Changes in consumer behavior have rendered traditional pricing strategies sub-optimal in today’s market. Forward-thinking companies are leveraging new analytical tools, technologies, and the latest in behavioral research to implement a value-based pricing approach. If your organization hasn't implemented this type of pricing strategy, you may be leaving money on the table and surrendering significant amounts of value, both to your company and the customers you serve.

In this 5-day program, you'll learn The Chicago Booth Approach to pricing —a customer-centric, value-based, analytical approach to making decisions. You'll gain proven frameworks and incorporate multiple disciplines such as marketing, data science & AI, behavioral science, and microeconomics to increase profitable growth. You'll emerge from the program with a path to monetizing your organization's opportunities in a way that benefits customers, ultimately promoting competitive advantage and significant growth.

By attending, you will:

• Learn how to combine data with the latest analytical tools—potentially transforming your firm's profitability and ability to compete in the marketplace
• Determine which data and methods to use to make pricing decisions, and gain a deeper understanding of how pricing is intertwined with your business goals, customers, and market competition
• Learn how to launch new products at the right price
• Develop a customer-centric approach to pricing: aligning pricing with each consumer's perceived value and underlying willingness-to-pay
• Gain an understanding of how customers make purchasing and product valuation decisions by leveraging insights and research from the field of behavioral economics
• Acquire the frameworks to successfully implement a pricing strategy across your organization—even in companies with multiple brands or product lines.
   

WHY THIS PROGRAM?

This unique program combines a blend of faculty expertise, case studies, in-class exercises, a guest speaker, and networking opportunities with peers around the globe.

• The program's renowned faculty have routinely brought The Chicago Booth Approach to the field by running pricing experiments with companies such as Lyft and ZipRecruiter that have generated significant upside. You'll learn firsthand from the faculty's results working with top companies.
• Hear from a prominent guest speaker who will share their experiences with creating customer value in a highly regulated and constrained industry.
• Network with other executives transforming pricing strategy for their firms, and learn collaboratively with them through case studies, a simulation, and group discussion

• Mid- to senior- executives involved in pricing, monetization, and revenue management decisions; functional areas include Marketing, Finance, Product Management, Sales, RevOps, Business Development, Operations, Engineering, Analytics, Strategy, Data Science, and general management.
• Any industry — this program is applicable to a wide range of industries; case studies and examples in this program range from manufacturing, tech, and B2B to regulated industries, 2-sided marketplaces, and services.
  

Group Enrollment: This program is a good fit for groups of executives, as the course fosters a cross-functional approach to pricing and monetization.

Economic Value to the Consumer

• A framework to measure value and incorporate value into marketing decisions
• Monetizing customer value

Pricing Techniques

• Elasticity analysis, experimentation, conjoint analysis 
• Strategies in times of inflation
• Developing a customer-centric mindset
• Segmented pricing, personalized pricing, and product line pricing

Behavioral Economics — the psychology of customer purchasing decisions

• Customer attention/inattention to prices
• Price considerations of loss aversion
• Creating an ideal environment for purchases: choice architecture and nudging

Customer Lifetime Value 

• Customer capture and retention
• Channel pricing, nonlinear pricing and volume discounts
• System-based pricing strategies
  
  
  

note: curriculum subject to change