PriceWize: an Exploration of Pricing


Page 263 - Developments in Business Simulation and Experiential Learning, volume 42, 2015 

 

ABSTRACT 

 
For budding entrepreneurs, small and medium sized business 

leaders and marketing executives from larger companies setting 

prices is perhaps their most crucial and difficult task. It is not a 

matter of knowing relevant costs and adding a margin. It re-

quires an understanding of how customers differ in terms of 

needs, wants, values and the ability to pay. It requires an under-

standing of the factors that influence customer's sensitivity to 

price and how you adjust value to optimize profitability. As im-

plied by the name, the PriceWize simulation is designed to help 

business people develop and hone their pricing ability, 

knowledge and skills in an interactive, practical and fun way -

help them set prices wisely. 

PriceWize is designed to be a major part of a one-day work-

shop. Following participation there is a detailed review to ex-

tend and advance learning about pricing. During the simulation 

participants move from Cost-Based Pricing to Value-Based 

Pricing and then on to changing value purposefully. 

As an ABSEL Game-Ready-to-Play time will constrain the full 

experiences but never-the-less will provide a challenging intro-

duction to the simulation and price setting. 

PRICEWIZE:  

AN EXPLORATION OF PRICING 

 
Jeremy J. S. B. Hall 

Hall Marketing 

jeremyhall@simulations.co.uk