How much should you charge for your products and services? Traditionally, businesses have answered this question based on the cost to produce or provide their goods and services. This course shows you the economic factors behind pricing based on cost and the pros and cons of a cost-based pricing approach. Developed at the Darden School of Business at the University of Virginia, and led by top-ranked Darden faculty and Boston Consulting Group global pricing experts, the course provides the practical and research-based models and methods you need to set prices that maximize your profits. By the end of this course, you’ll be able to: --Apply knowledge of basic economics to make better pricing decisions --Recognize opportunities for price discrimination—selling the same product at different prices to different buyers—and recommend strategies to maximize sales and profits --Calculate three types of price elasticities to determine the impact of price on demand --Analyze and apply different pricing models -Cost-plus pricing -Marginal cost-plus pricing -Peak-load pricing -Index-based pricing --Evaluate the impact of channel intermediaries and customer lifetime value on pricing
I liked the course, it was very useful though I believe some part should have been explained more. Overall, it was a very good one.
All you need to understand about calculations and economics regarding pricing is explained, in detail, using clear examples and with great material to feel satisfied about complex information.
Cost and Economic in Pricing Strategy is a discourse I was glad and privy to have taken and it has helped widen my scope of knowledge especially in determining the prices of a new product.
Excellent, very complete and useful. Pretty sure I will be able to apply what I have learned here. Very well recommended.
Its a challenging course, need lots of understanding and hands on to clear the course. Had a great learning experience
Interesting module considering this is my first time trying to understand pricing and how to set pricing. Learnt a lot, thanks.
Pretty good content, but would have liked the option to do more practice problems, particularly problems using formulas from the course and real world applications. Overall it was a valuable course.
The succinct and exhaustive account of pricing. Specifically, this course highlights the role of a firm's cost structure in pricing strategy. Highly recommended!
The course is well planed and easy to absorb. The example is clear to understand plus, the formula is well used along side with real life example.
A great refresher course that allowed me to get back into the pricing calculations with ease. It can be challenging if you are not familiar with the statistical calculations.
Great with challenging case study.I review very different approaches and had very different feedback for mine so I wish I had some feedback from the Trainers.
This is an excellent course. Videos are reasonable length and have the essential content. Quantitative information is presented in a very palatable way.
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Excellent course. In my view, the academic rigor of the week exercises needs to be improved even for a beginner level.
Amazing! price has been most of the time an uncertainty . This course gives you the learning you need for allocating pricing strategies to the right business scenario
While the beginning of the course was really interesting, the overall quality dropped halfway through. The sessions didn't look very professional. It first touched base on some very basic topics and then randomly went onto very technical information. Very disappointed.
A good course but there were places where I felt things weren't clearly explained. Also, the quiz questions were sometimes somewhat ambiguous.
I liked the course, it was very useful though I believe some part should have been explained more. Overall, it was a very good one.
Very useful and clear but only good to obtain interesting learning material - NOT for certification
Peer reviews not working. If peers do not review your assignment , you cannot validate the course. I completed the assignment very early and I had no means to make peers review it.
ATTENTION: you can pay for the course and not be able to validate it only because peers do not review you assignment; and you have no control on that. Moreover, NO moderation on peer reviews resulting in low grading quality.
The case is interesting and beneficial in terms of helping to grasp the material, however, it would've been helpful to have something similar during the course with the answers and methodology in solving it.
I loved the course, but if you want an overview of Pricing Strategy at least I missed it in the course! This course focuses on how to do the maths of price elasticity which is good and interesting too!
Excellent content but no communication at all with the staff; all questions posted in the forums remained unanswered.
I really liked the way course has been designed. Though I had microeconomics during my MBA, I am able to learn lot of new concepts in course. Some of the market phenomenon which I would not have been able to connect with pricing principles, now I can connect them after completing this course. Thanks to all instructors, Thanks University of Virginia and BCG!!
Even if you are familiar with the basics of microeconomics, and cost structures, this course combines it all together to provide a new perspective of using these models and concepts in pricing.
Excellent introduction to the mathematics behind cost and pricing strategies. This course gave me a lot of good information that I've already started putting into practice at work.
Introductory level, but a fun course !! Not very hands-on but still will add to your knowledge.
Best Wishes.
Mixed reaction, Ron from Darden is very knowledgeable, but does not explain well enough and does not spend enough time to explain examples.
Great course in terms of context and delivery with very knowledgeable staff. Overall, the videos are short and to the point and the fact that you often work with or are exposed to real-world case-studies is very valuable. The only negative for me has been the final assessment. I would be more comfortable with a more in-depth case study with more data to work with though I recognise this would also not be very practical. In its entirety, the course goes into depth without exhausting students. Quizzes are also challenging enough but not time-consuming to complete once you have revised the material for each question. I would also prefer links to more in-depth material for those who want to work beyond the confines of the curriculum (i.e. more info on how we derive to a demand function despite the topic being quite advanced). Highly recommended course if you intent to take the Pricing Strategy specialisation.
Clear course and teachers, challenging quizzes. Some interesting and advanced concepts (for instance on retail, bids). You need some mathematical knowledge to pass (derivatives, algebra, statistics...)
If you already have a business / marketing education, half of the concepts and methods won't be new to you.
I would have like to have a bit more explanations for the final peer-graded exam. Also it can take some time (1-2 weeks) for 3 other students to grade your final assessment if not enough people follow the course at the moment.
I really loved the structure of this course. Lectures are very clear, additional questions help you memorize the material and focus on the most important things. This is the first course that provides lecture resources that are very useful to keep in mind the material you have learned. This course material is focused on the practical side, making it even better. Thanks for the knowledge, I will definitely use them in practice!
Excellent course that gives insights into pricing strategies. The course was a combined package of theory and application in the form of case studies. Taking this course had definitely added value to my knowledge base. I thank the University of Virginia and BCG group for their efforts in modeling this course. Thank you Coursera of this opportunity!
Great refresher course on pricing and economics. Focuses on different pricing strategies (elasticity, pricing function, auctions, cost plus pricing, peak load pricing, index based pricing, marginal cost pricing, target cost plus pricing). Ron Wilcox and the BCG team does a great job in delivering lecture and keeping you engaged in the course.
Really nice course with good mix of descriptive concepts, their calculation and execution in practice and case studies of companies. Control quizzes are really helpful to check own understanding. But please consider additional workload for final exam and assessment of 3 others. This is like an additional course week and should be mentioned.