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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Shareable Certificate

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

Subtitles: Arabic, French, Portuguese (European), Italian, Vietnamese, Korean, German, Russian, English, Spanish

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

Subtitles: Arabic, French, Portuguese (European), Italian, Vietnamese, Korean, German, Russian, English, Spanish

Instructor

Instructor rating

4.76/5 (97 Ratings)

Martin Boehm

Professor of Marketing

Dean of IE Business School

48,180 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.

Syllabus - What you will learn from this course

Content Rating91%(3,736 ratings)

Week

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

Trailer46s

Introduction to the course2m

Importance of Pricing4m

Pricing Complexity3m

Pricing Approaches2m

Cost Based Pricing4m

Cost Based Pricing Printer Example4m

Competition Based Pricing3m

Customer Based Pricing5m

Price Elasticity6m

Optimal Price2m

Expert Interviews: Felix Krohn of Wolters Kluwer10m

9 readings

How to Price Your Products1m

The Price is Wrong5m

Traditional Approaches to Pricing9m

£1100 for a hamburger?10m

Methods to Price Your Product12m

Pricing Fashion with Science15m

Price Elasticity of Demand3m

Why the Highest Price isn’t the Best Price20m

Pricing New Products16m

4 practice exercises

Practice Quiz on the Importance of Pricing3m

Practice Quiz on Price Elasticity7m

Practice Quiz for Optimal Price4m

Module 1 Graded Assessment35m

Week

Week 2

5 hours to complete

Determining Willingness to Pay

After finishing this module you will be able to take advantage of four different methods to determine the willingness to pay from customers. Whether using Market Data or Experiments (Observation based) or Expert or Customer Surveys (Survey based), you'll be able to use this information in order to identify the optimal price.

5 hours to complete

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

9 videos

The Pricing Simulation1m

Price Response Estimation3m

Market Data1m

Market Data Yogurt Example5m

Experiments6m

Expert Surveys3m

Customer Surveys7m

Customer Surveys Camera Example5m

Advanced (OPTIONAL): Conjoint Analysis18m

7 readings

Willingness to pay – definition and meaning10m

Link to the Pricing Simulation45m

Measuring Willingness-to-Pay50m

Price Testing7m

Experiments in Pricing10m

Best practices for every step of survey creation5m

A Review of Methods for Measuring Willingness-to-Pay50m

2 practice exercises

Practice Quiz on Price Experiments3m

Module 2 Graded Assessment30m

Week

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 Discrimination6m

Forms of Price Discrimination3m

Expert Interviews: Alejandro Hermo of Burger King11m

Product Versioning - Complements5m

Product Versioning - Substitutes6m

Bundling12m

Mixed Bundling Telecommunications Example8m

Purchase Quantity9m

Buyer Identification2m

Purchase Location2m

Time of Purchase5m

5 readings

Investopedia: What is Price Discrimination15m

Price Differentiation30m

Pay-per-laugh: Customers charged exactly for what they "consume"10m

1000% Price Markup?8m

The Price You Pay Depends on Time and Day5m

2 practice exercises

Practice Quiz on Bundling6m

Module 3 Graded Assessment34m

Week

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 Psychology3m

Pricing experiments: Price as a quality indicator2m

Price Anchoring5m

Pricing experiments: The Decoy Effect3m

Prospect Theory5m

Price Endings3m

The Pain of Paying7m

Brief of the course3m

Ready to continue on this journey?50s

5 readings

Psychological Pricing: 4 Strategies, Examples and Tactics10m

Quality Perceptions, Hitting the Spot4m

A Luxury Example of Anchoring5m

Price Endings' Field Experiments Results40m

Pain of Paying, out in the Field5m

1 practice exercise

Module 4 Graded Assessment40m

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TOP REVIEWS FROM PRICING STRATEGY

by SVNov 12, 2016

Very Good course on Pricing. Relevant real-life examples. Great articles on theory and examples. Would definitely recommend to anyone. Enables one to have a quality discussion on pricing.

by AJMar 19, 2020

I had always been afraid of Pricing and any other subject that required some mathematical skills. But this course was so helpful in both educating me and boosting my self-confidence in Pricing.

by NOJan 1, 2018

Interesting but very tough quizzes. I learnt the act of pricing in marketing. The instructor was excellent, practical and clear in his explanations and teachings

by BTMar 19, 2017

Although they are harder concepts and more practices to remember, it was a very insightful course! I truly enjoyed the additional readings to elaborate on the lectures. Thank you very much, IE!

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.

Pricing Strategy

About this Course

Skills you will gain