This course is part of the Marketing Mix Implementation Specialization

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Martin Boehm

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Marketing Mix Implementation SpecializationIE Business School

About this Course

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Pricing is one of the most important but least understood marketing decisions. Learn and practice concepts, techniques, and get to grips with the latest thinking on assessing and formulating pricing strategies. Analyze how firms attempt to capture value, as well as profits, in the revenues they earn. 
After this course, you will be able to contribute to the process of formulating pricing strategies for your own products and services, or those of your firm. This course has an additional focus on pricing dynamics and the reaction to and by competitors, taking a highly pragmatic approach and one that is directly applicable to your day-to-day professional life.

Martin Boehm - IE Professor and Dean of the Business School with over 10 years experience - will guide you through four modules.  We begin with the importance of pricing and how it ultimately can affect the bottom line.  Then, we move on to methods to help you decide what is the optimal price for your product; and then price discrimination - should all your products follow the same pricing strategy or should you differentiate depending on the customer segment?  Finally, we look at pricing psychology and how you can manipulate customers in order to drive the highest possible price for your product.

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Earn a Certificate upon completion

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Course 2 of 5 in the

Marketing Mix Implementation Specialization

Approx. 14 hours to complete

English

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Skills you will gain

Pricing
Psychology
Price Discrimination
Pricing Strategies

Flexible deadlines

Reset deadlines in accordance to your schedule.

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Course 2 of 5 in the

Marketing Mix Implementation Specialization

Approx. 14 hours to complete

English

Could your company benefit from training employees on in-demand skills?

Try Coursera for Business

Instructor

Instructor rating

4.77/5 (102 Ratings)

Martin Boehm

Professor of Marketing

Dean of IE Business School

50,694 Learners

2 Courses

Offered by

IE Business School

IE Business School is an internationally recognized business school where the leaders of tomorrow shape their ideas and learn to become global citizens. For over 40 years, IE Business School has promoted innovation and change in organizations, equipping managers with an entrepreneurial mindset that generates employment, wealth, and social well-being.

Regularly featured among the top business schools in the world, IE Business School has an urban campus in Madrid and a faculty of more than 400 professors who teach students from approximately 90 countries in its undergraduate and master programs. IE uses innovative online, face-to-face, and blended learning formats, including the IE Communities Platform where knowledge and experiences are exchanged with over 50,000 IE graduates that currently hold management positions in more than 100 countries worldwide.

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Syllabus - What you will learn from this course

Content Rating91%(3,837 ratings)

Week1

Week 1

3 hours to complete

Demand Curve and Pricing

In this module we will start with the importance of pricing, especially for the bottom line. Having this in mind, and after showing how pricing is the most important driver of profitability, when you finish this module you will be able to execute cost, competition and customer-based pricing. You will also be able to use the concepts of price elasticity and optimal price while setting prices for your products and services.

3 hours to complete

12 videos (Total 51 min), 9 readings, 4 quizzes

12 videos

Trailer46sIntroduction to the course2mImportance of Pricing4mPricing Complexity3mPricing Approaches2mCost Based Pricing4mCost Based Pricing Printer Example4mCompetition Based Pricing3mCustomer Based Pricing5mPrice Elasticity6mOptimal Price2mExpert Interviews: Felix Krohn of Wolters Kluwer10m

9 readings

How to Price Your Products1mThe Price is Wrong5mTraditional Approaches to Pricing9m£1100 for a hamburger?10mMethods to Price Your Product12mPricing Fashion with Science15mPrice Elasticity of Demand3mWhy the Highest Price isn’t the Best Price20mPricing New Products16m

4 practice exercises

Practice Quiz on the Importance of Pricing3mPractice Quiz on Price Elasticity7mPractice Quiz for Optimal Price4mModule 1 Graded Assessment35m

Week2

Week 2

5 hours to complete

Determining Willingness to Pay

5 hours to complete

9 videos (Total 53 min), 7 readings, 2 quizzes

9 videos

The Pricing Simulation1mPrice Response Estimation3mMarket Data1mMarket Data Yogurt Example5mExperiments6mExpert Surveys3mCustomer Surveys7mCustomer Surveys Camera Example5mAdvanced (OPTIONAL): Conjoint Analysis18m

7 readings

Willingness to pay – definition and meaning10mLink to the Pricing Simulation45mMeasuring Willingness-to-Pay50mPrice Testing7mExperiments in Pricing10mBest practices for every step of survey creation5mA Review of Methods for Measuring Willingness-to-Pay50m

2 practice exercises

Practice Quiz on Price Experiments3mModule 2 Graded Assessment30m

Week3

Week 3

4 hours to complete

Playing the Pricing Piano or Price Discrimination

What we see in the real world is that companies don't only charge one price for all their products, but rather set different prices for different products with respect to different customer segments. After looking at the benefits of price discrimination (and the significant revenue and profit potential behind it), you will be able to figure out what type and how to implement price discrimination for your products and services.

