Monetization: Mastering the Journey from Customers to Cash (2235.YR.015225.1)

General information

Type:	OPT	Curs:	1	Period:	S semester
ECTS Credits:	3 ECTS

Teaching Staff:

Group	Teacher	Department	Language
Year 1	Marco Bertini	Marketing	ENG

No

No

INTRODUCTION

Many companies I know seem to take a "if you build it, they will pay? approach to business: listen closely to your target audience, develop smart solutions to its most pressing needs and wants, and success in the market is sure to follow. According to this mantra, the battle for customers and their spending is fought and won primarily?if not exclusively?with superior products and services.

Yet, it is not secret that great offerings often fail to reach their commercial potential. A tremendous amount of value is squandered every day in consumer and business markets alike, leaving even the most customer-centric business scrambling to meet financial targets and fund opportunities for future growth, or, increasingly, for social and environmental initiatives.

You will not hear me complain that business leaders are mistaken in their pursuit of customer intimacy, or that they are somehow taking this principle too far. I am after all an academic trained to think that all good things in business start and end with the market. To the contrary, the problem is that companies take their eyes off customers too soon.

What leaders often fail to appreciate is that turning products and services into dollars and cents is as much an exercise in understanding customers as is satisfying their needs and wants in the first place. It is a skill that does not "just happen,? and it is by no means the easy part of building a successful business.

This course, then, helps you master the challenge of "making money? from customers. Irrespective of the underlying objective, be it financial or otherwise, every company that wants to raise its game must first realize that it cannot improve its ability to earn from customers unless its decisions are guided by customers?what they value, why they value it, when and how they value it, and so on. While this premise may seem intuitive, companies surprisingly turn their backs on customers when it comes to getting paid, favoring instead an inside-out approach that prioritizes cost recovery and meeting a target return. They give up on customer centricity to keep things simple and out of a misguided sense of caution, but in doing so neglect that customers drive demand, and demand ultimately marks the commercial opportunity?or lack thereof?in a market.

FACULTY

I am professor of marketing at Esade and a senior advisor to the marketing, sales, and pricing practice at the Boston Consulting Group. I received my doctorate from Harvard Business School, and previously served on the faculty at London Business School and was a visiting professor at Harvard Business School.

I am co-author of the book The Ends Game: How Smart Companies Stop Selling Products and Start Delivering Value (MIT Press), which examines how modern technology stimulates accountability, prompting companies to succeed from the quality of the outcomes they deliver rather than the offerings they bring to market.

The remainder of my research, which for the most part lies at the interface of the economics and psychology of pricing decisions, appears in the leading journals for management science and practice including Harvard Business Review, MIT Sloan Management Review, Journal of Consumer Research, Journal of Marketing, Journal of Marketing Research, and Marketing Science.

My speaking and advisory work focuses on the challenge of designing and implementing revenue policies that not only drive organic growth, but also are socially and environmentally responsible. Recently, I was named to the Thinkers50 Radar, a shortlist of the scholars "most likely to shape the future of how organizations are managed and led.? Prior to this, I was nominated for the Business Professor of the Year Award, a global competition of the Economist Intelligence Unit, and recognized by the Marketing Science Institute as one of the most promising scholars in the field.

I am Italian but grew up in Australia and subsequently lived in the United States of America on two occasions, the United Kingdom, and now Spain. For more information about me and my work, please visit www.marcobertini.com.

The course pushes well beyond the economics of setting prices and the psychology of asking individuals or other companies to reach into their pockets and pay. While monetizing anything certainly involves an element of "running the numbers,? the class sessions prioritize developing the right mental model and intuitions over mastering specific techniques.

