University of Virginia
Market and Competition in Pricing Strategy
University of Virginia

Market and Competition in Pricing Strategy

This course is part of Pricing Strategy Optimization Specialization

Taught in English

Some content may not be translated

Jean Manuel Izaret
Ronald T. Wilcox
Thomas Kohler

Instructors: Jean Manuel Izaret

11,118 already enrolled

Course

Gain insight into a topic and learn the fundamentals

4.9

(224 reviews)

|

93%

Beginner level

Recommended experience

11 hours (approximately)
Flexible schedule
Learn at your own pace

What you'll learn

  • Market and competition applications in product pricing

  • How to utilize game theory to influence market pricing

  • How to leverage competitor pricing models and knowledge of the product lifecycle to price products

  • Strategies for price discrimination in competitive markets

Details to know

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Assessments

13 quizzes

Course

Gain insight into a topic and learn the fundamentals

4.9

(224 reviews)

|

93%

Beginner level

Recommended experience

11 hours (approximately)
Flexible schedule
Learn at your own pace

See how employees at top companies are mastering in-demand skills

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This course is part of the Pricing Strategy Optimization Specialization
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There are 4 modules in this course

Welcome! Competitive pricing is all about setting prices based on what companies with similar products and services charge. To use this approach effectively, you have to understand the playing field. In particular, you need to know general legal parameters that guide competition in the market place. In this module, you'll get basic background knowledge so that you can use market knowledge in your pricing strategy and still stay on the right side of antitrust law. Then Thomas will join you to introduce the competitive pricing framework , which you can use to assess pricing options, anticipate your competitors' pricing strategy, and determine whether to price to competition or to elasticity.

What's included

10 videos3 readings3 quizzes3 discussion prompts

Now that you know more about the playing field, let's take a look at how to predict competitive reactions. Thomas will show you value mapping, a tool that yields valuable insights into the value-price relationship relative to your competitors, and how to apply it in a real-world example. Then you'll dive into game theory, a field with many applications. Here, you'll use it anticipate and respond to price competition so that you can cooperate and compete without colluding.

What's included

10 videos3 quizzes1 discussion prompt

Disrupting competition and engaging in "coopetition" can benefit all players in the market--but not all the time. Using knowledge from game theory and pricing models can help you understand when this strategy can be beneficial. Thomas will introduce two competitor pricing models--price moves and price wars--and show you how to use these models to predict and respond to competitors. Then Ron will show you various strategies to optimize prices through the four phases of the product life cycle, from disruptive to declining products. Then you will use the SmartOps case to apply your knowledge of "coopetition" to analyze a real-world pricing decision.

What's included

13 videos1 reading3 quizzes2 discussion prompts

Price discrimination -- selling the same product to different market segments at different prices -- allows companies to optimize profits, even in competitive markets. It begins with customer segmentation, and Ron will show you practical segmentation strategies for both B2B and B2C contexts. Then you'll learn how to apply the Weber-Fechner Law, which sounds complicated, but is actually quite intuitive and useful when pricing quality-differentiated product lines. Finally, you'll learn the basics of bundle pricing and how to create economically sound bundles.

What's included

10 videos4 quizzes1 peer review1 discussion prompt

Instructors

Instructor ratings
4.9 (26 ratings)
Jean Manuel Izaret
BCG
4 Courses44,161 learners

Offered by

BCG

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