Event

At the Pricing lecture, students learn about current research and best practices in price management. Delivered in workshop format, the lecture has three key elements:

1. "Behavioral Pricing" workshop
   In this part of the course, central concepts and findings from behavioral pricing research (e.g. price information processing, reference prices, price fairness and mental accounting) are presented and discussed on the basis of important behavioral theories (e.g. prospect theory and information economics). After a brief introduction to experimental research, participants will then conduct their own small experimental study in the form of group work on a hypothesis they have developed on pricing behavior, analyze the data, and present it.
   
   
2. "Pricing Excellence" workshop
   In a theory section at the beginning of the course, students are taught theoretical principles of pricing. This includes an introduction to (1) pricing of product prices as well as (2) pricing of net customer prices (development of discount systems). Furthermore, theoretical basics of price enforcement and price monitoring are discussed. This will be followed by a practical application of what has been learned by working on a case study in small groups with a concluding presentation.
   
   
3. "Price Negotiation" workshop
   After an introduction to key theories and concepts of negotiation, students prepare and then conduct a simulated price negotiation in small groups with guidance.

Learning Objectives:

Students...

• are familiar with central theories explaining behavioral phenomena regarding consumers dealing with prices
• are able to describe and explain central phenomena of behavioral science with regard to price behavior and derive implications from them
• can formulate their own hypotheses on price behavior and design, conduct and evaluate a suitable experimental study for this purpose
• learn theoretical basics of pricing behavior
• learn the theoretical basics of price enforcement and price monitoring
• apply the acquired knowledge in a practical case study
• know important conceptual basics on the subject of price negotiations
• can prepare and competently conduct price negotiations
• present the results of their group work in a concise and structured manner

All events will take place in presence with compulsory attendance at all dates.

Total time required for 4.5 credit points: approx. 135 hours

Attendance time: 30 hours

Self-study: 105 hours