Price Sensitivity and Pricing Decisions

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 have a measured, data-driven approach to pricing strategy geared toward positive revenue generation and sustained profitability for your operation.

Who Should Enroll in This Course?

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.

Enrollment

To register, contact an Enrollment Counselor at info@ecornell.com or 1-866-326-7635 (+1-607-330-3200 from outside the United States).

Certificate programs are eligible for eCornell Payment Plans. Discounts are available for military personnel, veterans, and Cornell University Alumni. eCornell programs are not eligible for financial aid or federal Pell Grants. Contact an enrollment counselor for more information.

Certificate Information

This course can be applied toward the following certificate:
 

• Advanced Hospitality Revenue Management: Pricing and Demand Strategies

Additional Information

Benefits to the Learner

Upon completion of this course you will be able to:

• 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.

Authoring Faculty

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

Sponsoring School

Cornell University's School of Hotel Administration

Total Learning Time

Approximately 6-12 hours over a 2-week period.