Students steer a small coffee roasting business toward profitability as they apply basic pricing concepts. This interactive microlearning exercise lets students discover how price affects profits and explore the relationships between price, demand, and costs. They learn about pricing surveys, demand curves and economies of scale. The microsimulation culminates with a practical business challenge wherein the students step into the shoes of an owner of a small coffee roasting business and use the demand curve to set the price for a new product.
Fundamentals of Pricing is part of the Marketplace microsimulations ecosystem. The quick format, bite-sized delivery, and individualized pacing increase student focus, engagement, and knowledge retention. It can be used as self-study prior to a class session, such as in a flipped classroom model, or in class to prime a rich discussion.
This product was designed and developed to comply with WCAG 2.1 AA standards.
Marketplace Simulations: Fundamentals Of Pricing
Ernest R. Cadotte, Marketplace Simulations
Product #:M-1007001_P
Supplier:Marketplace Simulations
Discipline:Entrepreneurship, General Management, Marketing
Your Price:$20.84
Purchase this material with a free Educator Account and enjoy more benefits:
- Free Educator Copy
- Free Teaching Notes
- Build your coursepack
- Discounted academic price
Learning Objectives
- Discover the direct impact of price on profit
- Understand the demand curve (price response curve)
- Learn how to collect and use survey data to construct a demand curve for your products
- Explore the difference between fixed and variable costs
- Learn how to estimate costs for different production volumes and take advantage of economies of scale
- Practice using the demand curve and cost estimates to set a price that maximizes profit