This learning material is a six page handout summarizing basic pricing theories and tools. Much of the module's information is found within introductory marketing textbooks. However, the easy to understand manner in which it is presented, the overall format, and some specific content can offer instructors additional material. More specifically, it discusses conceptual pricing, price discrimination, consumer price awareness, cross-cultural pricing, odd/even pricing, attracting consumers to the price, reference pricing, estimating how much consumers are willing to pay and legal issues.
The primary goal is to introduce various pricing issues a marketer needs to make when conceptualizing pricing. Students will become more familiar with several pricing strategies and considerations. It is focused on providing a student, who has had little exposure to pricing theory, with a basic overview of pricing and its role in marketing. It could also serve as reference material to students who have been exposed to pricing theory, but feel the need for a brief refresher.
Target Student Population:
This material would be appropriate for use at all levels -- undergraduate,
graduate and executive. Within each of these levels, the primary target audience appears to be students who have not been exposed to any pricing theory. It would be most appropriate for the marketing survey course offered at each of these levels. However, it could be used as reference material for those students who have forgotten what they have studied in the past with respect to pricing.
Prerequisite Knowledge or Skills:
No prerequisite knowledge or skills are needed. In fact, a student with too much knowledge of marketing (especially pricing) would find this tool useless.
Type of Material:
The website offers a brief tutotial on several pricing issues. Multiple examples and several pricing strategies are offered.
This module could be used as either lecture notes or as supplemental material for a pricing chapter in a marketing course. It could also be used as reference material for those students needing a pricing refresher.
There are no techinal requirements associated with the use of this material.
Evaluation and Observation
The pricing information and clear method of delivery will be an asset to students. All of the information is useful and neccessary to introductory marketing students. The biggest advantage is the website's organization with a simple and straightforward method of delivery that most students should find very appealing.
Because introductory textbooks contain most of this material, the overall contribution as a supplement may be limited. The module could be updated with more current examples. If the goal is to use this in an electronic format, a visually appealing format with links to websites and other interesting pricing tools and exercises could be built into the handout.
Potential Effectiveness as a Teaching Tool
The module covers all of the basic pricing theory that a student should get from a marketing survey class. It is presented in a straightforward manner with appealing examples. As a result, any student should be able to understand the theories and tools presented.
The information contained, although shorter than the textbook chapter(s), is delivered in the same way of a textbook. The website would be a more effective contribution within the classroom if is was more interactive in its approach.
Ease of Use for Both Students and Faculty
Students and faculty should encounter no difficulty using this material. It presents very basic pricing theory and avoids the more complicated issues tied to economic theory with which marketing students usually struggle.
There are no major concerns about the ease of use. The concerns center more on the value of the tool.
Other Issues and Comments:
This is a nice summary of basic pricing theory. As long as a faculty member could avoid the redundancy issue outlined in the review, it could be a valuable overview for students.