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MARK-557 Price, Value & Profitability
PVP is a 6-week multidisciplinary pricing course that emphasizes marketing economics, value creation, and program profitability. The course builds on the quantitative skills developed in Applied Marketing Management, and will complement and extend the strategic concepts covered in Advanced Marketing Strategy.
The overarching objective of the course is to provide the conceptual underpinnings and analytical tools required to make reasoned pricing decisions in highly competitive, dynamic environments. More specifically, PVP will explore topics including:
• Understanding the link between marketing and economics
• Calibrating demand curves based on market research
• Determining economic value to customers (a.k.a. “value in use”)
• Understanding the behavioral and psychological aspects of pricing
• Developing and interpreting value maps
• Assessing the profitability of pricing alternatives via PVA (Price Value Analysis)
• Customizing prices for diverse market segments
• Bundling products and features to maximize profitability
• Evaluating price promotions and EDLP strategies
• Understanding revenue and price yield management
• Managing in price war environments
• Evaluating the impact of the Internet on price strategies
PVP is intensively analytical and extensively case-based. Typical cases include:
• Land Rover (value mapping, market positioning, pricing)
• Cumberland Industries (value in use pricing)
• American Airlines Revenue Management (yield management, competitive dynamics)
• Virgin Mobile (linking pricing & customer lifetime value)
In addition to the traditional cases, students perform focused analyses based on a series of “road-tested”, quantitatively-oriented mini-cases specially developed for this course.
Course requirements include extensive readings (primarily short ‘notes’ on analytical methods), active class participation in case discussions, some written case analyses, and tests (probably a short in-class exam and a case-based take home final exam).
PVP builds on the analytical skills developed in Applied Marketing Management (MARK 555), and the conceptual frameworks covered in Advanced Marketing Strategy (MARK 553), but neither is a formal prerequisite.
Credits: 1.75
Prerequisites: Preference to those enrolled in MARK 553.
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