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Course Description

Pricing strategy is the central component in your overall profit performance. This online course prepares you to anticipate the impact certain pricing decisions will have on consumer demand and thrive in a highly competitive environment.

You'll learn to measure demand sensitivity to your price changes, measure the overall impact and even analyze and improve upon your competitors' strategies. See how pricing strategies in economic declines can bring volatility and bring about a "price war" situation, like that of the airline industry. This course also provides the tools to conduct a break-even analysis, which is used to determine a baseline volume and price that will generate positive revenue.

Closely aligned with the break-even analysis is the concept of price elasticity, which is the measurement of change in demand as it relates to a change in price. By measuring demand sensitivity, running a break-even analyses and forecasting price elasticity you'll be able to develop a measured, data-driven approach to pricing strategy geared toward positive revenue generation and sustained profitability for your operation.

You are required to have completed the following course or have equivalent experience before taking this course:

  • Price and Inventory Controls

Faculty Author

Chris K. Anderson, PhD, Associate Professor, Operations Management

Benefits to the Learner

  • Employ a strategic proactive approach in pricing decisions
  • Evaluate the effectiveness of price elasticity in pricing decisions
  • Estimate price sensitivity when formulating pricing strategies
  • Use mathematical modeling to analyze variable pricing strategies

 

Target Audience

This course is designed for general managers, revenue and finance managers, operations, sales, marketing and other hospitality professionals who are responsible for the financial performance of their organization. Professionals with at least 3 years of experience in their industry will see the greatest benefits. This course provides advanced instruction in revenue management and teaches the industry-critical skills and advanced techniques used by top performers the world over.
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Cornell University's School of Hotel Administration
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