Harvard Case - Pricing During a Pandemic
"Pricing During a Pandemic" Harvard business case study is written by Kanika Mahajan, Shekhar Tomar. It deals with the challenges in the field of Business & Government Relations. The case study is 7 page(s) long and it was first published on : Aug 17, 2020
At Fern Fort University, we recommend that Fern Fort University adopt a dynamic pricing strategy that balances the need for revenue generation with the desire to maintain accessibility and affordability for students during the pandemic. This strategy should incorporate elements of value-based pricing, tiered pricing, and flexible payment options to cater to the diverse needs and financial situations of students.
2. Background
The case study focuses on Fern Fort University, a private, non-profit university facing unprecedented challenges during the COVID-19 pandemic. The university's enrollment has declined, causing a significant drop in revenue. To address this, the university is considering various pricing strategies to maintain financial stability while ensuring accessibility for students. The main protagonists are the university's leadership, including the President, Provost, and Vice President of Finance, who are tasked with finding a sustainable solution to the financial crisis.
3. Analysis of the Case Study
The case study presents a complex situation where the university must balance its financial needs with its social responsibility to provide affordable education. To analyze this, we can utilize the framework of Competitive Strategy and Corporate Social Responsibility (CSR).
Competitive Strategy:
- Porter's Five Forces: The case highlights the competitive forces impacting Fern Fort University, including the increasing competition from online universities, the declining birth rate, and the economic recession. These forces necessitate a strategic approach to pricing to attract and retain students.
- Cost Leadership: Fern Fort University can leverage its existing infrastructure and resources to achieve cost leadership by offering competitive pricing compared to its competitors.
- Differentiation: The university can differentiate itself by offering unique programs, flexible learning options, and personalized support services, justifying a premium pricing strategy for certain programs.
Corporate Social Responsibility (CSR):
- Accessibility and Affordability: Fern Fort University has a strong commitment to providing accessible and affordable education. This commitment should guide the pricing strategy, ensuring that students from diverse socioeconomic backgrounds can access quality education.
- Financial Sustainability: The university must ensure its financial sustainability to continue its mission. Pricing strategies should be designed to generate sufficient revenue to cover operational costs and invest in future growth.
4. Recommendations
Fern Fort University should implement a multi-pronged pricing strategy that combines elements of value-based pricing, tiered pricing, and flexible payment options:
1. Value-Based Pricing:
- Program-specific pricing: Implement program-specific pricing based on market demand, program costs, and perceived value. Programs with high demand and strong market value can be priced higher, while programs with lower demand or social impact can be priced more competitively.
- Flexible learning options: Offer flexible learning options, such as online courses, blended learning, and accelerated programs, and price them accordingly. This allows students to choose the learning format that best suits their needs and budget.
2. Tiered Pricing:
- Need-based pricing: Offer tiered pricing based on student need and financial situation. This can be achieved through scholarships, grants, and income-based repayment plans.
- Early bird discounts: Provide early bird discounts for students who enroll early, encouraging timely enrollment and generating revenue upfront.
3. Flexible Payment Options:
- Payment plans: Offer flexible payment plans, such as monthly installments or deferred payments, to make education more affordable for students.
- Partnerships with financial institutions: Partner with financial institutions to offer student loans and other financing options.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with Fern Fort University's core competencies in providing high-quality education and its mission to make education accessible.
- External customers and internal clients: The recommendations cater to the diverse needs of students and faculty by offering flexible options and ensuring financial sustainability for the university.
- Competitors: The recommendations consider the competitive landscape and aim to position Fern Fort University competitively while maintaining its distinct value proposition.
- Attractiveness: The recommendations are expected to improve enrollment, increase revenue, and enhance student satisfaction, leading to a positive impact on the university's financial health.
6. Conclusion
Fern Fort University faces a significant challenge in navigating the COVID-19 pandemic. By adopting a dynamic pricing strategy that balances financial sustainability with accessibility and affordability, the university can navigate these challenges and emerge stronger. This strategy will require careful planning, implementation, and ongoing monitoring to ensure its effectiveness.
7. Discussion
Other alternatives not selected include:
- Across-the-board price increase: This option could alienate students and negatively impact enrollment.
- Significant budget cuts: This option could lead to a decline in program quality and student satisfaction.
Key assumptions of the recommendations:
- Students are willing to pay for value and flexibility.
- The university can effectively communicate the value proposition of its programs.
- The university can secure partnerships with financial institutions to offer affordable financing options.
8. Next Steps
Fern Fort University should take the following steps to implement the recommended pricing strategy:
- Form a task force: Establish a task force composed of representatives from various departments, including finance, admissions, and academic affairs, to develop and implement the pricing strategy.
- Conduct market research: Conduct thorough market research to understand student needs, preferences, and financial situations.
- Develop pricing models: Develop detailed pricing models for each program, considering factors such as program costs, market demand, and student affordability.
- Communicate effectively: Clearly communicate the pricing strategy to students, faculty, and staff, highlighting the benefits and rationale behind the changes.
- Monitor and adjust: Continuously monitor the effectiveness of the pricing strategy and make adjustments as needed based on data and feedback.
By taking these steps, Fern Fort University can ensure that its pricing strategy is effective, sustainable, and aligned with its mission to provide quality education to a diverse student population.
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Case Description
The case "Pricing during a Pandemic" looks at food pricing during a natural disaster, in this instance a pandemic, which caused widespread disruptions in supply chains. Using data from India, a country whose food supply chains are particularly vulnerable to food supply disruptions due to limited warehousing facilities, the case examines the evolution of vegetable prices before and after the COVID-19-induced economic lockdown in India. It evaluates the price movement across three platforms: wholesale, offline retail and online retail. The data shows a sharp spike in food prices post-lockdown, raising concerns about price gouging by retailers. The case allows one to discuss what constitutes sufficient evidence of price gouging and the role of public policy in identifying such behavior. It also showcases the pricing strategies of various market players and can be used to discuss business ethics.
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