Innovation has become a priority for the survival of business in the 21st century. Firms are pouring billions on innovation investments every year with the goal of creating differentiation and competitive advantage. Most of the time, however, they forget one critical elements in the innovation management process: the clear definition and measurement of customer value and the value capture through proper pricing strategy.
This online course is designed to review the position of the value and pricing management dimensions within the innovation process. The course covers five dimensions of this process: pricing orientation and price decisions are taken; measurement of economic value; pricing and value management in the Stage Gate process; pricing and value management in the Introduction Phase of product lifecycle; and, pricing of breakthrough innovations. This course intends to show that pricing and value management have a key role to play in the strategic innovation process in order to allow firms to capture the return for their investments. Pricing, value and innovation are elements of a dynamic and integrated systems that cannot be managed in parts.
Pricers will learn:
- The place of pricing in the overall innovation process.
- How to integrate and manage pricing and value management in the Stage Gate process
- How to manage pricing in the Introduction Phase of the Product/Service Lifecyle
- How to apply the basics of Economic Value Estimation (EVE®) for new products