There are big questions we must ask ourselves, including:

- Given our commercial goals, how can we best capitalize on the value we deliver to customers? When it comes to monetization, is all value created equal?
- How can we judge the quality of our efforts to profit from customers? What is the right benchmark? And when is the right moment to start thinking about this challenge?
- What should we make money on? Is it sufficient to slap a price tag on the products and services we bring to market? Are there alternative models and metrics? How should we think about this question?
- Does the choice of who we make money from matter, or is all revenue ultimately created equal?
- What is the proper role of cost information when setting a price? In fact, which costs should we consider when thinking about prices?
- Can we trust market research on demand and willingness to pay? What is it telling us?
- How can we charge different prices to different customers? Is this always desirable?
- How do we adjust prices over time?to cater for inflation or other shocks in the market?without infuriating customers?
- Indeed, how do we grow the bottom line with jeopardizing our hard-earned brand equity? For example, can we discount our products and services without cheapening our image?
- Should our approach to monetization change if we sell through intermediaries?
- What does it take to be the price leader in a market? Is this something we want?
- How can we stand our ground against customers who stubbornly demand lower prices? What does it take to "sell value? effectively?
- Can we design smart interventions that not only help our business, but also improve societal and environmental outcomes?

1. SESSION 1: CUSTOMERS LOVE US¿ NOW WHAT? Required reading: ¿Pricing at Netflix¿ Since its launch in 1998 as ¿the Amazon.com of DVDs,¿ Netflix evolved from a DVD rental company to a video streaming platform and producer of original films and shows. As the company matured, it regularly increased prices and adjusted its product offerings while continuing to add subscribers. However, competition within the streaming market intensified starting in late 2019 with the launch of new services such as Disney+, Apple TV+, and HBO Max, challenging Netflix¿s position as the undisputed industry leader. Despite the heightened competition, some analysts and customer surveys suggested that Netflix had the opportunity to implement additional rate hikes. One took place in October 2020. Netflix must now decide whether to increase prices again, or whether it should consider a different pricing model altogether. Discussion questions: 1. Would you consider that Netflix has been successful at monetizing its service? Why? What are the key indicators that support your view? 2. Moving forward, what should be Netflix¿s priorities with respect to the way it ¿captures¿ value from its customers? 3. Netflix essentially pioneered the subscription model more than 20 years ago. Is it in need of an overhaul? If so, then what changes would you recommend? Recommended reading: ¿Managing the Right Tension¿ ¿Marketing Myopia¿ ¿Three Rules for Making a Company Great¿ ¿Unlocking Customer Advantage: A Primer¿

2. SESSION 2: HOW TO PRICE ABSOLUTELY ANYTHING Required reading: ¿Hometown Foods: Changing Price Amid Inflation¿ During the early part of the 2021 Covid-19 pandemic, Hometown Foods (HF), a large seller of flour-based products, thrived as consumers hoarded baked goods and took up baking to pass the time and find comfort. Then, amid growing shortages in commodities, a vaccine arrived, businesses began to re-open, and consumers benefited from federal relief aid. This perfect storm of high demand amid stock shortages generated the highest inflation in 13 years. Commodities accounting for a large percentage of its products, HF had to decide whether to increase prices and, if so, by how much. Although the industry norm was to wait for the leader in each category to move first, with escalating ingredient costs significantly reducing HF¿s margin and profit, lack of action could result in serious financial distress. A decision to move would entail several more decisions. Should HF price for cost or elasticity, employ component or blended pricing? Given pandemic-induced volatility, how should it prioritize quantitative relative to qualitative considerations? HF would also need to anticipate reactions from competitors and stakeholders including its sales force, retailers, and consumers as well as investors and lenders. Discussion questions: 1. Should HF increase its prices now or wait for the price leaders in each of its product categories to move first? 2. If/when it does so, by what percentages should it increase prices in its flour, cornmeal, and pancake mix categories? 3. If/when it does so, how best might it convince its sales force and retailers to implement the price increases? Should it employ component or blended pricing? 4. How, if at all, do the pandemic conditions influence your answers? Recommended reading: "Financial Analysis for Profit-Driven Pricing¿ ¿Pricing Policies to Protect Your Brand¿ ¿Talking to Your Customers About Prices¿ ¿When Cost-Plus Pricing Is a Good Idea¿ ¿When Losing Money Is Strategic¿and When It Isn¿t¿

