Marketing Analytics: Pricing Strategies and Price Analytics

Boost Profit by learning diff Pricing Strategies & Advanced Pricing Models in Excel. Complete Pricing Analytics in Excel

SUMMARY

This course offers a comprehensive guide to pricing strategies and how to use pricing analytics to maximize revenue and profit for businesses. It equips participants with the knowledge and tools needed to implement various pricing strategies such as bundling, quantity discounts, price skimming, two-part tariffs, and revenue management. The course also provides practical skills for optimizing price points using Excel-based tools like Solver and Goal Seek. Whether you’re a business manager, executive, or student, this course is designed to enhance your understanding of pricing concepts and their real-world applications.

What You’ll Learn:

Revenue/Profit Optimized Price Points:
- Learn to identify the most profitable price points for different pricing strategies such as bundling, quantity discounts, two-part tariffs, price skimming, and revenue management.
- Understand how to apply these strategies to real business cases and maximize revenue through well-calculated pricing decisions.
Fitting Demand Curves:
- Gain proficiency in fitting two of the most common demand curves—linear and power—using data from marketing scenarios. Learn how to estimate demand curves quickly and efficiently using Excel.
Bundling:
- Explore why companies, like cable providers, bundle services such as landlines, cell phone service, TV, and internet. Learn how bundling can drive customer value and increase profitability.
Quantity Discounts:
- Understand the rationale behind offering quantity discounts and how businesses determine the ideal quantity for discounting, optimizing both sales volume and profit margins.
Two-Part Tariff:
- Learn the concept behind the two-part tariff model, which involves charging a membership or fixed fee along with a variable usage fee, commonly used by businesses like golf clubs or amusement parks.
Price Skimming:
- Explore why high-tech products often experience a gradual price drop over time, allowing companies to maximize profit from early adopters and later attract more price-sensitive customers.
Revenue Management:
- Delve into why businesses like airlines overbook flights, and how revenue management techniques can be applied to optimize resource allocation and revenue.
Excel Tools for Pricing Optimization:
- Become proficient in using tools such as Excel Solver, Excel Goal Seek, and Trendlines to calculate optimal pricing strategies and solve revenue maximization problems.

Course Structure and Features:

The course is structured to walk you through the theory and application of each pricing strategy, with practical, hands-on examples that demonstrate real-world applications. Key components include:

Theoretical Concepts and Use Cases: Each section explains the underlying theory of each pricing strategy and its practical application in various industries.
Step-by-Step Instructions in Excel: Detailed, easy-to-follow instructions show how to use Excel tools like Solver and Goal Seek to solve pricing optimization problems.
Downloadable Resources: Access downloadable Excel files that contain data and solutions for each lecture. Use these resources to practice and reinforce your learning.
Assignments and Quizzes: Each section includes assignments to apply what you’ve learned and quizzes to test your understanding of pricing concepts.

Who Should Enroll:

This course is ideal for:

Business Managers and Executives: Gain the expertise needed to implement effective pricing strategies and increase profitability.
Students in Marketing or Business Programs: Build a strong foundation in marketing analytics and pricing strategies.
Pricing Analysts: Learn advanced pricing techniques and how to apply them in real-world situations.
Entrepreneurs and Small Business Owners: Optimize pricing strategies to enhance revenue and compete in the marketplace.

Course Instructors:

The course is taught by Abhishek and Pukhraj, experienced managers in a global analytics consulting firm. With their practical experience in solving business problems through analytics, they bring real-world insights to the course content.

Course Promise:

The instructors are committed to teaching and supporting students. You can ask questions, discuss course material, and seek guidance directly from them through the course platform

What you’ll learn

Learn how to get revenue/profit optimized price point in case of Bundling, Quantity discount, Two-Part Tariff, Price Skimming and Revenue Management)
Learn how to fit the two most frequently used demand curves (linear and power) to a particular marketing situation
Learn why cable companies bundle landlines, cell phone service, TV service, and Internet service (Bundling)
Learn why companies give Quantity discount and how they decide the discounted quantity (Quantity discounts)
Learn why your golf club charges membership fee along with per round fee (Two-Part Tariff)
Learn why do prices of high tech products usually drop over time (Price Skimming)
Learn why airlines overbook their aitplane (Revenue Management)
Solid understanding of basic Marketing and pricing concepts
Become proficient in using powerful tools such as excel solver, excel goal seek & trendlines to solve price optimization problems for maximum revenue/profit

Description

You’re looking for a complete course on pricing strategies and pricing analytics that maximize your firm revenue/profit, right?

You’ve found the right Marketing Analytics: Pricing Strategies course! This course teaches you everything you need to know about different pricing strategies and how to implement it using profit maximizing price points.

After completing this course you will be able to:

Implement pricing strategies such as simple linear pricing, price bundling, giving quantity discount, price skimming, applying two part tariffs and many more.
Increase revenue/profit of your firm by implementing revenue / profit maximizing price point and accordingly deciding perfect pricing strategies using Excel solver Add-in
Confidently practice, discuss and understand different Pricing strategies used by organizations

How this course will help you?

A Verifiable Certificate of Completion is presented to all students who undertake this Marketing Analytics: Pricing Strategies and Price Analytics course.

If you are a business manager or an executive, or a student who wants to learn and apply Pricing strategies in real world problems of business, this course will give you a solid base for that by teaching you the most popular pricing strategies and how to implement it.

Why should you choose this course?

We believe in teaching by example. This course is no exception. Every Section’s primary focus is to teach you the concepts through how-to examples. After taking this course you will have a fair idea on pricing strategies and price analytics. Each section has the following components:

Theoretical concepts and use cases of each Pricing strategy
Step-by-step instructions on how to arrive at revenue/profit maximizing price points in excel
Downloadable Excel file containing data and solutions used in each lecture
Class notes and assignments to revise and practice the concepts

The practical classes where we create the model for each of these strategies is something which differentiates this course from any other course available online.

What makes us qualified to teach you?

The course is taught by Abhishek and Pukhraj. As managers in Global Analytics Consulting firm, we have helped businesses solve their business problem using Analytics and we have used our experience to include the practical aspects of Marketing and data analytics in this course

Our Promise

Teaching our students is our job and we are committed to it. If you have any questions about the course content, practice sheet or anything related to any topic, you can always post a question in the course or send us a direct message.

Download Practice files, take Quizzes, and complete Assignments

With each lecture, there are class notes on various pricing strategies and price analytics attached for you to follow along. You can also take quizzes to check your understanding of concepts on pricing strategies. Each section contains a practice assignment for you to practically implement your learning on pricing strategies, marketing analytics.

What is covered in this course?

Understanding how pricing impacts revenue and profitability is one of the most important issues faced by managers. In this course, we will explore how one can use analytics to determine the pricing strategy to be used, that helps achieve the objectives of the company.

Let me give you a brief overview of the course

Section 1 – Introduction

In this section we will learn about the course structure and the steps involved in devising a pricing strategies and marketing analytics.

Section 2 – Step 1: Setting a Pricing Objective

In this section, we will discuss about different pricing objectives that a firm.

Section 3 – Step 2: Estimating Demand

In this section we will learn different types of Demand Curve We will also learn how to quickly estimate demand curves using Excel

Section 4 – Step 3: Estimating Costs

Cost curves plays an important role in profit maximizing problems and determining pricing strategies. In this section, we will learn how to estimate cost functions. we will also learn the effect of complimentary goods on pricing strategies and marketing analytics.