| THE ART OF PRICING |
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Wednesday, 07 July 2010 |
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Efficient Lever to Higher Margins
In combination with ESOMAR Summer Workshop Academy 2010
Workshop overview
Price optimisation is the most efficient lever to maximize profits. If Fortune 500 companies would have been able to realise an additional 1% price increase in 2006, their profit would have been boosted by 15%.
At the same time, studies have shown that managers regard pricing decisions as their most difficult task. And finally, it is the only area in market research where respondents have an inherent motivation to systematically distort their answers.
All three aspects make price research the most interesting but also the most difficult area in market research. This issue is pronounced by the fact that classical price research tools build on the assumption that consumers behave like the famous “homo oeconomicus” - perfectly informed, emotionally balanced and rational decision makers.
This assumption is contradicted by a broad swathe of empirical findings. This inhibits us from defining smarter pricing strategies which are able to leverage the frugal heuristics and systematic biases of the decisions “real” consumers are making.
As a participant of our workshop you can expect to:
* Get an overview of recent research insights on human decision making that are helpful for deriving more successful pricing strategies
* Discover a conceptual framework that could be the basis for future work in the area of pricing
* Understand the pro’s and con’s of pricing tools like PSM or Conjoint Analyses
* Learn how to modify and complement these methods to avoid risks and pitfalls
* Discuss best practices in price research form a multitude of industries
* Get a clear perspective on how to maximise the outcome of your own pricing research
Level
Advanced
The workshop is designed to address the issues of the management team, marketing, market research, and product managers.
You should have a good working knowledge of pricing tools and be comfortable with traditional statistics.
Register Here |
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Location: Amsterdam, Netherlands |
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