3. SESSION 3: ASKING ABOUT VALUE AND PRICE Required preparation: Simon-Kucher and Partners online survey Required reading: ¿Evernote: Monetization Strategy¿ Within several years of its 2008 founding, Evernote was a darling of Silicon Valley. In 2011, it was Inc Magazine¿s ¿Company of the Year.¿ The company employed a ¿freemium¿ model, whereby a limited-functionality version of the product was available free of charge, which helped to boost the number of registered users to 150 million worldwide in 2015¿an increase of 50% over the last year. However, in its eight-year history to 2016 Evernote had not found a way to profitability. In fact, it was burning cash at the rate of $5 million per month and a ¿cash cliff¿ loomed, as additional capital raising opportunities were limited. What pricing and product line decisions could provide the much-needed boost in revenue? Discussion questions: 1. Why has Evernote not been able to find its way to profitability in eight years despite being the most popular note-taking application on the market? 2. Several well-known firms have successfully employed the ¿freemium¿ model (e.g., LinkedIn, DropBox, Spotify). Does freemium make sense for Evernote? Would a limited-time free trial of a fully functional Evernote product make more sense. 3. What do you learn from the consumer research Evernote undertook with Simon-Kucher and Partners? 4. On p. 7, Malcom says that he ¿had to consider whether he might best `take something away¿ from the free tier¿¿ Should he? 5. Evernote is ¿burning cash at the rate of $5 million per month¿ (p. 2). While not the subject of the case, it is undertaking cost saving measures as part of the program to achieve profitability, but also needs a boost on the revenue side. It is looking for a 20% boost in revenue in the near term. What would you recommend they do? 6. How would you announce your plan to (a) current users, (b) prospective users, and (c) trade press? What reaction do you expect from them? 7. What financial results do you expect from your plan and its implementation over the next year? Recommended reading: ¿A Step-by-Step Guide to Smart Business Experiments¿ ¿Conjoint Analysis: A Do It Yourself Guide¿ ¿Heuristic Price Theory¿ ¿Measuring Perceived Value and Price Sensitivity¿ ¿The Surprising Power of Online Experiments¿

4. SESSION 4: ONE PRICE DOESN¿T FIT ALL (1) Required reading: ¿The London 2012 Olympic Games¿ It¿s 2009 and Paul Williamson, Head of Ticketing, must finalize ticket prices for the 2012 London Olympic Games. Yet, there are many criteria to consider. First, given the importance of ticketing to the Games' bottom line, he has a strong incentive to maximize revenues. Second, because the entire world will be watching, he wants to maximize attendance - not just at the Opening Ceremony and swimming finals, which are easy sells, but also at events such as handball and table tennis, which are not. Third, he wants to fill seats with the right people - knowledgeable fans who add to the energy and atmosphere of the event. Finally, tickets had to be accessible not only to the world's elite but also to average Londoners, many of whom lived around the corner from the Olympic Park. Discussion questions: 1. What tradeoffs is Williamson facing as he thinks about ticket prices? Which considerations take priority? Why? Which considerations are less important? 2. What price point ensures that Williamson achieves both the revenue and sales targets? Is this amount reasonable? 3. What would you do if you were in Williamson¿s position? Specifically, how do the key constraints faced by Williamson translate into actual pricing decisions? 4. Thinking more broadly, what are the characteristics of a successful pricing plan or structure? Recommended reading: ¿Expand Your Pricing Paradigm¿ ¿Pricing to Create Shared Value¿ ¿The Good-Better-Best Approach to Pricing¿ ¿When Customers Help Set Prices¿

