Marketplace Simulations: Pricing

The Pricing Bundle is best suited for any marketing, entrepreneurship, and management class where students are concerned with applying the basic principles of pricing. The microsimulations in this bundle are also available individually.
Put your students in charge of pricing decisions for a coffee roasting business. This microsimulation bundle allows students to experiment with key pricing concepts in the context of a small business. It includes two interactive microsimulations: Fundamentals of Pricing and Price Elasticity in Practice. In the first microsimulation, students learn how price impacts profits and explore the relationships between price, demand, and costs. They are introduced to pricing surveys, demand curves, and economies of scale. The exercise culminates in a practical business challenge where students set the price for a new coffee variety that their business is about to launch. In the second microsimulation, students dive into the concept of price elasticity of demand and learn how to use it to make effective pricing adjustments. Using the price elasticity formula, they determine whether the price-demand relationship for specific products is elastic or inelastic. In the final challenge, students must adjust prices for several coffee varieties in response to a supply cost increase while aiming to maximize profits. The bite-sized format, quick delivery, and self-paced structure maximize students' focus, engagement, and knowledge retention.
Marketplace microsimulations are versatile and can be scheduled to align with relevant topics as they are introduced throughout the course. They can be used in a flipped classroom model as self-study prior to a class session, or in class to prompt rich discussion.
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