Harvard Case - Using Market Research to Assess Willingness to Pay for Pricing Decisions
"Using Market Research to Assess Willingness to Pay for Pricing Decisions" Harvard business case study is written by Kamel Jedidi, Robert J. Morais. It deals with the challenges in the field of Marketing. The case study is 18 page(s) long and it was first published on : Jul 25, 2023
At Fern Fort University, we recommend that Fern Fort University implement a comprehensive market research strategy to assess willingness to pay (WTP) for its online courses. This strategy should incorporate both quantitative and qualitative research methods, focusing on understanding the value proposition of Fern Fort University's offerings, identifying key customer segments, and analyzing competitive pricing strategies. This approach will enable Fern Fort University to develop a data-driven pricing strategy that maximizes revenue while ensuring customer satisfaction and market competitiveness.
2. Background
This case study focuses on Fern Fort University, a non-profit institution offering online courses in various disciplines. The university faces a challenge in determining the optimal pricing strategy for its courses, as it needs to balance revenue generation with its mission to provide accessible and affordable education. The case highlights the need for a robust market research approach to understand student willingness to pay and inform pricing decisions.
The main protagonists of the case study are the university's leadership, specifically the President and the Vice President of Academic Affairs, who are tasked with making critical decisions regarding pricing and revenue generation.
3. Analysis of the Case Study
To analyze the case, we can utilize several frameworks, including:
- Market Segmentation: Identify distinct groups of potential students based on factors like demographics, educational needs, learning preferences, and willingness to pay. This segmentation will help tailor marketing and pricing strategies to specific target markets.
- Brand Positioning: Analyze Fern Fort University's current brand positioning and identify how it aligns with the value proposition offered to students. This analysis will help determine if the university's brand resonates with its target audience and if its pricing strategy reflects its brand image.
- Consumer Behavior Analysis: Understand the factors influencing student decisions regarding online course selection and enrollment. This includes analyzing factors like perceived value, convenience, affordability, and brand reputation.
- Competitive Analysis: Analyze the pricing strategies and offerings of competing online education providers. This analysis will identify market trends, competitive advantages, and potential pricing benchmarks.
- Value Proposition Development: Clearly articulate the unique value proposition offered by Fern Fort University's online courses. This includes highlighting benefits like flexible learning options, quality instruction, and affordability.
- SWOT Analysis: Conduct a SWOT analysis to identify Fern Fort University's internal strengths and weaknesses, as well as external opportunities and threats. This analysis will help inform strategic decisions regarding pricing and market positioning.
4. Recommendations
Fern Fort University should implement the following recommendations:
- Conduct Comprehensive Market Research:
- Quantitative Research: Utilize surveys and data analysis to assess WTP across different student segments, analyze course demand, and identify price sensitivity.
- Qualitative Research: Employ focus groups, interviews, and online forums to understand student perceptions, preferences, and motivations regarding online education. This research will provide valuable insights into the perceived value of Fern Fort University's offerings.
- Develop a Data-Driven Pricing Strategy:
- Value-Based Pricing: Base pricing on the perceived value of Fern Fort University's courses, considering factors like quality of instruction, curriculum design, and student support services.
- Competitive Pricing: Analyze competitor pricing strategies to identify benchmarks and ensure price competitiveness.
- Dynamic Pricing: Consider implementing dynamic pricing models that adjust prices based on demand, seasonality, and student enrollment patterns.
- Implement Targeted Marketing Campaigns:
- Segmentation and Targeting: Develop targeted marketing campaigns tailored to specific student segments identified through market research.
- Value Proposition Communication: Clearly communicate the unique value proposition of Fern Fort University's courses to target audiences.
- Digital Marketing Strategies: Utilize digital marketing channels like search engine optimization (SEO), social media marketing, and online advertising to reach potential students.
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 mission to provide accessible and affordable education by leveraging market research to inform pricing decisions and ensure financial sustainability.
- External Customers and Internal Clients: The recommendations prioritize understanding student needs and preferences while also considering the needs of internal stakeholders, such as faculty and administrators.
- Competitors: The recommendations acknowledge the competitive landscape of online education and aim to ensure Fern Fort University's pricing strategy is competitive and attractive to students.
- Attractiveness ' Quantitative Measures: The recommendations emphasize data-driven decision making, utilizing quantitative measures like WTP analysis and market demand to inform pricing strategies.
- Assumptions: The recommendations rely on the assumption that student demand for online courses is responsive to pricing changes and that market research can effectively capture this responsiveness.
6. Conclusion
By implementing a comprehensive market research strategy and developing a data-driven pricing strategy, Fern Fort University can achieve its mission of providing accessible and affordable education while ensuring financial sustainability. This approach will enable the university to attract and retain students, enhance brand reputation, and remain competitive in the evolving landscape of online education.
7. Discussion
Alternative options not selected include:
- Cost-Plus Pricing: This approach would set prices based on the cost of delivering courses, which may not be optimal for maximizing revenue or attracting students.
- Price Skimming: This strategy would initially set high prices to capture early adopters, followed by price reductions over time. This approach may not be suitable for Fern Fort University's mission of affordability.
Key risks and assumptions associated with the recommended approach include:
- Accuracy of Market Research: The effectiveness of the recommendations relies on the accuracy and reliability of market research data.
- Student Demand Elasticity: The recommendations assume that student demand for online courses is responsive to pricing changes.
- Competitive Landscape: The recommendations assume that the competitive landscape of online education will remain relatively stable.
8. Next Steps
Fern Fort University should implement the following steps to execute the recommended strategy:
- Timeline:
- Month 1-3: Conduct market research and analyze findings.
- Month 4-6: Develop a data-driven pricing strategy and implement targeted marketing campaigns.
- Month 7-9: Monitor results and adjust pricing and marketing strategies as needed.
- Key Milestones:
- Completion of market research and data analysis.
- Development of a new pricing strategy.
- Launch of targeted marketing campaigns.
- Evaluation of the effectiveness of the new pricing and marketing strategies.
By taking these steps, Fern Fort University can effectively leverage market research to inform pricing decisions, enhance its market position, and achieve its mission of providing accessible and affordable education.
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Case Description
This white paper examines pricing strategy and methods to determine target customers' willingness to pay (WTP). It examines the role of qualitative research and quantitative research to identify market opportunities and to determine the price point that best matches the WTP. The note uses examples of different consumer products to demonstrate the pricing decision exercise.
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