5. SESSION 5: ONE PRICE DOESN¿T FIT ALL (2) Required reading: ¿Joy4Home Brands: Pricing Matters¿ Joy4Home Brands, the maker of novel houseware items, was gearing up for its launch. The company would be introducing two lines: kitchenware products and storage containers. The initial go-to-market plan called for a direct to consumer (DTC) channel strategy. While Joy4Home had a handle on its customer acquisition efforts, it had yet to determine the DTC pricing for each line. Moreover, two additional opportunities had recently emerged. The first was a B2B opportunity involving a modified kitchenware line, and the second was a brick-and mortar wholesale proposal for larger storage containers. Molly Hines, Joy4Home¿s Chief Marketing Officer, had market research data and other information to help her determine the optimal pricing scheme for these various sales avenues. Recommendations were needed soon. Discussion questions: 1. How should Hines and her marketing team price Joy4Home¿s products across the four customer segments? Start with the assumption that Hines wants to maximize profit for Joy4Home. 2. How should the company price to independent food service providers? Is this B2B opportunity worth pursuing? 3. Finally, what wholesale price would you recommend for the retail opportunity? In general, does it make sense for Joy4Home to start working with intermediaries? Recommended reading: ¿Don¿t Let Big Data Bury Your Brand¿ ¿If Brands Are Built over Years, Why Are They¿?¿ ¿Should You Punish or Reward Current Customers?¿ ¿The Pitfalls of Pricing Algorithms¿ ¿Why Surge Prices Make Us So Mad¿

6. SESSION 6: IT TAKES THREE TO TANGO Required reading: ¿STARZPLAY: Shooting for the Stars¿ In mid-2021, Maaz Sheikh, cofounder and CEO of STARZPLAY, a Dubai-based subscription video on demand (SVOD) provider that catered to the Middle East and North Africa region, was wrestling with how to find the right balance between continued subscriber growth and profitability. Founded in 2015, the company was the first major SVOD player in the region providing high quality and affordable Hollywood content. STARZPLAY rapidly grew its subscriber base through a business model sensitive to the varied tastes and payment preferences of households in the region and was able to maintain leadership even after global players like Netflix and well-funded homegrown companies entered the market. At the time of the case, several U.S. major studios, including the likes of Disney, Paramount, and HBO, were in talks with local operators about potential partnerships. Sheikh needed to prepare an appealing proposal, knowing full well that other regional players were likely doing the same, and that these studios might decide to enter independently. He had to think carefully about the company¿s brand position, and its plans regarding content, pricing and payment options, and marketing spend in order to fuel continued growth while managing the increasing pressure from investors to drive the business toward profitability. Sheikh and his management team had big ambitions for STARZPLAY. What would be the plan that ensured the company continued to prosper despite the mounting competition? Discussion questions: 1. Competition seems to be heating up in the MENA market for subscription video on demand. How has this situation affected STARZPLAY? 2. What is STARZPLAY¿s competitive advantage? Is it likely to endure? 3. Sheikh and his team want STARZPLAY to continue adding subscribers, grow revenue, and secure profitability. Which of the different actions laid out in the case would you prioritize in order to meet these goals? Why? Which actions would you discourage? 4. What specific advice would you give Sheikh with respect to the negotiations with the major Hollywood studios? Recommended reading: ¿Competing Against Free¿ ¿How to Fight a Price War¿ ¿How to Stop Customers from Fixating on Price¿ ¿Price Wars and the Managers Who Fight Them¿ ¿Protecting Customers from Collusive Prices Due to AI¿

