What you'll learn:
- Having a deeper understanding of elasticity, one of the key metrics of pricing
- Quantitative analysis and qualitative factors that influence price elasticity
- Business aspect of price elasticity considering pricing decisions, total revenue, cost and tax incidence
- Business strategies related with pricing decisions to maximize revenue related with elastic and inelastic demand
Economics Price Elasticity Shaping Market Dynamics:
How Changes in Prices Influence Market Behavior Through Demand, Supply and Decision-Making.
Dive into the world where economics meets business strategy! Understand how elasticity influences the market forces of demand and supply and the crucial business decisions around pricing, revenue, sales forcasting, market share and more.
Discover how companies determine their price points and how policymakers set taxes on products or services. From micro to macro economics settings, elasticity is the key concept that governs these decisions.
WHAT YOU'LL LEARN
This comprehensive online course will guide you through the entire elasticity spectrum, from its role in economics to its impact on business strategies. We break down the concept of elasticity into three crucial chapters:
Price Elasticity of Demand: Understand what Price Elasticity of Demand (PED) is, learn to calculate PED using two formulas, and explore the factors that affect PED and other demand elasticities.
Price Elasticity of Supply: Discover what Price Elasticity of Supply (PES) is, learn to calculate PES using two formulas, and investigate the factors that impact PES.
The Business Aspect of Price Elasticity: Delve into why businesses need to understand their products' or services' elasticity. Learn how Price Elasticity aids in sales forecasting, pricing, and non-pricing strategies. Understand the relationship between elasticity, total revenue, cost, tax incidence, and explore the business aspect of other price elasticities. You'll also get insights into the common mistakes managers make with price elasticity.
Case Studies: Get access to articles and short case analyses on elasticity of various products and services.
As a bonus, we've included a comprehensive PDF notes document summarizing all the key points discussed in the course, alongside relevant articles.
IMPORTANT NOTE
While this course provides comprehensive insights into elasticity, it is not a complete course on pricing. It focuses on elasticity—one of the most critical and often misunderstood metrics of pricing decisions.
Why Learn From Me?
With 15 years of experience in the business world, including managerial positions in multinational companies, as a business owner, lecturer, and consultant, I bring first-hand experience in pricing decisions and economic analysis of price elasticity in tech-related industries. My courses are consistently highly rated by students for their engaging nature and ability to simplify complex concepts. I look forward to welcoming you to this group of satisfied students as we delve into one of the fundamental metrics for pricing.
Who is the target audience for this course?
Anyone involved in selling—whether it's products or services, online or offline—marketing consulting, strategy, management will find this course invaluable. If you want to understand both the quantitative and qualitative factors of your product's or service's elasticity and how to maximize your total revenue using this crucial metric, this course is for you.
Enroll now and empower your business and career with a deep understanding of elasticity!
