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Jean Manuel Izaret,
Thomas Kohler,
and
Ronald T. Wilcox
The traditional approach to pricing based on costs works to pay the bills, but it leaves revenue on the table. You can, in fact, price your products in a way that increases sales--if you know what your customers are willing to pay and can leverage psychology to create better deal and discount plans. In this course, we'll show you how to price a product based on how your customers value it and the psychology behind their purchase decisions. Developed at the Darden School of Business at the University of Virginia, and led by top-ranked Darden faculty and Boston Consulting Group global pricing experts, this course provides an in-depth understanding of value-based pricing and how to use it to capture more revenue.
Read more
The traditional approach to pricing based on costs works to pay the bills, but it leaves revenue on the table. You can, in fact, price your products in a way that increases sales--if you know what your customers are willing to pay and can leverage psychology to create better deal and discount plans. In this course, we'll show you how to price a product based on how your customers value it and the psychology behind their purchase decisions. Developed at the Darden School of Business at the University of Virginia, and led by top-ranked Darden faculty and Boston Consulting Group global pricing experts, this course provides an in-depth understanding of value-based pricing and how to use it to capture more revenue.
Read more
The traditional approach to pricing based on costs works to pay the bills, but it leaves revenue on the table. You can, in fact, price your products in a way that increases sales--if you know what your customers are willing to pay and can leverage psychology to create better deal and discount plans. In this course, we'll show you how to price a product based on how your customers value it and the psychology behind their purchase decisions. Developed at the Darden School of Business at the University of Virginia, and led by top-ranked Darden faculty and Boston Consulting Group global pricing experts, this course provides an in-depth understanding of value-based pricing and how to use it to capture more revenue.
By the end of this course, you'll be able to...
-- Apply knowledge of customer value to price products
-- Leverage core value-based pricing techniques to inform pricing decisions
-- Measure customer willingness to pay using models (surveys, conjoint analysis, other data)
-- Use knowledge of consumer psychology to set prices beneficial to both consumers and sellers
Register for this course and see more details by visiting:
OpenCourser.com/course/59nj7v/customer
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What's inside
Syllabus
Understanding Customer Value
Welcome to Week 1! We kick off the week with an overview of the course so that you'll know what to expect with an optional review of the specialization and three pricing lenses (watch these if you want a refresher). Then we'll dive into the content! This week, you'll learn about customer value--what it is and its relevance to pricing. You'll see how consumers make decisions--and why knowing consumers' willingness to pay is so important when setting a product's price. Next, we'll take a look at customer value in developing economies and how and why companies succeed (or not!) with value-based pricing in these markets. You'll finish the week with a solid understanding of "customer value" and how that impacts pricing strategy.
Read more
Syllabus
Understanding Customer Value
Welcome to Week 1! We kick off the week with an overview of the course so that you'll know what to expect with an optional review of the specialization and three pricing lenses (watch these if you want a refresher). Then we'll dive into the content! This week, you'll learn about customer value--what it is and its relevance to pricing. You'll see how consumers make decisions--and why knowing consumers' willingness to pay is so important when setting a product's price. Next, we'll take a look at customer value in developing economies and how and why companies succeed (or not!) with value-based pricing in these markets. You'll finish the week with a solid understanding of "customer value" and how that impacts pricing strategy.
Read more
Traffic lights
Traffic lights
Read about what's good
what should give you pause and
possible dealbreakers
Introduces core value-based pricing techniques to help students make wiser decisions and adjust prices to match the demand curve
Taught by instructors from top institutions and consulting firms, providing legitimacy and credibility to course
Presents models for measuring customer preferences (e.g., surveys and conjoint analysis)
Provides real-world case studies to illustrate how concepts are applied
Requires some foundational understanding of the topic
Covers pricing across various markets (e.g., B2B and developing economies)
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Reviews summary
Customer value approach to pricing strategy
According to learners, this course provides a solid foundation in value-based pricing, focusing on understanding customer value and willingness to pay. Many find the concepts and practical tools discussed, such as surveys and conjoint analysis, highly relevant and immediately applicable in their professional roles. The insights from the Darden and BCG instructors are frequently praised. While largely positive, some students suggest the course could benefit from deeper dives into advanced implementation techniques and may assume a degree of prior business knowledge, making it potentially less suited for absolute beginners.
Explores methods like surveys and conjoint analysis.
"The modules on WTP measurement, especially conjoint analysis, were very useful."
