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Jean Manuel Izaret,
Ronald T. Wilcox,
and
Thomas Kohler
In this project-centered course, Darden's Ron Wilcox and BCG's Thomas Kohler will walk you through a real-world case, from problem statement to detailed analyses. You'll use all three lenses (cost, customer value, and competition) to recommend an optimal price—and then adjust to market disruptions. Utilizing the concepts, tools and techniques taught in previous Specialization courses—from basic techniques of economics to knowledge of customer segments, willingness to pay, and customer decision making to analysis of market prices, share, and industry dynamics—you will practice setting profit maximizing prices to improve price realization. You'll finish the course with a portfolio-building project that demonstrates your pricing prowess from this Darden School of Business at the University of Virginia and Boston Consulting Group course.
Register for this course and see more details by visiting:
OpenCourser.com/course/9u3uju/pricing
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What's inside
Syllabus
Retail Market Dynamics
Welcome to the course! We'll kick off the week with an overview of the project, which centers around Philips introduction of an eco-friendly light bulb. Once you've read the case, Thomas and Ron will guide you as you apply the cost lens to analyze the economics of the LED light bulb Philips has introduced to the market. After you've analyzed the economics of the case, Ron and Thomas will debrief to make sure you are on the right track. You will also hear from BCG pricing experts, who will share their lessons and tips gleaned from years of helping clients in multiple industries optimize their prices and improve the bottom line.
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Syllabus
Retail Market Dynamics
Welcome to the course! We'll kick off the week with an overview of the project, which centers around Philips introduction of an eco-friendly light bulb. Once you've read the case, Thomas and Ron will guide you as you apply the cost lens to analyze the economics of the LED light bulb Philips has introduced to the market. After you've analyzed the economics of the case, Ron and Thomas will debrief to make sure you are on the right track. You will also hear from BCG pricing experts, who will share their lessons and tips gleaned from years of helping clients in multiple industries optimize their prices and improve the bottom line.
Read more
Traffic lights
Traffic lights
Read about what's good
what should give you pause and
possible dealbreakers
Teaches learners to conduct conjoint analysis to set profit-maximizing prices
Develops concepts and tools from economics, including price, share, and industry dynamics, for optimizing prices
Develops foundational pricing skills, a core skill for business professionals in marketing
Develops pricing strategy skills, a core skill for business professionals in management
Offers hands-on pricing practice, which can provide real-world experience
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Reviews summary
Applying pricing strategy in practice
According to learners, this course provides a strong practical application of pricing principles through a realistic case study involving Philips LED bulbs. Students found the focus on applying cost, customer value (including conjoint analysis), and competition lenses to be particularly valuable. The project-centered approach culminates in a portfolio-building project that helps solidify understanding. While the course is taught by knowledgeable instructors from Darden and BCG, some reviewers noted that having prior knowledge from related courses in the specialization is highly beneficial, suggesting it may be challenging for complete beginners.
Taught by Darden and BCG professionals.
"Learning from Darden and BCG experts was a major plus."
"The instructors brought valuable real-world insights."
"Their experience added significant credibility and depth to the material."
"The instructors were very knowledgeable and clear in their explanations."
Covers cost, value, and competition analysis.
"Understanding pricing from cost, value, and competitor perspectives was very helpful."
"The course's framework of using the three lenses is very practical."
"I learned how to analyze pricing using a structured, comprehensive approach."
"Applying all three lenses to the case provided a holistic view."
Build skills with a significant practical project.
"The final project was challenging but a great way to consolidate everything."
"I finished the course with a tangible output for my portfolio."
"The project structure forced me to think critically and apply all the lenses."
"The project was demanding but very rewarding and practical."
Learn pricing strategy through a real-world case.
"Working on the Philips LED case felt very realistic."
"I appreciated applying concepts to a concrete business scenario."
"The case study approach made the learning much more engaging and relevant to practice."
"The real-world example helps ground the theoretical concepts effectively."
Prior knowledge from specialization is recommended.
"Coming into this without prior courses was difficult at times."
"It really helps if you've taken the earlier courses in the specialization."
"Some concepts assume prior familiarity; not ideal for a standalone course."
"I felt I needed to review material from previous courses to keep up."
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 Pricing Strategy in Practice with these
activities:
Review Basic Statistics and Calculus
Show steps
Sharpen your basic statistics and calculus skills to enhance your ability to analyze pricing data and make informed pricing decisions.
