Pricing

Focus:

Marketing, business management, finance, Entrepreneurship.

Used in:

Applied in academic programs related to business and marketing that include graduation and post-graduation. professional development and training for roles requiring pricing decisions.

Case scenario:

In the simulation, the participant assumes the role of a pricing strategist for an airline, addressing the challenge of optimizing per-seat pricing and considering a new competitor in the industry. When making pricing decisions, the participant must consider cost, demand elasticity, and key factors like timing, in-flight services, promotions, and the consumer decision-making process regarding price sensitivity. The objective is to maximize profit at departure while effectively competing against the new entrant in the market.

Participant tasks:

To establish appropriate pricing at various times, the participant assesses the impact of different pricing methods on sales, evaluates how feature enhancements can boost demand, analyses how consumers react to price adjustments and strategically handles fixed and variable costs to enhance profitability.

Key learning areas:

Participants learn to determine service pricing, consider factors influencing sales, understand dynamic pricing principles, analyse consumer reactions to different offerings, and strategically handle costs in pricing decisions.

Key success factors:

Success in the simulation depends on participants' capability to adeptly set prices for diverse business services or products. This involves considering numerous factors and skilfully crafting and experimenting with offerings that align with consumer preferences and responses.

Expected outcome:

Participants will emerge with refined pricing expertise, possessing a strategic grasp of cost-based and dynamic pricing concepts. They will be prepared to apply this knowledge to real-world pricing challenges in business and marketing.

Adaptability:

The platform offers powerful user-level customization options where the educator can change the storyline, parameters, difficulty level, languages, and currency for different target groups and experience levels. The platform provides a tool where participants' feedback and assessments can be done by AI. In addition, the platform also has the capability of recording engagement, conducting quizzes, and a forum for doubt-solving.

Available languages:

English, Hindi, Tamil, Telugu, Kannada, Marathi, Bengali, Malayalam, Odia, Gujarati, Punjabi.

Focus:

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Participant tasks:

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Expected outcome:

Adaptability:

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