LITE 2018 – Pricing Your Course Profitably and Strategically [Siobhain Murdoch]
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1. The document discusses strategies for pricing courses profitably and strategically, including identifying the product lifecycle stage, defining customer profiles, understanding costs, and setting prices based on competitors and desired profit margins. 2. It recommends depicting fixed and variable costs to determine the breakeven price per student and offers strategies like versioning, group pricing, and price discrimination. 3. The document stresses the importance of monitoring prices, customers, and the market to ensure the pricing strategy remains dynamic over time.
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LITE 2018 – Pricing Your Course Profitably and Strategically [Siobhain Murdoch]
- 1. Pricing Your Course Profitably and Strategically Administrate Siobhain Murdoch
- 2. Introductions Siobhain Murdoch Account Manager with Team Eagle
- 3. Agenda: • Making the right decision • Product Lifecyle • Depicting your costs • Versioning • Group Pricing • Profit • Keepan eye on prices, customers & market
- 4. Making the right decision Variable participant costs Important elements are key to making the rightdecision when it comes to pricing Competitors pricing Fixed course costs Variable participant costs
- 5. Making the right decision…stepsto follow 1. IdentifyProductPositioning in thelifecycle (maturity,growth,etc.) 2. Ensure youhave theideal customer profiledefined 3. Consolidatecompetitors’pricingpoints percourseforyourreview 4. Project yourcosts percourse andestablish a breakeven pointforeach course yourun 5. Mapyourpricingmethodologytocustomer groupsif applicable 6. Monitor,analyseanditerateto ensure yourpricingstrategyis alwaysdynamic
- 6. Product Life Cylce Pricing youcanrealisticallychargemayvary. Compareagainstsimilar coursetopicsin mature markets,differenttime ofthe year,in anothercity oroverseas.This will help when makingdecisions aboutwhatpricing is realisticandwhatfuture potentialexists
- 7. Depicting your costs Resources Instructors Students Materials Sales& Marketing Discounts
- 8. Here comesthe sciencebit – Concentrate… You’re running a course on 18th October at your training centre in a room which can fit 10 people FIXED COSTS + (VARIABLE COSTS X 10) = TOTAL COSTS Assuming 20% profit the average price at full capacity is: (TOTAL COST X 1.2)/10 = PRICE PER STUDENT
- 9. Versioning
- 10. Group Pricing Concessions (+65yrs, Students) Book 3+ Courses Group Bookings upto 25Attendees Group Bookings upto 50Attendees Price discrimination – delivering the product to both low price preference people and those who areprepared to paya premium
- 11. Profit Definean expectedprofit margin & workbackwards
- 12. Keep an eye on prices,customers & market
- 13. Wrap Up!
Editor's Notes
- In education, the words "achievement" and "progress" are often used interchangeably. However, their meanings are very different. Achievement is measured by students' performance at a single point in time and how well those students perform against a standard. Achievement has typically been measured by student's performance on state tests—how well students perform in relation to state standards and the "bar" established for proficiency. Districts', schools' and teachers' performance have been determined almost exclusively by the number of students who pass the state tests. Progress is measured by how much "gain" or "growth" students make over time (i.e., year-to-year, semester-to-semester, etc.). One way to think of academic progress is in terms of a child's growth chart. A growth chart shows a child's height at age two, three, etc. These data points can be plotted to display that child's physical growth over a specific period of time.
- In education, the words "achievement" and "progress" are often used interchangeably. However, their meanings are very different. Achievement is measured by students' performance at a single point in time and how well those students perform against a standard. Achievement has typically been measured by student's performance on state tests—how well students perform in relation to state standards and the "bar" established for proficiency. Districts', schools' and teachers' performance have been determined almost exclusively by the number of students who pass the state tests. Progress is measured by how much "gain" or "growth" students make over time (i.e., year-to-year, semester-to-semester, etc.). One way to think of academic progress is in terms of a child's growth chart. A growth chart shows a child's height at age two, three, etc. These data points can be plotted to display that child's physical growth over a specific period of time.
- In education, the words "achievement" and "progress" are often used interchangeably. However, their meanings are very different. Achievement is measured by students' performance at a single point in time and how well those students perform against a standard. Achievement has typically been measured by student's performance on state tests—how well students perform in relation to state standards and the "bar" established for proficiency. Districts', schools' and teachers' performance have been determined almost exclusively by the number of students who pass the state tests. Progress is measured by how much "gain" or "growth" students make over time (i.e., year-to-year, semester-to-semester, etc.). One way to think of academic progress is in terms of a child's growth chart. A growth chart shows a child's height at age two, three, etc. These data points can be plotted to display that child's physical growth over a specific period of time.
- In education, the words "achievement" and "progress" are often used interchangeably. However, their meanings are very different. Achievement is measured by students' performance at a single point in time and how well those students perform against a standard. Achievement has typically been measured by student's performance on state tests—how well students perform in relation to state standards and the "bar" established for proficiency. Districts', schools' and teachers' performance have been determined almost exclusively by the number of students who pass the state tests. Progress is measured by how much "gain" or "growth" students make over time (i.e., year-to-year, semester-to-semester, etc.). One way to think of academic progress is in terms of a child's growth chart. A growth chart shows a child's height at age two, three, etc. These data points can be plotted to display that child's physical growth over a specific period of time.
- In education, the words "achievement" and "progress" are often used interchangeably. However, their meanings are very different. Achievement is measured by students' performance at a single point in time and how well those students perform against a standard. Achievement has typically been measured by student's performance on state tests—how well students perform in relation to state standards and the "bar" established for proficiency. Districts', schools' and teachers' performance have been determined almost exclusively by the number of students who pass the state tests. Progress is measured by how much "gain" or "growth" students make over time (i.e., year-to-year, semester-to-semester, etc.). One way to think of academic progress is in terms of a child's growth chart. A growth chart shows a child's height at age two, three, etc. These data points can be plotted to display that child's physical growth over a specific period of time.