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Market and Competition in Pricing Strategy

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.

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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.
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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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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
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
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
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
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
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
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
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.

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 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.
See salaries and explore the career path for Pricing Manager
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.
See salaries and explore the career path for Pricing Analyst
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.
See salaries and explore the career path for Pricing Consultant
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.
See salaries and explore the career path for Sales Manager
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.
See salaries and explore the career path for Business Analyst
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.
See salaries and explore the career path for Economist
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.
See salaries and explore the career path for Consultant
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.
See salaries and explore the career path for Investment Banker
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.
See salaries and explore the career path for Financial 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.
See salaries and explore the career path for Data 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.
See salaries and explore the career path for Quantitative Analyst
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.
See salaries and explore the career path for Market Researcher
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.
See salaries and explore the career path for Advertising 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.
See salaries and explore the career path for Product 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.
See salaries and explore the career path for Marketing Manager

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.
Cover image
Pricing with Confidence
Save
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.
Pricing with Confidence: 10 Ways to Stop Leaving...
Hardcover
$$
Cover image
Competitive Strategy
Save
Classic work on competitive strategy. It provides a framework for analyzing industries and competitors, and it offers practical advice on how to develop and implement a competitive strategy.
Competitive Strategy: Techniques for Analyzing...
Hardcover
$$
By Michael E. Porter 2 Book Collection set:...
Paperback
$$
Strategy and Competition: The Porter Collection (3...
Kindle Edition
$$$
New-Competitive Strategy
Paperback
$$
Strategy: Seeking and Securing Competitive...
Hardcover
$$
Cover image
Game Theory and Strategy
Save
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.
Game Theory and Strategy (Anneli Lax New...
Paperback
$$$
Cover image
The Strategy and Tactics of Pricing
Save
Provides a comprehensive guide to pricing strategy, including how to set prices in competitive markets.
Strategy and Tactics of Pricing A Guide to...
Hardcover
$$
The Art of Pricing, New Edition
Save
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.
The Art of Pricing, New Edition: How to Find the...
Paperback
$$
The Art of Pricing, New Edition: How to Find the...
Kindle Edition
$
Cover image
Principles of Database Management
Save
Provides a comprehensive guide to pricing analytics, which can be useful for understanding how to use data to make pricing decisions.
Principles of Database Management: The Practical...
Hardcover
$$$
Principles of Database Management: The Practical...
Kindle Edition
$$$
Cover image
Think Like A Tycoon
Save
Provides practical advice on pricing strategy, including how to set prices in competitive markets.
Think Like A Tycoon
Paperback
Check
Think Like A Tycoon
Kindle Edition
Check
Economics and Strategy
Save
Provides a comprehensive overview of the economics of strategy, including pricing strategy.
Economics and Strategy
Paperback
Check
Economics and Strategy
Kindle Edition
Check
Marketing Management
Save
This classic textbook provides a comprehensive overview of marketing management, including pricing strategy.
Marketing Management
Paperback
Check
Marketing Management
Kindle Edition
Check

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Course image
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
Español Français Português Deutsch Italiano 中文 العربية 한국어 日本語 हिंदी Nederlands Svenska Pусский Türkçe Polski Ελληνικά українська мова magyar nyelv Bahasa Indonesia ไทย қазақша اُردُو, فارسی বাংলা tiếng Việt پښتو آذربایجان دیلی
This course belongs to a collection called Pricing Strategy Optimization. It's comprised of four courses:
  1. Pricing Strategy in Practice
  2. Cost and Economics in Pricing Strategy
  3. Customer Value in Pricing Strategy
  4. Market and Competition in Pricing Strategy (viewing)
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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