7. SESSION 7: FLOCCINAUCINIHILIPILIFICATION Required reading: ¿Value Selling at SKF Service (A): Tough Buyer Confronts Strategy¿ Faced with growing competition and commoditization of its core aftermarket business for industrial bearings, SKF develops a sales tool to document, measure, and guarantee its customers financial benefits from the use of its replacement products and related services. The strategy is based on justifying premium unit prices that lead to a lower total cost and an attractive return on investment for the customer. However, this strategy is not likely to impress Steelcorp, an important end user of bearings buying upwards of $12 million annually. A new procurement VP is asking suppliers of bearings, including SKF, to bid for the account via a reverse auction. SKF senior management is considering a response to Steelcorp¿s invitation, which is supported by the company¿s distributor but opposed by those inside the company who endorse value selling and pricing according to ¿total cost of ownership.¿ You are to resolve the dilemma: decide whether to participate in the auction or refuse and lose a significant order (and, likely, other orders in the future) during recessionary market conditions. Discussion questions: 1. What are the important trends in the bearings market and among end users? 2. Given these trends, what are the pressures on a company such as SKF? 3. What would you recommend to Knights with respect to Steelcorp¿s invitation to participate in the reverse auction? What are the important considerations for deciding whether SKF should participate? Recommended reading: ¿A New Approach to Contracts¿ ¿Customer Value Propositions in Business Markets¿ ¿Rethinking Negotiation¿ ¿The B2B Elements of Value¿ ¿The Elements of Value¿ ¿Three Ways to Sell Value in B2B Markets¿

8. SESSION 8: COMPETING ON CUSTOMER OUTCOMES Required reading: ¿HP Instant Ink: (Self) Disrupting the Consumer Printing Market¿ Seeking to disrupt the consumer printing market (before being disrupted by others), and in response to customer pain points, in 2013 HP launched an ink replenishment service called Instant Ink, where customers pay a monthly subscription fee based on the number of pages printed. Replenishment cartridges are automatically sent to the customer prior to running out of ink. The service had reached 7.5 million subscribers by mid-2020, and senior management now expected to scale it substantially. Several growth opportunities were being considered, including: targeting customers with printers enabled to be part of the service but who declined to join in the past, making Instant Ink the default option when buying a new printer, adjustments to the pricing tiers and other plan components, more extensive marketing efforts to generate awareness, geographical expansion, broadening the service to laser toners, attacking the remote work space, and thinking about ways to bundle additional elements such as paper and hardware (printers, computers, etc.). A concrete growth plan to make Instant Ink a multi-billion-dollar business was needed before the annual Wall Street analyst conference in the fall of 2020. Discussion questions: 1. Which of the potential avenues considered by management to grow Instant Ink do you find most compelling? How would you pursue it? 2. How should HP view the trade-off between maintaining the traditional (transactional) model for selling ink cartridges and shifting customers to Instant Ink subscriptions? Do you recommend that HP makes Instant Ink the default option for ink replenishment? Do you recommend making Instant Ink the only option? 3. Can Instant Ink help HP make printing relevant again? What else could HP do to achieve this objective? 4. Do you find the Instant Ink model appropriate for other industries? If yes, which one(s)? Would you make changes to the subscription criteria? Recommended reading: ¿Capture More Value¿ ¿Competing on Customer Outcomes¿ ¿Making `Freemium¿ Work¿ ¿New Threats to the Subscription Model¿ ¿What Is a Free Customer Worth?¿ ¿Why Student Financing Must Align with Outcomes¿

