Market and Competition in Pricing Strategy

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Market and Competition in Pricing Strategy

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About this course: 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. Led by 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.

Created by:  University of Virginia, BCG
  • Taught by:  Jean Manuel Izaret, Seni…

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Didn't find what you were looking for? See also: Pricing, Business Administration, Strategy, Retail (Management), and Distribution.

When you enroll for courses through Coursera you get to choose for a paid plan or for a free plan

  • Free plan: No certicification and/or audit only. You will have access to all course materials except graded items.
  • Paid plan: Commit to earning a Certificate—it's a trusted, shareable way to showcase your new skills.

About this course: 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. Led by 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.

Created by:  University of Virginia, BCG
  • Taught by:  Jean Manuel Izaret, Senior Partner and Managing Director, Leader of BCG’s Global Pricing Practice

  • Taught by:  Ronald T. Wilcox, NewMarket Corporation Professor of Business Administration & Senior Associate Dean for Degree Programs

    Marketing
  • Taught by:  Thomas Kohler, Associate Director, Pricing

    Marketing, Sales & Pricing Practice
Basic Info Course 3 of 4 in the Pricing Strategy Optimization Specialization Level Beginner Commitment 4 weeks of study, 3-5 hours per week Language English Hardware Req You'll need a graphing calculator to complete some calculations (available on most mobile phones). How To Pass Pass all graded assignments to complete the course. User Ratings 4.8 stars Average User Rating 4.8See what learners said Trabajo del curso

Cada curso es como un libro de texto interactivo, con videos pregrabados, cuestionarios y proyectos.

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University of Virginia A premier institution of higher education, The University of Virginia offers outstanding academics, world-class faculty, and an inspiring, supportive environment. Founded by Thomas Jefferson in 1819, the University is guided by his vision of discovery, innovation, and development of the full potential of students from all walks of life. Through these courses, global learners have an opportunity to study with renowned scholars and thought leaders. BCG We partner with clients from the private, public, and not-for-profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a private company with 85 offices in 48 countries. For more information, please visit bcg.com.

Syllabus


WEEK 1


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.


10 videos, 3 readings, 2 practice quizzes expand


  1. Video: Pricing Specialization Overview
  2. Video: Three Lenses
  3. Cuadro de aviso de la discusión: Which lens seems most applicable to your work?
  4. Video: Course Introduction
  5. Leyendo: Course Overview & Requirements
  6. Leyendo: Survey
  7. Leyendo: Using Discussion Forums to Deepen Your Learning
  8. Cuadro de aviso de la discusión: Meet and Greet
  9. Video: Legal Structures Related to Pricing
  10. Video: The Sherman-Antitrust Act
  11. Video: The Clayton Act
  12. Video: The Robinson-Patman Act
  13. Video: Common Practices & Shifts in Interpretation
  14. Cuestionario de práctica: Practice Quiz on Legal Aspects of Pricing
  15. Video: Competitive Framework
  16. Cuadro de aviso de la discusión: Which price strategy does your company use?
  17. Cuestionario de práctica: Practice Quiz on the Competitive Framework
  18. Video: Week 1 Takeaways

Graded: Week 1 Quiz on Understanding the Playing Field

WEEK 2


Predicting Competitive Reactions



Now that you know more about the playing field, let's take a look at how to predict competitive reactions. Thomas will show you value mapping, a tool that yields valuable insights into the value-price relationship relative to your competitors, and how to apply it in a real-world example. Then you'll dive into game theory, a field with many applications. Here, you'll use it anticipate and respond to price competition so that you can cooperate and compete without colluding.


10 videos, 2 practice quizzes expand


  1. Video: Week 2 Introduction
  2. Video: Value Mapping
  3. Video: Value Mapping: Sandisk vs PNY
  4. Cuadro de aviso de la discusión: Other examples that match Sandisk vs PNY?
  5. Cuestionario de práctica: Practice Quiz on Value Mapping
  6. Video: Introduction to Game Theory
  7. Video: The Prisoner's Dilemma
  8. Video: The Evolution of Cooperation
  9. Video: Signaling Games
  10. Video: Extensive Form Signaling Games
  11. Video: Gas Wars and Takeaways
  12. Cuestionario de práctica: Practice Quiz on Game Theory
  13. Video: Week 2 Takeaways

Graded: Week 2 Quiz on Predicting Competitive Reactions

WEEK 3


Disrupting Markets and Engaging in "Coopetition"



Disrupting competition and engaging in "coopetition" can benefit all players in the market--but not all the time. Using knowledge from game theory and pricing models can help you understand when this strategy can be beneficial. Thomas will introduce two competitor pricing models--price moves and price wars--and show you how to use these models to predict and respond to competitors. Then Ron will show you various strategies to optimize prices through the four phases of the product life cycle, from disruptive to declining products. Then you will use the SmartOps case to apply your knowledge of "coopetition" to analyze a real-world pricing decision.


13 videos, 1 reading, 2 practice quizzes expand


  1. Video: Week 3 Introduction
  2. Video: Competitor Pricing Models
  3. Video: Competitive Price Moves: Understand Competitive Dynamics
  4. Video: Competitive Price Moves: Assess Your Options
  5. Video: Competitive Price Moves: Choose and Execute Best Move
  6. Video: Price Wars
  7. Cuestionario de práctica: Practice Quiz on Competitor Pricing Models
  8. Cuadro de aviso de la discusión: Price Wars You Have Known
  9. Video: Pricing through the Product Life Cycle
  10. Video: Pricing in the Growth Phase
  11. Video: Pricing in the Maturity Phase
  12. Video: Pricing in the Decline Phase
  13. Video: Case Introduction: SmartOps
  14. Leyendo: Case Study: SmartOps Corporation: Forging Smart Alliances?
  15. Cuadro de aviso de la discusión: SmartOps: Should they trust SAP and sign the contract?
  16. Video: Case Debrief: SmartOps
  17. Cuestionario de práctica: Practice Quiz on Pricing through the Product Life Cycle
  18. Video: Week 3 Takeaways

Graded: Week 3 Quiz on Disrupting Markets and Engaging in Coopetition

WEEK 4


Implementing Price Discrimination in Competitive Markets



Price discrimination--selling the same product to different market segments at different prices--allows companies to optimize profits, even in competitive markets. It begins with customer segmentation, and Ron will show you practical segmentation strategies for both B2B and B2C contexts. Then you'll learn how to apply the Weber-Fechner Law, which sounds complicated, but is actually quite intuitive and useful when pricing quality-differentiated product lines. Finally, you'll learn the basics of bundle pricing and how to create economically sound bundles.


10 videos, 3 practice quizzes expand


  1. Video: Week 4 Introduction
  2. Video: Customer Segmentation Strategies
  3. Video: B2B Segmentation Strategies
  4. Cuestionario de práctica: Practice Quiz on Customer Segmentation Strategies
  5. Video: Weber-Fechner Law of Pricing
  6. Video: Weber-Fechner and Pricing
  7. Video: Pricing Your Least Expensive Products
  8. Video: Pricing Your Most Expensive Product
  9. Cuestionario de práctica: Practice Quiz on Product Line Pricing
  10. Video: Bundle Pricing
  11. Video: Creating Economically Sound Pricing Bundles
  12. Cuestionario de práctica: Practice Quiz on Bundle Pricing
  13. Video: Week 4 Takeaways
  14. Cuadro de aviso de la discusión: Additional Competitive Intelligence

Graded: Week 4 Quiz on Implementing Price Discrimination in Competitive Markets
Graded: Market Competition in Backpack Land
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