"Provides a good overview... Willingness to pay section with surveys and conjoint analysis was helpful."
"Measuring WTP using surveys was straightforward."
Provides a strong understanding of core concepts.
"Provides a solid foundation in value-based pricing."
"Solid foundation provided for understanding pricing strategy."
"I gained a solid foundation from completing this course."
Valuable insights from Darden and BCG experts.
"The instructors brought real-world expertise."
"The insights from the Darden and BCG are invaluable."
"Expert instruction from top-ranked faculty was a key highlight for me."
Concepts and tools directly applicable to work.
"I can immediately apply these strategies in my job. Highly recommend for anyone in marketing or product management."
"Truly practical insights into how customers perceive value... immediately applicable."
"I learned how to use practical tools and strategies that I could apply immediately to my work."
May require prior business background.
"Not suitable for beginners, despite the marketing. Assumes too much prior knowledge."
"It's best suited for those with some business background looking to understand pricing strategy better."
"I found difficulty spikes were unexpected without prior experience."
Could go deeper into practical implementation.
"felt superficial in places... doesn't go deep enough into *how* to actually use them step-by-step."
"lacks depth in certain areas, particularly advanced implementation."
"I needed to supplement with other resources for practical implementation details."
Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in Customer Value in Pricing Strategy with these
activities:
Read 'Value-Based Pricing: A Practitioner's Guide' by Thomas T. Nagle
Show steps
Delve into a comprehensive guide that provides practical insights and actionable strategies for implementing value-based pricing.
Show steps
-
Read the book thoroughly and take notes on key concepts.
-
Participate in discussions or online forums to share insights and engage with other readers.
Review Introductory Economics
Show steps
Review the foundational principles of economics, including supply and demand, market equilibrium, and consumer behavior, to strengthen your understanding of value-based pricing.
Browse courses on
Microeconomics
Show steps
-
Revisit textbooks or online resources on introductory economics.
-
Complete practice problems and exercises to reinforce your understanding.
-
Attend a refresher workshop or online course on economics.
Join a Value-Based Pricing Study Group
Show steps
Connect with fellow learners and engage in regular discussions to reinforce your understanding of value-based pricing and exchange ideas.
Browse courses on
Pricing Strategies
Show steps
-
Find or create a study group with other participants in the course.
-
Establish a regular meeting schedule and agenda.
-
Take turns leading discussions and sharing insights.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Analyze Case Studies on Value-Based Pricing
Show steps
Engage with real-world examples of how companies have successfully implemented value-based pricing strategies. This will provide practical insights and help you develop a deeper understanding of the concepts.
Browse courses on
Case Study Analysis
Show steps
-
Gather case studies from various industries and markets.
-
Analyze the pricing strategies used in each case.
-
Identify the value propositions and customer insights that drove the pricing decisions.
-
Discuss the outcomes and lessons learned from the case studies in a group or forum.
Attend a Value-Based Pricing Workshop
Show steps
Participate in an interactive workshop led by industry experts to gain practical knowledge and network with professionals in the field of value-based pricing.
Browse courses on
Pricing Strategies
Show steps
-
Research and identify reputable workshop providers.
-
Register for a workshop that aligns with your learning goals.
-
Actively participate in the workshop and engage with the instructors and attendees.
Develop a Value-Based Pricing Proposal
Show steps
Challenge yourself to apply the concepts of value-based pricing by creating a proposal for a real-world product or service. This will help you synthesize your knowledge and develop practical skills.
Browse courses on
Value-Based Pricing
Show steps
-
Select a product or service that aligns with the course principles.
-
Conduct market research to understand customer needs and willingness to pay.
-
Develop a value proposition and justify your pricing strategy.
-
Create a presentation or written document to present your proposal.
Develop a Customer Value Assessment Tool
Show steps
Design and create a tool that enables you to assess the value that customers perceive in a given product or service, supporting your value-based pricing approach.
Browse courses on
Pricing Strategy
Show steps
-
Identify the key factors that contribute to customer value.
-
Develop a survey or interview protocol to collect data on these factors.
-
Analyze the data and develop a scoring system to quantify customer value.
-
Create a user-friendly tool that incorporates the scoring system.
Read 'Value-Based Pricing: A Practitioner's Guide' by Thomas T. Nagle
Show steps
Delve into a comprehensive guide that provides practical insights and actionable strategies for implementing value-based pricing.