9. SESSION 9: PRICES, PRICING, AND OUR SOCIETY Required reading: ¿Project Maji: Pricing Water in Sub-Saharan Africa¿ In July 2021, Sunil Lalvani, founder and CEO of Project Maji, a non-profit social enterprise that had already provided sustainable, clean water solutions to 70,000 people living in rural communities across Ghana and Kenya, was facing an important decision. Traditionally, fees collected from community members covered the operating and maintenance costs of the solar-powered water kiosks, while donations paid the initial capital expenditure and setup costs as well as the organization¿s overhead expenses. Yet Lalvani needed a more scalable financing solution to reach a hefty goal: impacting 1 million lives by 2025. Serving larger, more affluent peri-urban communities was a viable alternative, as the additional revenue could be channeled to rural projects. Thus, Lalvani and his team worked on a pilot for three peri-urban sites and looked to Danone Communities, a venture capital fund that invested in social businesses, to provide a four-year loan at a fixed annual interest of 5%. The team mapped out a feasible system but debated what fees to charge residents for the water they took home. A low price meant that Project Maji would pay off the loan during the first four years, and only then start accumulating funds to support its activities in rural areas. This would delay scaling. Alternatively, a high price, possibly coupled with an offer to establish direct connections in more well-off households, would allow Project Maji to generate excess earned revenue from the get-go. However, the latter approach could raise questions of equitability and mission drift. All of this weighed on Lalvani as he pondered what price point(s) to include in the investment proposal. Discussion questions: 1. Lalvani and his colleagues are going back and forth on the price point for the pilot in the peri-urban sites. What is the range of prices that reflects the two approaches they are considering? Please calculate both a lower and upper bound, making reasonable assumptions where needed. At this point, assume that direct household connections are not offered. 2. Now consider the opportunity to also offer household connections. Is this an attractive proposition to Project Maji given its objectives? If yes, from a pricing perspective how would you integrate household connections within the overall peri-urban project? 3. Lalvani ultimately wondered ¿¿what water fees would minimize the tension between Project Maji becoming financially self-sustainable and being perceived as deviating from its mission¿ (p. 10). Do you believe there is a tension? Given your answers to questions 1 and 2 above, what advice do you have for Lalvani in this respect? 4. Aside from the peri-urban project, what actions could Lalvani and his team undertake to improve Project Maji¿s pricing and demand generation in rural areas? 5. Are you optimistic that Project Maji will achieve its ambition of reaching one million people in need of safe water in Sub-Saharan Africa by the end of 2025? Recommended reading: ¿Can We Afford Sustainable Business?¿ ¿Companies and the Customers Who Hate Them¿ ¿How AI Can Help Companies Set Prices More Ethically¿ ¿How Much Do Things Really Cost?¿ ¿In Praise of Honest Pricing¿ ¿The Case for a Subscription Model to Tackle Antimicrobial¿¿

The course comprises a mix of case study discussions, in-class exercises, interactive lectures, and interventions from guest speakers. The goal of the case discussions and exercises is to examine important concepts in different managerial settings and give you hands-on practice in making decisions based on qualitative and quantitative data. The lectures and guest speakers complement this work by presenting relevant frameworks, analytical techniques, practical insights, and additional examples.

Note that there is no compulsory textbook. The last section of this syllabus provides an extensive list of references. However, if you are interested in buying a book, I recommend Bertini, M. and O. Koenigsberg (2020), The Ends Game: How Smart Companies Stop Selling Products and Start Delivering Value.

