Pricing of Products and Services in European and Asian Markets

Pricing is the only ‘P’ of marketing mix that generates revenue for the organization, rest three (product/promotion/place) incur cost. Every product or service (Business/law oriented and others) when introduced into the market has to have certain price tag associated with it. Setting up that price is one of the most critical business decisions. Ironically, companies do not price well. They undercharge one segment of customers and overcharge other segment of customers, thus leaving a lot of consumer surplus. The purpose of course titled “Pricing of Products and Services in European Markets” is to accustom students with scientific tools and techniques so as to help them price products/services effectively and realise better profits in the European markets.

The course was accredited according to the relevant procedures at JGU as a cross-curricular elective course and was piloted with 5 students.

Learning Objectives Learning Outcomes Envisaged teaching methods and techniques

Pricing has its roots both in economics and marketing. The course titled “Pricing of Products and Services in European and Asian Markets” is predominantly grounded from the marketing domain, thus giving it distinction from the learning objectives taught in economics class. The course would expose students to key pricing strategies and tactics, the challenges associated with all and further ways to counter it. The course would expose students to understand the vital “dynamic component” associated with pricing. All the participants intending to join some corporate businesses, launching their own products/brands/ floating own business/law oriented services would get exposed to several key theoretical concepts whose real time applicability would offer distinct price advantage. Achieving price advantage would leverage the situation of increased revenue for business or law forms. Therefore, the course would also allow students to understand certain challenges linked with revenue management and strategies to handle it.

Students would be able to understand
• Understand potential strategies for pricing of products and services in European and Asian markets
• Introduction to performance based price structures relevant for European and Asian markets
• Concepts of Price metrics and price fences relevant for European and Asian markets
• Achieving Price Excellence in European and Asian markets
• Competing pricing strategies for European and Asian markets
• Various pricing techniques (Cost based pricing, value based pricing and others)
• Ethics in pricing
• Value creation
• Price and value communication
• Impact of pricing on European and Asian consumer psychology
• Revenue/Yield Management

Learning and knowledge production of any kind is a collaborative process. Collaboration demands an ethical responsibility to acknowledge who we have learnt from, what we have learned, and how reading and learning from others have helped us shape our own ideas.
• Lectures
• Class discussions
• Case Study Analysis
• Project work