Pricing Strategies (10202F)-
This course shows students how pricing structures influence consumer opinions and influence their center's profitability, and perform a price elasticity exercise that helps them better determine appropriate price points for their products and services.
Course Lessons and Objectives:
- Differentiate between the two most basic pricing models.
- Define the theory of competitive strategy as put forth by Michael Porter, a highly-respected Professor at Harvard Business School.
- Name the five basic competitive forces in a market.
- Identify the pitfalls in choosing one pricing model, and then later making a change.
- Grasp the basic formula that is the starting point for developing your center’s pricing strategy.
- Recognize how supply and demand interact in your center - and how to apply it to pricing strategy.
- Understand the role perceived value plays and how it can affect profitability.
- Calculate profitability based on costs and revenues.
- Evaluate how to determine price elasticity when developing your strategy.
- Position your center for handling price increases.
- Set benchmarks to help you monitor your pricing strategy and its effectiveness.