Hi, everybody, and welcome to the pricing specialization. >> Hello, my name is JMI, or Jean-Manuel Izaret is the long version. I lead BCG's pricing practice globally, which means I've been working for 25 years across industries all around the world, with companies to help them with their pricing decisions. I am really looking forward to sharing with you the essence of what we learned so that you too can make the best pricing decisions for your company. >> And I'm Ron Wilcox. I'm on the marketing faculty here at Darden and I teach the pricing elective to our MBA students. This is really a unique partnership between the Darden School and BCG. We're presenting material to you that the Darden School couldn't do on our own and BCG could not do on their own. But together, we can bring you up to speed in the best of pricing practice. >> So, pricing can be quite complicated, but we're going to make it simple. We're going to start by talking about the economics. It's the first thing you need to think about, how are you going to make money? The second is about customer value. What is important to customers? How much are they willing to pay? The third point is about competitors. Where are their prices and how should you place your price point versus that. >> And we're going to do this via four courses. So in the first course, we're really going to hone in on economic principles and how they inform pricing decisions. After all, pricing is an economic concept. In the second course, we're really going to focus on customer value. How much are those customers willing to pay for that product or service that you're offering? And, can that be measured? And, how can those measurements be used to inform pricing practice? >> And then on the third course, we'll talk about how should you move your price depending on your competitors. When they lower their prices, should you match them? When they increase their prices, should you also match them or not? All sorts of different situations can drive different decisions. We will go through them one after the other. Then in the course number four, we put it all together and help you make the best decisions using all of the three lenses we talked about. So you can optimize the profit you get from the market. >> So, what are you going to get from this specialization? You're going to get the skills fundamental to running the pricing function in your organization. And, finally, you're going to get a portfolio building project that will demonstrate your pricing expertise to the outside world. We're so excited to be working with you. >> Practically, that means you'll have the tools, you'll have the experience, you'll be able to react to any kind of situations. We're really glad to get started.