UTS Pricing students conquer the challenge
Huge congratulations to the students from the UTS Pricing & Revenue Management subject from the UTS Business School’s Marketing Discipline Group, who recently presented their recommendations to clients Parkinson’s NSW and Tranby National Indigenous Adult Education and Training.
The Parkinson’s NSW UTS Pricing teams took on the challenge and delivered fair and practical pricing strategies for a new exercise program.
The students provided valuable research and insights backed by pricing theory which they had learnt throughout the semester. The pricing recommendations provided by the students were well thought out and highly implementable.
Parkinson’s NSW is a not-for-profit organisation and the pricing project provides them with confidence to set their pricing to ensure that their new exercise program is a success and beneficial for people living with Parkinson’s, their families, carers, and trainers. The UTS Pricing students worked extremely hard on the project and their efforts have paid off with embedded pricing knowledge for themselves, and a practical pricing plan for their client.
UTS Pricing teams also presented pricing strategies for two important projects for Tranby National Indigenous Adult Education & Training.
They were tasked with developing a pricing strategy for a new indigenous cultural competency course for government and corporations, and also pricing for an indigenous business hub to help develop indigenous enterprises.
There were some outstanding and highly implementable recommendations based on the student’s research and analysis, which will help form the foundations for growth for Australia’s oldest not-for-profit independent indigenous education provider.
The students benefitted from not only working on a real project, but also learning more about indigenous culture, which will be a treasured memory for all involved. The professionalism of the UTS students was evident in all facets of the project, and only enhanced further the strong reputation of UTS Pricing.
The project process is quite unique as students are learning pricing theory throughout the semester and at the same time, applying that knowledge to a real project.
We have now completed five years of real-life pricing projects, and the subject has built a solid reputation for providing outstanding pricing outcomes for many organisations. Some of the pricing projects past beneficiaries include: Museums and Galleries NSW (M&G NSW), WEFTshop, Information & Cultural Exchange (ICE), Youth Action, Alfalfa House, Broadway Food Co-operative, Chinese Australian Millennial Project (Camp), Monkey Baa, Studio A, Life Interwoven, Accessible Arts, and Arts Law.
Not-for-profit pricing projects are considerably more difficult compared with profit-based company projects, as the considerations are enormous and the resulting pricing outcomes affects the many stakeholders in a money-tight environment. If a student can master a not-for-profit pricing project, they not only learn about the importance of applying their skills to assist the community, but also gives them the confidence to take on any future pricing challenge for any type of product or organisation. From the client’s point of view, they are provided with a workable pricing solution which in many cases would not be possible due to the general shortage of resources.
Congratulations again to the UTS’s 2018 Pricing class. You are joining a special list of students equipped with a practical and unique skillset which will help you stand out in your future endeavours.
The full original article can be found on LinkedIn.