Browse courses on
Statistics
Show steps
-
Review key concepts in statistics, such as mean, median, and standard deviation.
-
Practice solving basic calculus problems involving differentiation and integration.
Watch Video Tutorials on Advanced Pricing Techniques
Show steps
Expand your knowledge of pricing strategies by watching video tutorials from industry experts.
Browse courses on
Pricing Strategy
Show steps
-
Search for and select video tutorials on advanced pricing techniques.
-
Watch the tutorials and take notes on key concepts and insights.
-
Apply the concepts learned from the tutorials to real-world pricing scenarios.
Read 'The Economics of Business Strategy' by Michael E. Porter
Show steps
Conduct an in-depth study of the concepts and frameworks within 'The Economics of Business Strategy' to grasp core principles of pricing strategy.
View
HBR at 100: The Most Influential and Innovative...
on Amazon
Show steps
-
Read and understand each chapter thoroughly.
-
Take notes of key concepts and highlight important passages.
-
Summarize the main ideas of each chapter in your own words.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Solve Practice Problems on Market Segmentation and Pricing
Show steps
Reinforce your understanding of market segmentation and pricing strategies by solving a series of practice problems.
Browse courses on
Market Segmentation
Show steps
-
Identify the different market segments for a given product or service.
-
Develop pricing strategies for each market segment.
-
Analyze the impact of different pricing strategies on market share and profitability.
Participate in a Peer Discussion on Pricing Strategies for Emerging Markets
Show steps
Engage with peers to discuss and learn about the unique challenges and opportunities of pricing in emerging markets.
Browse courses on
Pricing Strategies
Show steps
-
Identify and prepare a topic for discussion on pricing strategies for emerging markets.
-
Join a peer discussion group and actively participate in the discussion.
-
Share insights, experiences, and best practices related to pricing in emerging markets.
Develop a Conjoint Analysis to Determine Consumer Willingness to Pay
Show steps
Gain practical experience in using conjoint analysis, a powerful technique for understanding customer preferences and determining optimal pricing.
Browse courses on
Conjoint Analysis
Show steps
-
Identify the relevant factors and attributes to include in the conjoint analysis.
-
Design and conduct the conjoint analysis survey.
-
Analyze the data to determine the relative importance of each factor and attribute.
-
Develop a predictive model for customer willingness to pay based on the conjoint analysis results.
Compile a Case Study Repository on Pricing Strategies in Different Industries
Show steps
Develop a comprehensive understanding of pricing strategies across industries by compiling and analyzing case studies.
Browse courses on
Pricing Strategies
Show steps
-
Identify and collect case studies on pricing strategies from various industries.
-
Analyze the case studies to identify key factors influencing pricing decisions.
-
Develop a framework for comparing and contrasting pricing strategies across industries.
Pricing Simulation
Show steps
Create a pricing simulation model to apply the concepts learned in the course to a real-world scenario.
Show steps
-
Choose a product or service to price.
-
Research the market and competition.
-
Develop a pricing model.
-
Test the model using different scenarios.
-
Present your findings and recommendations.
Review Basic Statistics and Calculus
Show steps
Sharpen your basic statistics and calculus skills to enhance your ability to analyze pricing data and make informed pricing decisions.
Browse courses on
Statistics
Show steps
Show steps
Show steps
- Review key concepts in statistics, such as mean, median, and standard deviation.
- Practice solving basic calculus problems involving differentiation and integration.
Watch Video Tutorials on Advanced Pricing Techniques
Show steps
Expand your knowledge of pricing strategies by watching video tutorials from industry experts.
Browse courses on
Pricing Strategy
Show steps
Show steps
Show steps
- Search for and select video tutorials on advanced pricing techniques.
- Watch the tutorials and take notes on key concepts and insights.
- Apply the concepts learned from the tutorials to real-world pricing scenarios.
Read 'The Economics of Business Strategy' by Michael E. Porter
Show steps
Conduct an in-depth study of the concepts and frameworks within 'The Economics of Business Strategy' to grasp core principles of pricing strategy.
View
HBR at 100: The Most Influential and Innovative...
on Amazon
Show steps
Show steps
Show steps
- Read and understand each chapter thoroughly.
- Take notes of key concepts and highlight important passages.
