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 |
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 tha...
10 videos, 3 readings, 2 practice quizzes
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...
10 videos, 2 practice quizzes
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 compet...
13 videos, 1 reading, 2 practice quizzes
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 fo...
10 videos, 3 practice quizzes
Graded: Week 4 Quiz on Implementing Price Discrimination in Competitive Markets
Graded: Market Competition in Backpack Land
FAQs
How It Works
Coursework
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Creators
University of Virginia
The University of Virginia is distinctive among institutions of higher education. Founded by Thomas Jefferson in 1819, and located on a World Heritage site in Charlottesville, the University sustains the ideal of developing, through education, leaders who are well-prepared to help shape the future of the nation. The University is public, while nourished by the strong support of its alumni. It is also selective; the students who come here have been chosen because they show the exceptional promise Jefferson envisioned.
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.
Pricing
| Audit | Purchase Course | |
|---|---|---|
| Access to course materials | Available | Available |
| Access to graded materials | Not available | Available |
| Receive a final grade | Not available | Available |
| Earn a shareable Course Certificate | Not available | Available |
Ratings and Reviews
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Great course, great specialization. A very nice presentation of the Market and Competition lens - legal, game theory and cooperation through competition, all come together very nicely in this course.