| Audience: | VP/Manager |
| Duration: | 4 hours |
| Location: | Miami Business School, University of Miami |
Price is the only component of the marketing mix that generates revenue for the firm. The remaining P’s (product, place, and promotion) are costly activities undertaken to create value for the consumer. Price, in its ideal form, recaptures this value. Yet, most companies adopt very simple heuristics, or “rules of thumb,” for setting prices, often divorced from firm strategy and economic reality.
This module will introduce participants to frameworks relevant for making informed pricing decisions. While pricing strategies are taught under the rubric of many diverse disciplines, we will take an integrative approach, combining strategic, economic, marketing, and psychological considerations. Pricing decisions require a synthesis of economic and marketing principles, an appreciation of legal and ethical constraints, and the ability to use accounting, financial, and market research data.
In this module we will discuss concepts like:
