Manage Your Prices: an Introduction to Pricing Strategy and Revenue Management

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Manage Your Prices: an Introduction to Pricing Strategy and Revenue Management

Course Details

Cost

FREE,
Add a Verified Certificate for $79

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Course Provider

FutureLearn online courses
At FutureLearn, we want to inspire learning for life. We offer a diverse selection of free, high quality online courses from some of the world’s leading universities and other outstanding cultural institutions. Our aim is to connect learners from all over the globe with high quality educators, and with each other. We believe learning should be an enjoyable, social experience, with plenty of opportunities to discuss what you’ve studied, in order to make fresh discoveries and form new ideas....
At FutureLearn, we want to inspire learning for life. We offer a diverse selection of free, high quality online courses from some of the world’s leading universities and other outstanding cultural institutions. Our aim is to connect learners from all over the globe with high quality educators, and with each other. We believe learning should be an enjoyable, social experience, with plenty of opportunities to discuss what you’ve studied, in order to make fresh discoveries and form new ideas. Courses are delivered one step at a time, and are accessible on mobile, tablet and desktop, so you can fit learning around your life, rather than your life around learning. We are a private company wholly owned by The Open University, with the benefit of over 40 years of their experience in distance learning and online education. Our partners include over 20 of the best UK and international universities, as well as institutions with a huge archive of cultural and educational material, including the British Council, the British Library, and the British Museum.

Provider Subject Specialization
Humanities
Sciences & Technology
126 reviews

Course Description

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How do airlines, hotels, resorts and other organisations manage their prices? Why are these prices apparently unrelated to costs and different for each consumer? And what is the underlying logic and strategy behind these prices?

Open the black box of pricing strategy and revenue management

This free online course will open the black box of revenue management – the widespread pricing strategy that the travel, leisure and other industries use to generate additional revenue, by setting prices according to people’s preferences and willingness to pay.

You will explore the methods at the core of many revenue management systems, discovering the answers to questions such as:

  • Do all customers have the same sensitivity to price?
  • How can a firm use its knowledge on demand, to charge different people different prices for the same product?
  • Why do the prices vary over time?
  • How can a firm slightly differentiate its product in ord...

##

How do airlines, hotels, resorts and other organisations manage their prices? Why are these prices apparently unrelated to costs and different for each consumer? And what is the underlying logic and strategy behind these prices?

Open the black box of pricing strategy and revenue management

This free online course will open the black box of revenue management – the widespread pricing strategy that the travel, leisure and other industries use to generate additional revenue, by setting prices according to people’s preferences and willingness to pay.

You will explore the methods at the core of many revenue management systems, discovering the answers to questions such as:

  • Do all customers have the same sensitivity to price?
  • How can a firm use its knowledge on demand, to charge different people different prices for the same product?
  • Why do the prices vary over time?
  • How can a firm slightly differentiate its product in order to charge widely different prices to different people?
  • How can you define the right set of prices to increase the firm’s profit?
  • What is the outcome for the individual consumer? And for consumers as a whole?

Step into a pricer’s shoes and set your own pricing strategy

Throughout the course you will practice what you learn through practical pricing problems, pricing simulation games and interactive case studies. For example, you will step into the shoes of a pricer and set an airline’s pricing strategy over a period of time.

By the end of the course, you will be able to:

  • Demonstrate your knowledge and understanding of pricing strategies;
  • Compare and evaluate different pricing schemes in different sectors of industry;
  • Design a pricing framework in a real-life revenue optimisation situation;
  • Implement revenue management in your business, and experiment with price setting and capacity allocation.

Learn with revenue management specialists from aviation and other industries

The course has been developed by ENAC (Ecole Nationale de l’Aviation Civile) – a university specialising in the economics and strategy of the aviation industry, where revenue management originated.

Throughout, ENAC educators will also be joined by experts from other sectors that are successfully using revenue management techniques, giving you a variety of perspective and experiences.

This course is designed for professionals and students who want to learn more about pricing strategy and revenue management techniques. You could be working (or preparing to work) in an industry where these practices are already common – such as a travel, rental, hospitality or leisure business – or in a sector where they are emerging – such as at a mobile app developer or an e-commerce retailer.

The course is open to anyone, so may also interest consumers who are keen to understand why prices vary and how revenue management – which gives discounts to many and high prices to a few – works in many areas of their everyday life.

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