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Jean Manuel Izaret,
Ronald T. Wilcox,
and
Thomas Kohler
If you haven’t considered what the competition is charging, you may not be maximizing your revenue. Spend time analyzing the market and you can influence price and improve margins. In this course, we'll show you how to implement competitive pricing and avoid common legal pitfalls of market-based pricing. You will also learn how to predict, influence and respond to competitors’ pricing moves. 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 market-based pricing and how to use it to capture more revenue.
Register for this course and see more details by visiting:
OpenCourser.com/course/z8299r/market
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What's inside
Syllabus
Understanding the Playing Field
Welcome! Competitive pricing is all about setting prices based on what companies with similar products and services charge. To use this approach effectively, you have to understand the playing field. In particular, you need to know general legal parameters that guide competition in the market place. In this module, you'll get basic background knowledge so that you can use market knowledge in your pricing strategy and still stay on the right side of antitrust law. Then Thomas will join you to introduce the competitive pricing framework , which you can use to assess pricing options, anticipate your competitors' pricing strategy, and determine whether to price to competition or to elasticity.
Read more
Syllabus
Understanding the Playing Field
Welcome! Competitive pricing is all about setting prices based on what companies with similar products and services charge. To use this approach effectively, you have to understand the playing field. In particular, you need to know general legal parameters that guide competition in the market place. In this module, you'll get basic background knowledge so that you can use market knowledge in your pricing strategy and still stay on the right side of antitrust law. Then Thomas will join you to introduce the competitive pricing framework , which you can use to assess pricing options, anticipate your competitors' pricing strategy, and determine whether to price to competition or to elasticity.
Read more
Traffic lights
Traffic lights
Read about what's good
what should give you pause and
possible dealbreakers
Examines pricing strategies for businesses and professionals
Taught by instructors from top-ranked Darden School of Business and Boston Consulting Group experts
Develops pricing and strategy skills for optimizing revenue through competitive analysis
Covers market analysis, pricing strategies, game theory, and case studies for practical application
Appropriate for business leaders, pricing professionals, and students in related fields
Requires understanding of basic market and legal principles
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Reviews summary
Market and competition in pricing strategy
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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 Market and Competition in Pricing Strategy with these
activities:
Review competitive pricing basics
Show steps
Review competitive pricing basics to establish a strong foundation for the course.
Browse courses on
Competitive Pricing
Show steps
-
Read the course syllabus to get an overview of the topics covered.
-
Go through your notes from previous courses on pricing strategy.
-
Watch videos or read articles on competitive pricing.
Read 'Competitive Strategy' by Michael Porter
Show steps
Gain valuable insights into competitive strategy and its impact on pricing.
View
HBR at 100: The Most Influential and Innovative...
on Amazon
Show steps
-
Read the book's introduction to understand its main concepts.
-
Identify and summarize the key takeaways from each chapter.
-
Reflect on how these concepts apply to your understanding of competitive pricing.
Discuss pricing strategies with classmates
Show steps
Exchange ideas and insights with peers to enhance your understanding.
Browse courses on
Pricing Strategy
Show steps
-
Form a study group with classmates.
-
Choose a specific pricing strategy or topic to discuss.
-
Share your perspectives and listen to others' insights.
-
Brainstorm alternative approaches and consider different perspectives.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Analyze competitor pricing strategies
Show steps
Develop analytical skills for predicting and responding to competitor pricing moves.
Browse courses on
Value Mapping
Show steps
-
Choose a specific market or industry to focus on.
-
Identify your main competitors and gather data on their pricing.
-
Use value mapping to analyze the relationship between price and value for your competitors.
-
Apply game theory principles to predict potential responses to price changes.
Create a pricing strategy for a hypothetical product
Show steps
Develop a comprehensive pricing strategy using course concepts.
Browse courses on
Pricing Models
Show steps
-
Define a hypothetical product and its target market.
-
Research the competitive landscape and identify potential pricing strategies.
-
Use pricing models to determine an appropriate price range and strategy.
-
Consider price discrimination strategies to maximize revenue.
-
Document your strategy and be prepared to present it to the class.
Attend a workshop on competitive pricing
Show steps
Gain practical insights and network with professionals in the field.
Show steps
-
Research and identify workshops on competitive pricing.
-
Register for a workshop that aligns with your interests.
-
Attend the workshop and actively participate in discussions.
-
Connect with speakers and other attendees to expand your knowledge.
Develop a pricing recommendation for a real-world business
Show steps
Apply course concepts to a real-world scenario and demonstrate your problem-solving abilities.
Browse courses on
Pricing Strategy
Show steps
-
Identify a business or organization to analyze.
-
Conduct a comprehensive market analysis, including competitor research.