Show steps
Show steps
Show steps
- Read the book thoroughly and take notes on key concepts.
- Participate in discussions or online forums to share insights and engage with other readers.
Review Introductory Economics
Show steps
Review the foundational principles of economics, including supply and demand, market equilibrium, and consumer behavior, to strengthen your understanding of value-based pricing.
Browse courses on
Microeconomics
Show steps
Show steps
Show steps
- Revisit textbooks or online resources on introductory economics.
- Complete practice problems and exercises to reinforce your understanding.
- Attend a refresher workshop or online course on economics.
Join a Value-Based Pricing Study Group
Show steps
Connect with fellow learners and engage in regular discussions to reinforce your understanding of value-based pricing and exchange ideas.
Browse courses on
Pricing Strategies
Show steps
Show steps
Show steps
- Find or create a study group with other participants in the course.
- Establish a regular meeting schedule and agenda.
- Take turns leading discussions and sharing insights.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Analyze Case Studies on Value-Based Pricing
Show steps
Engage with real-world examples of how companies have successfully implemented value-based pricing strategies. This will provide practical insights and help you develop a deeper understanding of the concepts.
Browse courses on
Case Study Analysis
Show steps
Show steps
Show steps
- Gather case studies from various industries and markets.
- Analyze the pricing strategies used in each case.
- Identify the value propositions and customer insights that drove the pricing decisions.
- Discuss the outcomes and lessons learned from the case studies in a group or forum.
Attend a Value-Based Pricing Workshop
Show steps
Participate in an interactive workshop led by industry experts to gain practical knowledge and network with professionals in the field of value-based pricing.
Browse courses on
Pricing Strategies
Show steps
Show steps
Show steps
- Research and identify reputable workshop providers.
- Register for a workshop that aligns with your learning goals.
- Actively participate in the workshop and engage with the instructors and attendees.
Develop a Value-Based Pricing Proposal
Show steps
Challenge yourself to apply the concepts of value-based pricing by creating a proposal for a real-world product or service. This will help you synthesize your knowledge and develop practical skills.
Browse courses on
Value-Based Pricing
Show steps
Show steps
Show steps
- Select a product or service that aligns with the course principles.
- Conduct market research to understand customer needs and willingness to pay.
- Develop a value proposition and justify your pricing strategy.
- Create a presentation or written document to present your proposal.
Develop a Customer Value Assessment Tool
Show steps
Design and create a tool that enables you to assess the value that customers perceive in a given product or service, supporting your value-based pricing approach.
Browse courses on
Pricing Strategy
Show steps
Show steps
Show steps
- Identify the key factors that contribute to customer value.
- Develop a survey or interview protocol to collect data on these factors.
- Analyze the data and develop a scoring system to quantify customer value.
- Create a user-friendly tool that incorporates the scoring system.
Career center
Learners who complete Customer Value in Pricing Strategy will develop knowledge and skills
that may be useful to these careers:
Pricing Manager
Pricing Manager
A Pricing Manager is responsible for developing and implementing pricing strategies that optimize revenue and profit. With the knowledge learned in this course, specifically how to measure customer willingness to pay, Pricing Managers can tailor pricing strategies to the target market's perceived value. This course may also help build a foundation for Pricing Managers to leverage core value-based pricing techniques to inform pricing decisions.
Product Manager
Product Manager
Product Managers are responsible for the development and management of products. Taking this course can teach Product Managers how to apply knowledge of customer value to price products. This course may also help Product Managers build a foundation for understanding customer willingness to pay and using this knowledge to set prices that are beneficial to both consumers and sellers.
Marketing Manager
Marketing Manager
Marketing Managers are responsible for developing and executing marketing campaigns that promote products and services. This course can teach Marketing Managers how to leverage core value-based pricing techniques to inform pricing decisions. This course may also help Marketing Managers build a foundation for understanding customer value and developing effective pricing strategies.
Sales Manager
Sales Manager
Sales Managers are responsible for developing and managing sales teams. Taking this course can teach Sales Managers how to use knowledge of consumer psychology to set prices beneficial to both consumers and sellers. This course may also help Sales Managers build a foundation for measuring customer willingness to pay and using this information to close deals.
Consultant
Consultant
Consultants provide advice and guidance to businesses on a variety of topics, including pricing. Taking this course can teach Consultants how to apply knowledge of customer value to price products. This course may also help Consultants build a foundation for understanding core value-based pricing techniques and how to use them to inform pricing decisions.
