Marketing Pricing Strategy | The P most marketers don't own

Module length: 1 hr 34 mins

Readings: 4

Study time: 2 hrs 30 mins

There are few more powerful levers in marketing than price. It is also, staggeringly, the one that most marketers are shut out of. In many organisations, pricing sits in finance, in sales or nowhere in particular. The marketing team is often never consulted and that, as Mark Ritson puts it, is a tragedy.

Price is the lever that drives profitability. Without understanding customer value perceptions and without proper price research, good pricing strategy in marketing is impossible. And once a price is set, how you frame it, how you communicate it and how you market it is almost as important as the number itself.

Module 8 gives marketers the knowledge and the confidence to claim pricing as their own. From behavioural economics in marketing to value-based price setting, this module covers everything you need to make pricing decisions – and make them well.

What you’ll learn

Why price is the most important P for profitability, and why marketers must be involved in marketing pricing strategy rather than leaving it to finance or sales
How to conduct a research methodology into price: understanding customer value perceptions before a price is ever set
The principles a of value-based pricing strategy and how to move beyond ‘cost-plus’ thinking to pricing that reflects what customers actually value
How behavioural economics in pricing shapes the way customers perceive and respond to price – and how to use those insights ethically and effectively
How price psychology and price framing work: why how you present a price is almost as important as the price itself
How to connect pricing and profitability to set prices that drive sustainable commercial performance, not just short-term volume