Chris Anderson is a professor at the Cornell Nolan School of Hotel Administration. Prior to his appointment in 2006, he was on the faculty at the Ivey School of Business in London, Ontario, Canada. Professor Anderson’s main research focus is on revenue management and service pricing. He actively works in the application and development of revenue management across numerous industry types, including hotels, airlines, and rental car and tour companies, as well as numerous consumer packaged goods and financial services firms. Professor Anderson’s research has been funded by numerous governmental agencies and industrial partners. He serves on the editorial board of the Journal of Revenue and Pricing Management and is the regional editor for the International Journal of Revenue Management. At the Nolan School of Hotel Administration, Professor Anderson teaches courses in revenue management and service operations management.
Price OptimizationCornell Course
Today's progressive businesses use technology to evaluate and set prices in almost every major market. This use of technology has quietly revolutionized the way we do pricing. Shoppers find that prices vary widely, from customer to customer and even from day to day, and businesses can target individual customer segments to maximize their profitability.
In this course, you will examine techniques for analyzing and setting prices. The first part of the course focuses on variable pricing, exploring how to create different prices for the same service or product and how to use segmentation, communication, and upgrading to capitalize on those prices. The second part of the course examines dynamic pricing, or how prices evolve over time.
You will complete a project designed to evaluate the variable and dynamic pricing strategies of your firm or another hospitality-related firm. Over the duration of the course, you will monitor and record prices at a firm of your choosing. Toward the end of the course, you will analyze and report on the data.
You are required to have completed the following courses or have equivalent experience before taking this course:
- Price and Inventory Controls
- Price Sensitivity and Pricing Decisions
Key Course Takeaways
- Leverage variable pricing for different customer segments
- Apply dynamic pricing and price optimization
How It Works
Who Should Enroll
- General managers
- Revenue managers
- Marketing managers
- Hospitality professionals responsible for financial performance