4 hours to complete

11 videos (Total 75 min), 5 readings, 3 quizzes

11 videos

What is Price Discrimination6mForms of Price Discrimination3mExpert Interviews: Alejandro Hermo of Burger King11mProduct Versioning - Complements5mProduct Versioning - Substitutes6mBundling12mMixed Bundling Telecommunications Example8mPurchase Quantity9mBuyer Identification2mPurchase Location2mTime of Purchase5m

5 readings

Investopedia: What is Price Discrimination15mPrice Differentiation30mPay-per-laugh: Customers charged exactly for what they "consume"10m1000% Price Markup?8mThe Price You Pay Depends on Time and Day5m

2 practice exercises

Practice Quiz on Bundling6mModule 3 Graded Assessment34m

Week4

Week 4

3 hours to complete

Pricing Psychology

In this final module we will look at pricing psychology. You will then be able to "manipulate" customers so they perceive a higher value in the products and services that you deliver, or so that they feel less pain by paying the price of purchasing your products. You will have in your toolkit multiple ways to maximize your sales, revenues, and profitability. We will also conduct a couple of experiments with volunteer customers to see how price affects perceptions, and how you can profit from it.

3 hours to complete

9 videos (Total 36 min), 5 readings, 1 quiz

9 videos

Pricing Psychology3mPricing experiments: Price as a quality indicator2mPrice Anchoring5mPricing experiments: The Decoy Effect3mProspect Theory5mPrice Endings3mThe Pain of Paying7mBrief of the course3mReady to continue on this journey?50s

5 readings

Psychological Pricing: 4 Strategies, Examples and Tactics10mQuality Perceptions, Hitting the Spot4mA Luxury Example of Anchoring5mPrice Endings' Field Experiments Results40mPain of Paying, out in the Field5m

1 practice exercise

Module 4 Graded Assessment40m

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TOP REVIEWS FROM PRICING STRATEGY

by CTJun 20, 2017

In my opinion it is the best course in the specialization. Excellent sources articles and book to study and expand the price knowledge. The course gave enough encouragement to learn more.

by EOMay 3, 2016

The lessons are valuable. My issue is that when I passed the quiz, I was unsure which 2 I got wrong and wanted to know for my own information.

Thank you

by KSJan 30, 2019

I am small hotel owner. This course really changed my attitude and perception towards pricing. I hope the knowledge I gained in this course is going to help me a lot. Thank you .

by HHJan 4, 2021

Very good. But exams are looked little difficult to us who are not come from same field in work. I start to learn and none experience on it. But I like the most.

View all reviews

About the Marketing Mix Implementation Specialization

In this Specialization we will delve into the marketing mix and the skill-set needed to implement successful marketing strategies. Join us and explore the four key concepts of the marketing mix model, also known as the 4Ps: Product (Brand and Product Management), Pricing, Place (Distribution Channel Strategy and Retail) and Promotion (Communication Strategies, PR and Advertising). This course primarily focuses on implementation so you can immediately apply the lessons learned to your work or to a business idea that you are thinking of taking to market. After completing the four courses, you will be able to take part in the Capstone Project where you will have the opportunity to put into practice what you have learned in this specialization by running a real product through the marketing mix.

Frequently Asked Questions

When will I have access to the lectures and assignments?
Access to lectures and assignments depends on your type of enrollment. If you take a course in audit mode, you will be able to see most course materials for free. To access graded assignments and to earn a Certificate, you will need to purchase the Certificate experience, during or after your audit. If you don't see the audit option:
The course may not offer an audit option. You can try a Free Trial instead, or apply for Financial Aid.
The course may offer 'Full Course, No Certificate' instead. This option lets you see all course materials, submit required assessments, and get a final grade. This also means that you will not be able to purchase a Certificate experience.
What will I get if I subscribe to this Specialization?
When you enroll in the course, you get access to all of the courses in the Specialization, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.
Is financial aid available?
Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.

More questions? Visit the Learner Help Center.

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