24760 Pricing and Revenue Management

Subject level: Postgraduate

Handbook description

Pricing affects directly a firm's bottom line. It is through pricing that managers can affect revenues and profit. This subject builds the required knowledge and competencies so that managers can generate revenues through the development of profitable value-oriented pricing strategies and tactics.

Subject objectives/outcomes

On successful completion of this subject students should be able to:

1. implement practical solutions to complex pricing problems
2. apply pricing theories, frameworks and concepts to managerial decision contexts
3. apply analytical perspectives and decision tools, which underlie creative pricing
4. work more effectively in teams to develop interpersonal, leadership and communication skills
5. present more effectively in an informal and formal manner the findings of the group work components.

Contribution to graduate profile

Managers too often rely on heuristics when setting prices and stay away from rigorous analysis. Pricing, however, affects directly a firm's bottom-line. It is through pricing that managers can affect and maximise revenues and profit. This subject builds the required knowledge and competencies so that managers can generate revenues through the development of profitable value-oriented pricing strategies and tactics.

Teaching and learning strategies

The subject is based on dynamic and interactive lecture and workshop sessions. It is taught through a combination of lectures and workshops (i.e. tutorials). The lectures involve critical debate and in-depth case deliberations; and the workshops are built around in-class exercises, case discussions and presentations. These classes will be supplemented with both printed and electronic learning materials and resources. The UTS web-based communication tool (UTSOnline Course Information) will be used to share information and encourage interaction between staff and students. Students will also use appropriate computer software such as spreadsheets and word processors to complete assigned tasks.

Content

The subject will address the following topics:

• Price elasticity and demand estimations
• Consumer psychology, reference pricing and fairness
• Price discrimination and market segmentation
• Price customisation and yield management
• Pricing ethics

Assessment

Assessment item 1: Mid-semester Exam (Individual)

Assessment item 2: Project Report (Group)

Assessment item 3: Final Exam (Individual)

Indicative references

Readings including all the relevant information and background material needed for lectures will be provided.

Lecture slides

Lecture slides for the upcoming lecture can be downloaded every Friday at the latest. We do not send you all lecture slides at the beginning of the course as we adjust them from week to week according to your needs in order to best support your learning and progress throughout the semester.

Exercises and case studies for workshops

Exercises and case studies for the upcoming workshop can be downloaded every Friday at the latest. We do not send you all exercises and case studies at the beginning of the course as we adjust them from week to week according to your needs in order to best support your learning and progress throughout the semester.