-
Develop a pricing strategy and provide detailed recommendations.
-
Create a presentation to showcase your findings and analysis.
Review competitive pricing basics
Show steps
Review competitive pricing basics to establish a strong foundation for the course.
Browse courses on
Competitive Pricing
Show steps
Show steps
Show steps
- Read the course syllabus to get an overview of the topics covered.
- Go through your notes from previous courses on pricing strategy.
- Watch videos or read articles on competitive pricing.
Read 'Competitive Strategy' by Michael Porter
Show steps
Gain valuable insights into competitive strategy and its impact on pricing.
View
HBR at 100: The Most Influential and Innovative...
on Amazon
Show steps
Show steps
Show steps
- Read the book's introduction to understand its main concepts.
- Identify and summarize the key takeaways from each chapter.
- Reflect on how these concepts apply to your understanding of competitive pricing.
Discuss pricing strategies with classmates
Show steps
Exchange ideas and insights with peers to enhance your understanding.
Browse courses on
Pricing Strategy
Show steps
Show steps
Show steps
- Form a study group with classmates.
- Choose a specific pricing strategy or topic to discuss.
- Share your perspectives and listen to others' insights.
- Brainstorm alternative approaches and consider different perspectives.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Analyze competitor pricing strategies
Show steps
Develop analytical skills for predicting and responding to competitor pricing moves.
Browse courses on
Value Mapping
Show steps
Show steps
Show steps
- Choose a specific market or industry to focus on.
- Identify your main competitors and gather data on their pricing.
- Use value mapping to analyze the relationship between price and value for your competitors.
- Apply game theory principles to predict potential responses to price changes.
Create a pricing strategy for a hypothetical product
Show steps
Develop a comprehensive pricing strategy using course concepts.
Browse courses on
Pricing Models
Show steps
Show steps
Show steps
- Define a hypothetical product and its target market.
- Research the competitive landscape and identify potential pricing strategies.
- Use pricing models to determine an appropriate price range and strategy.
- Consider price discrimination strategies to maximize revenue.
- Document your strategy and be prepared to present it to the class.
Attend a workshop on competitive pricing
Show steps
Gain practical insights and network with professionals in the field.
Show steps
Show steps
Show steps
- Research and identify workshops on competitive pricing.
- Register for a workshop that aligns with your interests.
- Attend the workshop and actively participate in discussions.
- Connect with speakers and other attendees to expand your knowledge.
Develop a pricing recommendation for a real-world business
Show steps
Apply course concepts to a real-world scenario and demonstrate your problem-solving abilities.
Browse courses on
Pricing Strategy
Show steps
Show steps
Show steps
- Identify a business or organization to analyze.
- Conduct a comprehensive market analysis, including competitor research.
- Develop a pricing strategy and provide detailed recommendations.
- Create a presentation to showcase your findings and analysis.
Career center
Learners who complete Market and Competition in Pricing Strategy will develop knowledge and skills
that may be useful to these careers:
Pricing Manager
Pricing Manager
Pricing Managers determine the price of a company's products and services and monitor the prices set by competitors. The course Market and Competition in Pricing Strategy can be a great way to prepare for this role by providing you with tools to analyze the market, predict competitive reactions, and implement competitive pricing strategies. The course also covers legal pitfalls to avoid when setting prices, which is essential knowledge for any Pricing Manager.
Pricing Analyst
Pricing Analyst
Pricing Analysts analyze data to develop and implement pricing strategies. The course Market and Competition in Pricing Strategy can be a great way to prepare for this role by providing you with tools to analyze the market, predict competitive reactions, and implement competitive pricing strategies. The course also covers legal pitfalls to avoid when setting prices, which is essential knowledge for any Pricing Analyst.
Pricing Consultant
Pricing Consultant
Pricing Consultants advise companies on pricing strategy. The course Market and Competition in Pricing Strategy can be a great way to prepare for this role by providing you with tools to analyze the market, predict competitive reactions, and implement competitive pricing strategies. The course also covers legal pitfalls to avoid when setting prices, which is essential knowledge for any Pricing Consultant.
Sales Manager
Sales Manager
Sales Managers are responsible for leading and motivating sales teams to achieve sales goals. The course Market and Competition in Pricing Strategy can be helpful for Sales Managers by providing them with a framework for understanding the competitive landscape and setting prices that will maximize revenue. The course also covers how to predict competitive reactions and respond to price competition.
Business Analyst
Business Analyst
Business Analysts use data to identify and solve business problems. The course Market and Competition in Pricing Strategy can be helpful for Business Analysts by providing them with a framework for understanding the competitive landscape and setting prices that will maximize revenue. The course also covers how to predict competitive reactions and respond to price competition.