ARTICLES

Almquist, E., J. Cleghorn, and L. Sherer (2018), "The B2B Elements of Value: How to Measure?and Deliver?What Business Customers Really Want,? Harvard Business Review, 96(2), 72-82.
Almquist, E., J. Senior, and N. Bloch (2016), "The Elements of Value: Measuring?and Delivering?What Consumers Really Want,? Harvard Business Review, 94(9), 46-53.
Anderson, J.C., J.A. Narus, and W. van Rossum (2006), "Customer Value Propositions in Business Markets,? Harvard Business Review, 84(3), 90-9.
Bergen, M.E., S. Dutta, J. Guszcza, and M.J. Zbaracki (2021), "How AI Can Help Companies Set Prices More Ethically,? Harvard Business Review, digital article.
Bertini, M. (2014), "Price Wars and the Managers Who Start Them,? Business Strategy Review, 25(4), 52-5.
Bertini, M. J. von Schuckmann, and A. Kronrod (2022), "Talking to Your Customers About Prices? Harvard Business Review, digital article.
Bertini, M., and J.T. Gourville (2012), "Pricing to Create Shared Value,? Harvard Business Review, 90(6), 96-104.
Bertini, M., and L. Wathieu (2010), "How to Stop Customers from Fixating on Price,? Harvard Business Review, 88(5), 84-91.
Bertini, M., and O. Koenigsberg (2014), "When Customers Help Set Prices,? MIT Sloan Management Review, 55(4), 57-64.
Bertini, M., and O. Koenigsberg (2020), "Competing on Customer Outcomes,? MIT Sloan Management Review, 62(1), 78-84.
Bertini, M., and O. Koenigsberg (2021), "The Pitfalls of Pricing Algorithms: Be Mindful of How They Can Hurt Your Brand,? Harvard Business Review, 99(5), 74-83.
Bertini, M., J. Pineda, A. Petzke, and J.M. Izaret (2021), "Can We Afford Sustainable Business? Taking a Creative Approach to Price Can Benefit Society, the Environment?and Your Company,? MIT Sloan Management Review, 63(1), 25-33.
Bertini, M., O. Koenigsberg, and E. Ofek (2023), "Unlocking Customer Advantage: A Primer.?
Boluarte, T., and U. Schulze (2022), "The Case for a Subscription Model to Tackle Antimicrobial Resistance,? Boston Consulting Group.
Bryce, D.J., J.H. Dyer, and N.W. Hatch (2011), "Competing Against Free,? Harvard Business Review, 89(6), 104-11.
Calvano, E., G. Calzolari, V. Denicolò, J.E. Harrington Jr., and S. Pastorello (2020), "Protecting Consumers from Collusive Prices due to AI,? Science, 370(6520), 1040-2.
Casadesus-Masanell, R., D. Horváth, and S.R. Velamuri (2022), "When Losing Money Is Strategic?and When It Isn't,? MIT Sloan Management Review, 63(3), 49-55.
De Freitas, J., J. Yang, and D. Narayandas (2022) "Hometown Foods: Changing Price Amid Inflation,? Harvard Business School case study 9-522-087.
Dholakia, U.M. (2018), "When Cost-Plus Pricing Is a Good Idea,? Harvard Business Review, digital article.
Dodd, D., and K.R. Favaro (2006), "Managing the Right Tension,? Harvard Business Review, 84(12), 62-74.
Dolan, R.J. (1995), "How Do You Know When the Price Is Right?? Harvard Business Review, 73(5), 174-83.
Dolan, R.J. (2019), "Evernote: Monetization Strategy,? Harvard Business School case study 9-519-034.
Frydlinger, D., O. Hart, and K. Vitasek (2019), "A New Approach to Contracts,? Harvard Business Review, 97(5), 116-25.
Gourville, J.T., and M. Bertini (2010), "The London 2012 Olympic Games,? Harvard Business School, case study 9-510-039.
Gupta, S., and C.F. Mela (2008), "What Is a Free Customer Worth?? Harvard Business Review, 86(11), 102-9.
Hinterhuber, A., and S. Liozu (2012), "Is It Time to Rethink Your Pricing Strategy?? MIT Sloan Management Review, 53(4), 69-77.
Horst, P., and R. Duboff (2015), "Don't Let Big Data Bury Your Brand,? Harvard Business Review, 93(11), 78-86.
Irwin, N. (2017), "Why Surge Prices Make Us So Mad: What Springsteen, Home Depot, and a Nobel Winner Know,? The New York Times, October 14.
Israeli, A., and E.F. Zelek Jr. (2020), "Pricing Policies that Protect Your Brand,? Harvard Business Review, 98(2), 76-83.
