The right pricing strategy can make or break a business — yet pricing impacts can be difficult to fully measure and understand.
In this course, you will analyze pricing data, evaluate key factors relevant to pricing effectiveness, and use your insights to optimize product prices. You will have the opportunity to apply a variety of popular pricing formulas and determine the business impact of the resulting price changes. Ultimately, the skills developed in this course will allow you to make pricing decisions that will maximize profits for each product or service in your organization.
It is recommended that students be comfortable using Microsoft Excel before beginning this course.
KEY COURSE TAKEAWAYS
Determine a customer's willingness to pay for a product or service
Consider behavioral factors affecting willingness to pay
Dean W. Malott Professor of Management and Professor of Marketing and Quantitative Methods
Vithala R. Rao, PhD., is the Deane W. Malott Professor of Management and Professor of Marketing and Quantitative Methods at the Samuel Curtis Johnson Graduate School of Management. He holds master’s degrees in mathematical statistics from the University of Bombay and in sociology from the University of Michigan, and a PhD in applied economics and marketing from the Wharton School of the University of Pennsylvania.
He has published over 135 papers on several topics including conjoint analysis and multidimensional scaling, pricing, bundle design, brand equity, market structure, corporate acquisition, and linking branding strategies to financial performance. His current work includes competitive bundling, diffusion of attribute information for new products, and trade promotions. His papers have appeared in the Journal of Marketing Research, Marketing Science, Management Science, Journal of Marketing, and Journal of Consumer Research, among others.
In addition to his 2004 book, Applied Conjoint Analysis, he is the co-author of Applied Multidimensional Scaling, Decision Criteria for New Product Acceptance and Success, and Analysis for Strategic Marketing. He also edited a volume of research papers entitled, Handbook of Pricing Research in Marketing.