What you’ll learn
• What are the discount rates you should set to maximize revenue of your products?
• Optimizing prices with excel and python
• Customized pricing with python
• Customer analytics
• The different pricing strategies that you should implement for different products.
• The willingness to pay of customers
• How to fit the demand with the right response function
• How to differentiate products and pricing to different segments
• The concept of nesting in revenue management and how to apply it
• Retail
• Profit
• Data Science
• Python
Requirements
♦ Basic Knowledge of excel
♦ Motivation to increase revenue and profits.
Course Preview
Description
In the late seventies, airline ticket prices in the united states were regulated and almost fixed, we as customers did not have the luxury to opt for economy class or business class, only one class!! Back then American airlines were the leaders in the industry. But with deregulation new disruptors as People Express entered the scene with tickets so much cheaper than American Airlines. Customers migrated from American airlines to the economic People Express.
what happened next changed the way we think about prices from merely making a profit to a strategic weapon that boosts business profitability and enhances product availability.
American Airlines introduced segmentation and revenue management techniques on its ticket prices “yield management” to attract People Express Customers back and People Express eventually went out of business. oh, I forgot to mention that American airlines’ profit increased by 47% that year. And the rest was history.
This practice was then adopted by Ford for car rentals, Mariott hotels for room booking, NBC, and ABC for Ads placement to pretty much every business there is nowadays.
this course will take you on this exciting journey of understanding consumer behavior. how to set prices for your products to maximize revenue and enhance product availability. if you are running your own business, managing a product line, or even launching a new product or service, this course will come in handy to set you on the right path for success.
Not only this, Businesses now have hundreds of products and services if not thousands and we simply cannot optimize pricing for all of them with excel for example, that’s why the course introduces you also pricing and revenue management with Python. not to worry if it’s the first time for you with python, I show you how to do it step by step.
the course is full of lectures, concepts, codes, exercises, and spreadsheets. and we don’t present the code, we do the code with you, step by step, by the end of this course, you will be able to :
- The perishability of inventory
- The different pricing strategies
- The willingness to pay of customers
- how to fit the demand with the right response function
- Elasticity of products and how can we use them to set prices
- How to differentiate products and pricing to different segments
- The concept of nesting in revenue management and how to apply it
- Applying little wood’s rule and EMSR to set booking limits for different service offering
- Optimizing the prices for different product simultaneously
- Markdowns
- The basics of python, functions, and for loops
- Fitting demand with linear and logit functions
- Multi-product optimization
- Customized pricing.
The course is designed as experiential learning Modules, the first couple of modules are for understanding pricing followed by applications using optimization.Don’t worry if you don’t know python, there are is a python fundamental section in the course to get you up and running with python.
Who this course is for
• Marketing professionals
• Sales professionals
• Revenue managers
• Brand Managers
• Entrepreneurs
• Supply chain professionals
Student reviews
This course is very good, I really like how he explains the concepts, looking forward to continue it till the end. Highly recommended for folks who want to learn R from the beginning.
I am study Applied Statistic. This course contain all the important areas in statistics as well R language. I encourage everyone in this filed to add this course in your list. because it will be a massive key in your daily work as a practical skills
I thought I knew Supply Chain a bit, but Haytham is redefining the concept using R. His Supply Chain Data science course is a gem in the vast land of data science knowledge. His step-by-step approach and clear articulate style are remarkable. I sometimes wonder if taking his class alone would have been better than degrees in supply chain. This gentleman is a treasure: learn from him as much as you can because he packs a formidable set of skills delivered to you for nothing
Well, I haven’t completed the course yet, but from what i see, it has been great. As a supply chain student about to graduate, this course is tailor made for Analytics knowledge that we are ought to have in our Arsenal. Thank you for thinking of students when you made this course. 38 hours of course is completely worth it.
One of the best courses available on Supply Chain Analytics. Really liked the approach of explaining concepts in Excel first before implementing it in R.