This course shows how to increase revenues and profits by adjusting the prices offered to customers. It does so by addressing both the overall pricing strategy of a business and the many day-to-day pricing tactics that can be employed within that overall strategy. Examples of revenue management tactics are bundling and unbundling, dynamic pricing, overbooking, reference pricing, and special financing offers. The course goes on to describe rate fences and other tools to keep discount offers away from full-price customers, as well as revenue management complications and the long-term effects of these activities. In total, the course presents the user with a multitude of options to consider for enhancing the financial performance of a business.
Upon successful completion of this course, participants will be able to:
- Recognize the different types of strategic pricing options and their characteristics.
- Note the advantages and disadvantages of contribution margin pricing.
- Cite the different types of incremental costs associated with revenue management.
- Recognize the situations in which coupons and other promotions are most effective.
- Note the circumstances under which pricing adjustments can increase revenues.
- Note the situations in which bundling and unbundling can be favorable revenue management tools.
- Recognize the purposes to which markdown management software can be put.
- Note the different types of revenue management activities used by airlines, hotels, and restaurants.
- Understand how price positioning can skew the purchasing decisions of customers.
- Recognize reference prices and their impact on the shopping decisions of customers.
- Note how profits can be increased by using volume purchase discounts.
- Recognize the tools used to restrict the volume of sales at certain price points.
- Cite the types of revenue boosts that are linked to high levels of customer satisfaction.
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