Economic Foundations of Pricing
Indian Institute of Management Bangalore
This course starts with the basic understanding of classical theory of pricing. It then progresses towards understanding and analysing cost-based pricing heuristics, demand curve analysis, and competition based pricing.
About this Course
Pricing products or services is a challenging decision for many business owners. What is a good starting point for sound pricing decisions? This course provides an economic framework that lays the foundation for good pricing decisions. This course delves into the impact of cost, competition, and customer side factors on pricing. The course also goes into the company objectives that shape pricing goals. This course also covers the repercussions of the most recent and globally transformative event (i.e., COVID19) on Pricing.
What You'll Learn
- Evaluate pricing using the 3C+O framework
- Apply cost based pricing heuristics
- Identify and account for relevant competition while making pricing decisions
- Identify the drivers of consumer value perceptions and their impact on pricing
- Understand the mechanism of price discrimination and its applications in practice
Prerequisites
- Undergraduate level exposure to Economics
Instructors
Sreelata Jonnalagedda
Associate Professor, Marketing