Programme

Morning

• Who and why do you participate?
• What’s wrong with classical price theory?
• Where, when and why do classical pricing tools lead to wrong conclusions?

Afternoon

• What are the key issues in your daily work?
• How to apply the new framework and how to modify classical tools for deriving smarter pricing strategies?

THE ART OF PRICING (NEW)

Efficient Lever to Higher Margins

LONDON / 2 MARCH 2009 In combination with Retail and Shopper 2009

Available soon

MONTREUX / 15 SEPTEMBER 2009 In combination with Congress 2009

Available soon

Workshop overview

Price optimisation is the most efficient lever to maximize profits. If Fortune 500 companies would have been able to realise an additional 1% price increase in 2006, their profit would have been boosted by 15%. At the same time, studies have shown that managers regard pricing decisions as their most difficult task. And finally, it is the only area in market research where respondents have an inherent motivation to systematically distort their answers.

All three aspects make price research the most interesting but also the most difficult area in market research. This issue is pronounced by the fact that classical price research tools build on the assumption that consumers behave like the famous “homo oeconomicus” - perfectly informed, emotionally balanced and rational decision makers. This assumption is contradicted by a broad swathe of empirical findings. This inhibits us from defining smarter pricing strategies which are able to leverage the frugal heuristics and systematic biases of the decisions “real” consumers are making.

As a participant of our workshop you can expect to:

• Get an overview of recent research insights on human decision making that are helpful for deriving more successful pricing strategies
• Discover a conceptual framework that could be the basis for future work in the area of pricing
• Understand the pro’s and con’s of pricing tools like PSM or Conjoint Analyses
• Learn how to modify and complement these methods to avoid risks and pitfalls
• Discuss best practices in price research form a multitude of industries
• Get a clear perspective on how to maximise the outcome of your own pricing research

Level

Advanced

The workshop is designed to address the issues of the management team, marketing, market research, and product managers.

You should have a good working knowledge of pricing tools and be comfortable with traditional statistics.

Workshop leader

Dr. Florian Bauer
President, Vocatus, Germany

Beate Waibel-Flanz
Consumer & Customer Research Manager Europe, Mars

ESOMAR reserves the right to alter or cancel, without prior notice, any of the arrangements relating directly or indirectly to a workshop, for any circumstances beyond ESOMAR’s reasonable control. ESOMAR will nor accept liability for any losses and/or damages participants may suffer on account of alteration or cancellation. Participants are advised to arrange adequate travel and health insurance.