Economist
Economist
Economists study the production, distribution, and consumption of goods and services. The course Market and Competition in Pricing Strategy can be helpful for Economists by providing them with a framework for understanding the competitive landscape and setting prices that will maximize revenue. The course also covers how to predict competitive reactions and respond to price competition.
Consultant
Consultant
Consultants provide advice and guidance to businesses on a variety of topics, including pricing strategy. The course Market and Competition in Pricing Strategy can be helpful for Consultants by providing them with a framework for understanding the competitive landscape and setting prices that will maximize revenue. The course also covers how to predict competitive reactions and respond to price competition.
Investment Banker
Investment Banker
Investment Bankers advise companies on mergers and acquisitions, as well as other financial transactions. The course Market and Competition in Pricing Strategy can be helpful for Investment Bankers by providing them with a framework for understanding the competitive landscape and setting prices that will maximize revenue. The course also covers how to predict competitive reactions and respond to price competition.
Financial Analyst
Financial Analyst
Financial Analysts evaluate the financial performance of companies and make recommendations on investments. The course Market and Competition in Pricing Strategy can be helpful for Financial Analysts by providing them with a framework for understanding the competitive landscape and setting prices that will maximize revenue. The course also covers how to predict competitive reactions and respond to price competition.
Data Analyst
Data Analyst
Data Analysts use data to identify and solve business problems. The course Market and Competition in Pricing Strategy can be helpful for Data Analysts by providing them with a framework for understanding the competitive landscape and setting prices that will maximize revenue. The course also covers how to predict competitive reactions and respond to price competition.
Quantitative Analyst
Quantitative Analyst
Quantitative Analysts use mathematical and statistical models to analyze financial data. The course Market and Competition in Pricing Strategy can be helpful for Quantitative Analysts by providing them with a framework for understanding the competitive landscape and setting prices that will maximize revenue. The course also covers how to predict competitive reactions and respond to price competition.
Market Researcher
Market Researcher
Market Researchers conduct research to understand consumer behavior and trends. The course Market and Competition in Pricing Strategy can be helpful for Market Researchers by providing them with a framework for understanding the competitive landscape and setting prices that will maximize revenue. The course also covers how to predict competitive reactions and respond to price competition.
Advertising Manager
Advertising Manager
Advertising Managers develop and execute advertising campaigns to promote a company's products and services. The course Market and Competition in Pricing Strategy can be helpful for Advertising Managers by providing them with a framework for understanding the competitive landscape and setting prices that will maximize revenue. The course also covers how to predict competitive reactions and respond to price competition.
Product Manager
Product Manager
Product Managers are responsible for the development, launch, and marketing of new products and services. The course Market and Competition in Pricing Strategy can be helpful for Product Managers by providing them with a framework for understanding the competitive landscape and setting prices that will maximize revenue. The course also covers how to predict competitive reactions and respond to price competition.
Marketing Manager
Marketing Manager
Marketing Managers develop and execute marketing campaigns to promote a company's products and services. The course Market and Competition in Pricing Strategy can be helpful for Marketing Managers by providing them with a framework for understanding the competitive landscape and setting prices that will maximize revenue. The course also covers how to predict competitive reactions and respond to price competition.
For more career information including salaries, visit:
OpenCourser.com/course/z8299r/market
Reading list
We've selected nine 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
Market and Competition in Pricing Strategy.
Provides a practical framework for setting prices that maximize profits, even in competitive markets. It valuable resource for anyone who wants to learn more about pricing strategy.
Save
Classic work on competitive strategy. It provides a framework for analyzing industries and competitors, and it offers practical advice on how to develop and implement a competitive strategy.
Provides a comprehensive introduction to game theory. It valuable resource for anyone who wants to learn more about how to predict and respond to competitors' pricing moves.
Provides a comprehensive guide to pricing strategy, including how to set prices in competitive markets.
Provides a practical guide to pricing strategy. It offers advice on how to set prices that maximize profits, and it includes case studies of companies that have successfully used pricing strategy to improve their bottom line.
Provides a comprehensive guide to pricing analytics, which can be useful for understanding how to use data to make pricing decisions.
Save
Provides practical advice on pricing strategy, including how to set prices in competitive markets.
Provides a comprehensive overview of the economics of strategy, including pricing strategy.
Save
This classic textbook provides a comprehensive overview of marketing management, including pricing strategy.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/z8299r/market
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Effort
4 weeks of study, 2-4 hours per week
Level
Introductory
Via
Coursera
Institutions
University of Virginia
BCG
Instructors
Jean Manuel Izaret
Ronald T. Wilcox
Thomas Kohler
Language
English
Transcripts
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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
- Market and Competition in Pricing Strategy (viewing)
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