Pricing Strategy and Revenue Management

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.

Course Objectives:

By the end of the Pricing Strategy & Revenue Management Training Course, participants 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 Outlines:

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

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

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 overbooking

 Inventory allocation and capacity control

• The basics of inventory allocation
• Expected marginal revenue
• Nested reservation system
• Protected level vs. booking limit
• Group management

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