- Summarize the main ideas of each chapter in your own words.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Solve Practice Problems on Market Segmentation and Pricing
Show steps
Reinforce your understanding of market segmentation and pricing strategies by solving a series of practice problems.
Browse courses on
Market Segmentation
Show steps
Show steps
Show steps
- Identify the different market segments for a given product or service.
- Develop pricing strategies for each market segment.
- Analyze the impact of different pricing strategies on market share and profitability.
Participate in a Peer Discussion on Pricing Strategies for Emerging Markets
Show steps
Engage with peers to discuss and learn about the unique challenges and opportunities of pricing in emerging markets.
Browse courses on
Pricing Strategies
Show steps
Show steps
Show steps
- Identify and prepare a topic for discussion on pricing strategies for emerging markets.
- Join a peer discussion group and actively participate in the discussion.
- Share insights, experiences, and best practices related to pricing in emerging markets.
Develop a Conjoint Analysis to Determine Consumer Willingness to Pay
Show steps
Gain practical experience in using conjoint analysis, a powerful technique for understanding customer preferences and determining optimal pricing.
Browse courses on
Conjoint Analysis
Show steps
Show steps
Show steps
- Identify the relevant factors and attributes to include in the conjoint analysis.
- Design and conduct the conjoint analysis survey.
- Analyze the data to determine the relative importance of each factor and attribute.
- Develop a predictive model for customer willingness to pay based on the conjoint analysis results.
Compile a Case Study Repository on Pricing Strategies in Different Industries
Show steps
Develop a comprehensive understanding of pricing strategies across industries by compiling and analyzing case studies.
Browse courses on
Pricing Strategies
Show steps
Show steps
Show steps
- Identify and collect case studies on pricing strategies from various industries.
- Analyze the case studies to identify key factors influencing pricing decisions.
- Develop a framework for comparing and contrasting pricing strategies across industries.
Pricing Simulation
Show steps
Create a pricing simulation model to apply the concepts learned in the course to a real-world scenario.
Show steps
Show steps
Show steps
- Choose a product or service to price.
- Research the market and competition.
- Develop a pricing model.
- Test the model using different scenarios.
- Present your findings and recommendations.
Career center
Learners who complete Pricing Strategy in Practice will develop knowledge and skills
that may be useful to these careers:
Market Research Analyst
Market Research Analyst
Market Research Analysts study market conditions to understand how customers are likely to respond to different products and services, including their pricing. They help businesses make decisions about marketing, product development, and pricing strategy. This course can provide you with the foundational knowledge and skills you need to succeed in this role, including customer value analysis, conjoint analysis, and competitive market analysis.
Pricing Analyst
Pricing Analyst
Pricing Analysts study the factors that affect the price of goods and services, including market demand, cost of production, and competitive pricing. This course can provide you with the foundational knowledge and skills you need to succeed in this role, including cost analysis, customer value analysis, and competitive market analysis.
Product Manager
Product Manager
Product Managers are responsible for the development and marketing of products and services. They work with cross-functional teams to ensure that products meet customer needs and are priced competitively. This course can provide you with the foundational knowledge and skills you need to succeed in this role, including customer value analysis, conjoint analysis, and competitive market analysis.
Sales Manager
Sales Manager
Sales Managers are responsible for leading and motivating sales teams to achieve sales goals. They work with customers to understand their needs and develop pricing strategies that are mutually beneficial. This course can provide you with the foundational knowledge and skills you need to succeed in this role, including customer value analysis, conjoint analysis, and competitive market analysis.
Marketing Manager
Marketing Manager
Marketing Managers are responsible for developing and executing marketing campaigns to promote products and services. They work with cross-functional teams to ensure that marketing strategies are aligned with business goals and pricing strategies. This course can provide you with the foundational knowledge and skills you need to succeed in this role, including customer value analysis, conjoint analysis, and competitive market analysis.
Business Analyst
Business Analyst
Business Analysts work with businesses to improve their operations and performance. They identify problems and opportunities, and develop solutions to improve efficiency and profitability. This course can provide you with the foundational knowledge and skills you need to succeed in this role, including customer value analysis, conjoint analysis, and competitive market analysis.
Financial Analyst
Financial Analyst
Financial Analysts study the financial performance of companies and make recommendations on investment decisions. They work with clients to develop investment strategies and pricing models. This course can provide you with the foundational knowledge and skills you need to succeed in this role, including cost analysis, customer value analysis, and competitive market analysis.