Financial Analyst
Financial Analyst
Financial Analysts are responsible for providing financial advice and guidance to businesses and individuals. Taking this course can teach Financial Analysts how to leverage core value-based pricing techniques to inform pricing decisions. This course may also help Financial Analysts build a foundation for understanding customer value and how to use this knowledge to make sound financial recommendations.
Economist
Economist
Economists study the production, distribution, and consumption of goods and services. Taking this course can teach Economists how to measure customer willingness to pay using models. This course may also help Economists build a foundation for understanding how customer value impacts pricing strategy.
Market Researcher
Market Researcher
Market Researchers collect and analyze data about consumers and markets. Taking this course can teach Market Researchers how to use knowledge of consumer psychology to set prices beneficial to both consumers and sellers. This course may also help Market Researchers build a foundation for understanding customer value and how to use this knowledge to develop effective pricing strategies.
Data Analyst
Data Analyst
Data Analysts collect and analyze data to help businesses make informed decisions. Taking this course can teach Data Analysts how to measure customer willingness to pay using models. This course may also help Data Analysts build a foundation for understanding how customer value impacts pricing strategy.
Business Analyst
Business Analyst
Business Analysts help businesses identify and solve problems. Taking this course can teach Business Analysts how to apply knowledge of customer value to price products. This course may also help Business Analysts build a foundation for understanding core value-based pricing techniques and how to use them to inform pricing decisions.
Software Engineer
Software Engineer
Software Engineers design, develop, and maintain software systems. While not directly related to pricing, this course may help Software Engineers build a foundation for understanding how customer value impacts pricing strategy.
Web Developer
Web Developer
Web Developers design and develop websites. While not directly related to pricing, this course may help Web Developers build a foundation for understanding how customer value impacts pricing strategy.
Graphic Designer
Graphic Designer
Graphic Designers create visual concepts for a variety of purposes. While not directly related to pricing, this course may help Graphic Designers build a foundation for understanding how customer value impacts pricing strategy.
Customer Service Representative
Customer Service Representative
Customer Service Representatives provide support to customers. While not directly related to pricing, this course may help Customer Service Representatives build a foundation for understanding how customer value impacts pricing strategy.
Administrative Assistant
Administrative Assistant
Administrative Assistants provide support to executives and managers. While not directly related to pricing, this course may help Administrative Assistants build a foundation for understanding how customer value impacts pricing strategy.
For more career information including salaries, visit:
OpenCourser.com/course/59nj7v/customer
Reading list
We've selected eight books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
Customer Value in Pricing Strategy.
Save
Explores the latest research on how the brain responds to marketing stimuli, providing insights into consumer behavior and pricing decisions.
Provides a step-by-step guide to conducting conjoint analysis, a valuable tool for measuring customer preferences and willingness to pay.
Explores how psychology plays a role in pricing decisions. It provides insights into how consumers perceive prices and how businesses can use this knowledge to set prices that are more likely to be accepted by customers.
Provides practical advice on how to set prices that maximize profits and drive growth.
Save
Provides a comprehensive overview of the principles of pricing. It covers a variety of topics, including the different types of pricing strategies that exist, how to measure customer value, and how to use pricing to achieve business objectives.
Provides a comprehensive overview of the principles of pricing. It covers a variety of topics, including the different types of pricing strategies that exist, how to measure customer value, and how to use pricing to achieve business objectives.
Provides a comprehensive overview of the principles of pricing. It covers a variety of topics, including the different types of pricing strategies that exist, how to measure customer value, and how to use pricing to achieve business objectives.
Provides a comprehensive overview of the principles of pricing. It covers a variety of topics, including the different types of pricing strategies that exist, how to measure customer value, and how to use pricing to achieve business objectives.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/59nj7v/customer
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Effort
4 week so study, 2-4 hours/week
Level
Introductory
Via
Coursera
Institutions
University of Virginia
BCG
Instructors
Jean Manuel Izaret
Thomas Kohler
Ronald T. Wilcox
Language
English
Transcripts
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پښتو
آذربایجان دیلی
This course belongs to a
collection
called
Pricing Strategy Optimization. It's comprised of four courses:
- Pricing Strategy in Practice
- Cost and Economics in Pricing Strategy
- Customer Value in Pricing Strategy (viewing)
- Market and Competition in Pricing Strategy
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