30 hour Business Pricing Strategies Certificate

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About the course

One of the most difficult parts of starting up a business is deciding how much to charge consumers for your product or service. The challenge of this comes from the delicate process of avoiding business failure. To make money on a startup business, the owner must generate enough revenue to not only cover the costs of running the business but also to bring in a surplus, which is the business’s profit. No one starts a business to break even! Charging too much or too little causes the product or service to become uncompetitive in the market, and will likely determine whether or not the startup business will fail. Charge too much and the target market may seek out more cost-effective options. Charge too little and the business may not be able to net any profits from sales. Because of this, choosing an initial price point is a decision that plagues many starting business owners.

 

Course Modules:

Module 1: Considerations to Make When Pricing a Product
  • 1.1 Costs, Profits, and Pricing: How are they Connected?
  • 1.2 When to Should Set the Price Point
  • 1.3 When to Review the Price Point
  • 1.4 Value-Based Pricing
  • 1.5 The Relationship between Product and Price
Module 2: Pricing your Product
  • 2.1 Market Research for Products
  • 2.2 Cost-Plus Pricing
  • 2.3 Demand Pricing
  • 2.4 Markup Pricing
  • 2.5 Profit Margin and Future Planning
Module 3: Pricing your Service
  • 3.1 Market Research for Services
  • 3.2 Determining Hourly Rates
  • 3.3 Determining Contract Rates
  • 3.4 Perceived Value vs. Profit Margin
Module 4: Making Pricing Adjustments
  • 4.1 How to Analyze Sales Trends
  • 4.2 When to Make Adjustments to Price Points (and when not to)
  • 4.3 Promotions vs. Price Adjustments
  • 4.4 Increasing Price Graciously
Module 5: Continuing Practices for Price
  • 5.1 Ongoing Market Research
  • 5.2 Maintaining a Profit Analysis System
  • 5.3 Monitoring your Market’s Future

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