is the exploration of auction pricing mechanisms—an insightful way to elevate your understanding of pricing from platforms like eBay.
Week 2: Price Discrimination
The focus shifts to price discrimination, a technique designed to maximize profits by segmenting customers. This week, learners delve into creating a price and margin waterfall to identify potential revenue leaks and study real-world examples, such as the pricing strategies of Heinz Ketchup, highlighting how package sizes influence buying behavior.
Week 3: Common Pricing Metrics: Elasticities
This week offers an in-depth dive into demand modeling, including practical regression analysis using Excel. You’ll learn about price elasticities and how to use these metrics for price optimization, enabling you to adopt a more analytical approach to pricing strategies.
Week 4: Channel and Direct-to-Consumer Pricing
The final week tackles channel pricing and concepts such as customer lifetime value (CLV) and double-marginalization. Participants will encounter a real-world case study, providing an opportunity to apply what they’ve learned to propose solutions for actual business pricing dilemmas.
Who Should Take This Course?
Whether you’re a seasoned pricing strategist or a budding entrepreneur, this course is tailored for anyone interested in enhancing their pricing acumen. It’s beneficial for marketers, business managers, and anyone responsible for making pricing decisions within a company.
Conclusion
If you’re looking to enhance your understanding of pricing strategy through a rigorous academic lens, then Cost and Economics in Pricing Strategy is a fantastic choice. By the end of the course, you’ll have the skills to analyze and implement effective pricing strategies that align with economic principles and market demands. Don’t miss the chance to learn from top experts in the field and transform your pricing strategy!
Enroll Course: https://www.coursera.org/learn/uva-darden-bcg-pricing-strategy-cost-economics