A good pricing strategy is critical for a business because it is directly connected to revenue. A good (or bad) pricing strategy affects five things:
1. Profit Margins
2. Sales Volume
3. Perceived Value
4. Market Share
5. Loss Leadership
To read about these five elements, click here.
Pricing strategy constitutes one of the four key elements of a marketer’s arsenal (referred famously as the “4Ps” as proposed by E. Jerome McCarthy). Price refers to not just the amount a customer pays for a product or a service but also determines the company’s profit and hence survival. Thus, marketers are under tremendous pressure to making key pricing strategy decisions for their organizations.
PriceRight simulation introduces participants to the fundamental concepts of pricing and the effects of pricing decisions on the competitive landscape and customer demand. In the simulation, the participant is appointed as the Pricing Director of a leading airline firm and is tasked with taking pricing decisions for the airline’s popular destinations. Additionally, the simulation is equipped with events and real-life situations that affect customer demand keeping the participants constantly on their toes thinking about their pricing decisions.
KNOLSKAPE’s award-winning simulations uses experiential learning and gamification to attract, grow and retain talent. Global Fortune 500 companies and Top-10 B-schools use KNOLSKAPE’s products and solutions for on-boarding, training, assessments, and talent engagement strategies.
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Published by: Hardik Chitroda in Blog