Consultant
Consultant
Consultants work with businesses to improve their operations and performance. They identify problems and opportunities, and develop solutions to improve efficiency and profitability. This course can provide you with the foundational knowledge and skills you need to succeed in this role, including customer value analysis, conjoint analysis, and competitive market analysis.
Economist
Economist
Economists study the production, distribution, and consumption of goods and services. They use economic models to analyze market trends and forecast economic growth. This course can provide you with the foundational knowledge and skills you need to succeed in this role, including cost analysis, customer value analysis, and competitive market analysis.
Market Researcher
Market Researcher
Market Researchers study market conditions to understand how customers are likely to respond to different products and services. They help businesses make decisions about marketing, product development, and pricing strategy. This course can provide you with the foundational knowledge and skills you need to succeed in this role, including customer value analysis, conjoint analysis, and competitive market analysis.
Data Analyst
Data Analyst
Data Analysts collect, clean, and analyze data to identify trends and patterns. They use data to help businesses make decisions about pricing, marketing, and product development. This course can provide you with the foundational knowledge and skills you need to succeed in this role, including cost analysis, customer value analysis, and competitive market analysis.
Operations Manager
Operations Manager
Operations Managers are responsible for the day-to-day operations of a business. They work with cross-functional teams to ensure that products and services are produced and delivered efficiently and profitably. This course can provide you with the foundational knowledge and skills you need to succeed in this role, including cost analysis, customer value analysis, and competitive market analysis.
Supply Chain Manager
Supply Chain Manager
Supply Chain Managers are responsible for managing the flow of goods and services from suppliers to customers. They work with cross-functional teams to ensure that products and services are delivered efficiently and profitably. This course can provide you with the foundational knowledge and skills you need to succeed in this role, including cost analysis, customer value analysis, and competitive market analysis.
Project Manager
Project Manager
Project Managers are responsible for planning, executing, and closing projects. They work with cross-functional teams to ensure that projects are completed on time, within budget, and to the required quality standards. This course can provide you with the foundational knowledge and skills you need to succeed in this role, including cost analysis, customer value analysis, and competitive market analysis.
Software Engineer
Software Engineer
Software Engineers design, develop, and test software applications. They work with cross-functional teams to ensure that software applications meet customer needs and are priced competitively. This course may provide you with some of the foundational knowledge and skills you need to succeed in this role, including cost analysis and customer value analysis.
For more career information including salaries, visit:
OpenCourser.com/course/9u3uju/pricing
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
Pricing Strategy in Practice.
Provides a comprehensive overview of pricing strategy, covering the fundamental concepts, analytical frameworks, and case studies. It useful resource for understanding the key principles of pricing and how they can be applied in practice.
Explains how to use value-based pricing to set prices that maximize profits. It provides a step-by-step guide to implementing value-based pricing and includes case studies from a variety of industries.
Provides a practical guide to pricing strategy, with a focus on the strategic considerations that drive pricing decisions. It valuable resource for anyone who wants to develop a more effective pricing strategy.
Provides a comprehensive overview of pricing strategy, with a focus on how to use pricing to gain a competitive advantage. It valuable resource for anyone who wants to develop a more effective pricing strategy.
Save
Provides a comprehensive overview of pricing strategy, with a focus on how to increase your company's revenue and profits. It valuable resource for anyone who wants to develop a more effective pricing strategy.
Explores the psychology of pricing and provides insights into how consumers make decisions about what to buy and how much to pay. It fascinating read for anyone interested in pricing strategy.
Provides a comprehensive overview of pricing models for software and technology services. It covers a wide range of topics, including subscription pricing, usage-based pricing, and value-based pricing.
Save
Explores the psychology of pricing and provides insights into how consumers make decisions about what to buy and how much to pay. It fascinating read for anyone interested in pricing strategy.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/9u3uju/pricing
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Effort
13 hours to complete
Level
Intermediate
Via
Coursera
Institutions
University of Virginia
BCG
Instructors
Jean Manuel Izaret
Ronald T. Wilcox
Thomas Kohler
Language
English
Transcripts
Español
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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 (viewing)
- Cost and Economics in Pricing Strategy
- Customer Value in Pricing Strategy
- Market and Competition in Pricing Strategy
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