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When building a product or service around price, what steps do you take first? Do you develop a product or service and launch a price in the ideation phase? Or do you research the value proposition and understand how customers acknowledge the value of the criteria that are relevant to the product, service or both while understanding the elasticity of demand of that very product or service?
The art of pricing requires a broad, outside-in strategic perspective, and value-based pricing requires a dual strategy. In this session, we will discuss how to approach pricing a new product or service. We will start with researching price and how to ask the “right questions” about what the customer is actually buying. We will review the best tools and pricing models to implement for understanding and defining the value of the new product of service. We will then discuss best practices for building products, services and solutions around price by understanding the utility of attributes and how they affect product and service acquisition.
Attendees Will Learn:
LEVEL 300 COURSE | B2B AND B2C THEMED
Michael Hurwich is the President of Strategic Pricing Management Group. He is a highly effective and energetic business leader with over 20 years of experience in strategy, pricing, marketing, mergers & acquisitions and new product development. He has worked with to major Fortune 500 and other companies helping with the development of pricing strategies, tactics, research and training.
Hurwich is a frequent lecturer in China, India, Singapore, Dubai, Malaysia, the United States, and Canada. He earned his MBA in Marketing and Finance from the Babson F.W. Olin Graduate School of Business.