In business, pricing decisions are one of the last to be made and often produce unsatisfactory results. This course will focus on understanding the importance of value when considering price, particularly value as seen from the customer’s perspective. While exploring various formulations for determining price, students will look at how real business decisions influence pricing, and work with local businesses to understand how they formulate pricing strategies.
- The various standard methods for establishing prices and the critiques of these methods
- The processes that organizations have for creating pricing strategies and frameworks
- Managing pricing strategy and tactics in volatile and dynamic markets
- The need to focus on customers’ needs and the value that they perceive in your product or service
Methods of Instruction
The course will involve a blend of lectures, discussions, videos, cases, on-line activities, and seminars. Presentations by students are an integral part of the course.
Means of Assessment
- Understand the role of pricing and its determination in business situations
- Explain the various methods that organizations use to determine prices
- Create a pricing strategy for a new as well as an existing product or service
- Understand the concept of ‘value-based pricing’ and ‘contextual’ pricing
- Explain the impact of discounting on an organization’s margins and profitability
- Understand the various responses available to manage competitive pricing pressure
- Explain the critical role that pricing determination plays in relation to the other three Ps of marketing
MARK 1120 (Introductory Marketing) or permission of the instructor
Course Guidelines for previous years are viewable by selecting the version desired. If you took this course and do not see a listing for the starting semester/year of the course, consider the previous version as the applicable version.
Below shows how this course and its credits transfer within the BC transfer system.
A course is considered university-transferable (UT) if it transfers to at least one of the five research universities in British Columbia: University of British Columbia; University of British Columbia-Okanagan; Simon Fraser University; University of Victoria; and the University of Northern British Columbia.
For more information on transfer visit the BC Transfer Guide and BCCAT websites.
If your course prerequisites indicate that you need an assessment, please see our Assessment page for more information.