The Brown Bag Series aims to inspire working professionals to develop a passion for lifelong learning. The Critical Core Skills Workshops (Apr – Jul 2021) are part of a 16-part series organised by HeadHunt in collaboration with the Lifelong Learning Institute and the Autonomous Universities in Singapore, to help Singaporeans learn new skills and gain competencies to level up your career.
During this session on 7 April 2021, Dr Liu Wenting from the SUSS School of Business will be sharing on the topic of Analytics-driven Pricing Strategy in Big Data Context.
Pricing strategy plays a critical role in gaining competitive advantage. Brands’ image and market position are largely reflected by price messages which directly link with consumers and build long term bond. Consumer-focused companies – be it online/offline retailers, hotels, restaurants or airlines – regard pricing as a key competency. In the era of big data, advanced analytics technology enables companies to better understand their consumers, who they are, what they like and at which price level they feel comfortable.
This session lays out the foundation by introducing how to leverage industry knowledge, big data richness and analytics capabilities to best support companies in their financial, marketing and branding goals. Topics cover pricing strategies, price sensitivity modeling, machine learning techniques and the potential business implications to address pressing interest of predictions, customer segmentation, suggestive selling, etc. Case study would be provided to help audience better understand the principles and practices in industry.