INTRODUCTION
The Pricing Strategy & Revenue Management training course introduces managers to the fundamentals of pricing, helping them to develop a framework that is applicable within the context of their industry.
Participants acquire strategies, tools and best practices for rigorously tackling pricing issues at both strategic and tactical levels. They will also be able to systematically identify opportunities to boost their firm s profits through improvements in pricing.
Participants will leave the course with powerful insights into pricing issues and a new awareness of additional ways to drive business results via strategic pricing. The bottom line result is the ability to make more profitable pricing decisions for their companies.
OBJECTIVES
At the end of the The Pricing Strategy & Revenue Management training course, you will be able to:
The fundamentals of value-based pricing
How customers perceive price and form value perceptions
How to analyze and choose among different pricing alternatives
The role of cost information in the setting of prices
Developing & implementing the best value-based pricing strategies
Learning the art of pricing communications strategies
Exploring the latest in pricing strategies & paradigms
Examining common pricing challenges
Investigating the multi-disciplinary nature of pricing
Pricing new products & services
Understanding the role of economics in pricing
Unlocking the power of pricing
WHO SHOULD ATTEND ?
The Pricing Strategy & Revenue Management training course, is ideal for :
Mid- and Senior-Level Executives
Vice-Presidents and Directors of Marketing
Finance, Sales, and Planning Executives
Product Managers
Entrepreneurs and Executives in Product Development Managers Facing Significant Price Competition
COURSE OUTLINE
Day 1
Introduction to pricing strategies
Business foundations for successful pricing strategies
Pricing perspectives from different industries
Value-Based Pricing
Types of pricing strategies
Key KPIs behind pricing strategies
Common mistakes in pricing
Day 2
What is revenue management (RM)?
Definition and a brief history
Objectives, principles, and elements of RM
Necessary conditions for revenue management
Revenue management vs. yield management
The importance of revenue management
RM terms and performance indicators
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Day 3
RM and Forecasting
The economics of revenue management
Demand management
Unconstrained demand vs. constrained demand
All about forecasting
What is forecasting?
Why is forecasting so important?
Booking curve and pickup forecasting
Forecasting methods
Error measurement
Useful forecasting tips
Overbooking
A quick introduction
Policies concerning overbookin
Day 4
Inventory allocation and capacity control
The basics of inventory allocation
Expected marginal revenue
Nested reservation system
Protected level vs. booking limit
Group management
Day 5
Implementation of revenue management systems
How can a revenue management system help
Features of a revenue management system
Revenue management and data sources, analytics, and visualization
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