Product Pricing Strategies
Tools and Techniques for Optimal Pricing
What you'll learn
- Understand the concept of pricing, its goals and its importance
- Identify the factors that influence a pricing decision
- Apply different pricing strategies
- Use pricing methods
- Price services
- Follow the steps of pricing
- Understand the life cycle of products and services
- Manage products and services with a suitable strategy
About this course
This course explains product and service pricing strategies, meaning how to set the best price in a deliberate, well-informed way. It starts with an introduction, then the concept of pricing, its goals and why it matters, followed by the factors that influence a pricing decision, covered in two parts. Next you learn pricing strategies in two parts, then pricing methods in two parts, along with service pricing and the steps of pricing. Finally you learn about the life cycle of products and services and how to manage them with the right strategy, and you download the workbook to practice. This course suits business owners, merchants, marketing and sales managers, and anyone who needs to price a product or a service. You need no previous pricing experience, because the course begins with the basic concepts and then moves to practice. By the end, you will be able to choose the right pricing strategy, set the price of a product or service in clear steps, and understand how a product's life cycle affects its price. Most parts end with a simple explanation that is easy to apply directly to your own product or service.
Expected outcomes
- Develop effective pricing strategies that meet market needs.
- Analyze factors influencing pricing and make informed decisions.
- Achieve a balance between product costs and their value to customers.
- Enhance the organization's competitiveness and increase profitability.
Learner reviews
Course content
1Product and Service Pricing Strategies
14 lectures
- Course IntroductionIntroduces the product and service pricing strategies course, presenting pricing as a deliberate process and the course topics: objectives, importance, factors, strategies, methods, service pricing, pricing steps and the product life cycle.7:32
- Concept of PricingExplains price as the key element of the marketing mix because it generates revenue and profit, linking it to brand image, perceived value, the value equation, and the internet's effect on prices.14:15
- Pricing ObjectivesExplains the pricing objectives companies set, such as market survival, increasing market share, quality leadership, competition, brand building, using production capacity, and social goals.10:38
- Importance of PricingExplains the importance of pricing for consumers, organizations and society: price affects real income and buying decisions, helps organizations compete, manage demand and earn profits, and supports a fairer economy.14:55
- Factors Influencing Pricing Decisions (Part One)Explains the first part of the factors affecting pricing decisions, including costs, competition structure, demand elasticity and economic conditions, with examples on monopoly and competitor reactions.14:06
- Factors Influencing Pricing Decisions (Part Two)Continues the factors affecting pricing decisions, including laws and taxes, product life cycle, distribution system, technology and innovation, brand and image, and customers' environmental awareness.7:39
- Pricing Strategies (Part One)Explains the first part of pricing strategies, including market skimming for innovative products, pricing under elastic demand, loss-leader pricing in stores, and fixed non-negotiable pricing.14:02
- Pricing Strategies (Part Two)Explains dynamic pricing based on demand, competition and seasons, discriminatory pricing for different customer groups, and bundle pricing at a lower total price.11:34
- Pricing Methods (Part One)Explains the first part of the five pricing methods, focusing on cost-based pricing by adding a profit percentage or amount, then demand-based pricing and its limits.16:39
- Pricing Methods (Part Two)Explains break-even and target-profit pricing with a worked example, then market and competition-based pricing, and perceived-value pricing as with premium phones.15:45
- Service PricingDistinguishes tangible products from intangible services that cannot be tried before purchase, and explains service pricing methods based on the market, supply and demand, and perceived value.15:37
- Pricing StepsReviews the pricing steps, then explains the fifth step: gauging consumer reaction to the price, monitoring and correcting it by measuring positive and negative responses and adjusting quality, product and marketing.19:28
- Product and Service Life CycleExplains the product or service life cycle and its stages, and how pricing strategies change at each stage, such as skimming and penetration at launch, maturity traits, and options in decline.26:51
- Product and Service Management StrategiesExplains the four product and service management strategies: market penetration, market development, product development and diversification, with examples of each and the risks of entering entirely new fields.15:42
2Add-ons
1 attachments
- Download the Workbook
Instructor
Dr. Mohamed Al-Tihami
