Revenue Management: The Art of Pricing

Catalog description

Revenue management has become an increasingly popular subject in many businesses, particularly in the service sector. This course will help students to learn more about formulating tactics and strategies to maximize revenues for organizations. The overall objective of this course is to provide students with the know-how and tools to make pricing decisions that align with the firm’s strategy, drive profitability, and lead to sustainable competitive advantage. This course focuses on thoroughly understanding and articulating the monetary and psychological value drivers of the firm’s value proposition, applying appropriate monetary equivalents, and successfully communicating these to the purchaser. Rather than seeking to “optimize” prices for the short run, this course takes a longer-term view of managing markets strategically. This course thoroughly examines the role of pricing in each element of the marketing mix, considering the source of volume, segmentation, targeting, and positioning, and shows how pricing can be used to align the elements of strategy and execution.