Kashani, K., and A. DuBrule (2009), "Value Selling at SKF Service (A): Tough Buyer Confronts Strategy,? IMD case study IMD-5-0751.
Keränen, J., H. Terho, and A. Saurama (2021), "Three Ways to Sell Value in B2B Markets,? MIT Sloan Management Review, digital article.
Koenigsberg, O. (2023), "New Threats to the Subscription Model,? MIT Sloan Management Review, 64(2), forthcoming.
Kohavi, R., and S. Thomke (2017), "The Surprising Power of Online Experiments,? Harvard Business Review, 95(5), 74-82.
Kumar, V. (2014), "Making ?Freemium' Work,? Harvard Business Review, 92(5), 27-9.
Litman, S., C. Newman-Martin, M. Beckett, and J. Pineda (2023), "Why Student Financing Must Align with Outcomes,? Boston Consulting Group.
Lodish, L.M., and C.F. Mela (2007), "If Brands Are Built over Years, Why Are They Managed over Quarters?? Harvard Business Review, 85(4), 104-12.
McGovern, G., and Y. Moon (2007), "Companies and the Customers Who Hate Them,? Harvard Business Review, 85(6), 78-84.
Michel, S. (2014), "Capture More Value,? Harvard Business Review, 92(10), 78-85.
Mohammed, R. (2018), "The Good-Better-Best Approach to Pricing,? Harvard Business Review, 96(5), 106-15.
Mohammed, R. (2023), "Expand Your Pricing Paradigm,? Harvard Business Review, 101(1), forthcoming.
Nagle, T.T., and J.E. Hogan (2006), "Measuring Perceived Value and Price Sensitivity,? in The Strategy and Tactics of Pricing: A Guide to Growing More Profitably, Upper Saddle River, NJ: Pearson Prentice Hall, chapter 13.
Nalebuff, B., and A. Brandenburger (2021), "Rethinking Negotiation,? Harvard Business Review, 99(6), 110-9.
Nalebuff, B., and I. Ayres (2003), "In Praise of Honest Pricing,? MIT Sloan Management Review, 45(1), 24-8.
Ofek, E., and O. Toubia (2014), "Conjoint Analysis: A Do It Yourself Guide,? Harvard Business School note 9-515-024.
Ofek, E., M. Bertini, and A. Thapar (2021), "STARZPLAY: Shooting for the Stars,? Harvard Business School case study 9-522-005.
Ofek, E., M. Bertini, D.K. Botha, and E. Cekin (2021), "Project Maji: Pricing Water in Sub-Saharan Africa,? Harvard Business School, case study 9-522-043.
Ofek, E., M. Bertini, O. Koenigsberg, and A. Klopfenstein (2020), "Pricing at Netflix,? Harvard Business School case study 9-521-004.
Ofek, E., M. Bertini, O. Koenigsberg, and G. Gonzalez (2020), "HP Instant Ink: (Self) Disrupting the Consumer Printing Market,? Harvard Business School case study 9-521-016.
Ofek, E., O. Koenigsberg, and M. Bertini (2022), "Joy4Homes Brands: Pricing Matters,? Harvard Business School case study 9-523-709.
Rao, A.R., M.E. Bergen, and S. Davis (2000), "How to Fight a Price War,? Harvard Business Review, 78(2), 107-16.
Raynor, M.E., and M. Ahmed (2013), "Three Rules for Making a Company Truly Great,? Harvard Business Review, 91(4), 108-17.
Romeo, N. (2022), "How Much Do Things Really Cost?? The New Yorker, April 2.
Shin, J., and K. Sudhir (2013), "Should You Punish or Reward Current Customers?? MIT Sloan Management Review, 55(1), 59-64.
Smith, G.E., and T.T. Nagle (1994), "Financial Analysis for Profit-Driven Pricing,? MIT Sloan Management Review, 35(3), 71-94.
Thomas, M. (2023), "Heuristic Price Theory: A Model of Pluralistic Price Evaluations,? Consumer Psychology Review, 6(1), forthcoming.

BOOKS

Anderson, C. (2009), Free: The Future of a Radical Price, Hyperion.
Anderson, J.C., N. Kumar, and J.A. Narus (2007), Value Merchants: Demonstrating and Documenting Superior Value in Business Markets, Harvard Business Review Press.
Ariely, D. and J. Kreisler (2018), Dollars and Sense: How We Misthink Money and How to Spend Smarter, Harper Paperbacks.
Baker, W.L., M.V. Marn, and C.C. Zawada (2010), The Price Advantage, John Wiley & Sons.
Berman, S.J. (2011), Not for Free: Revenue Strategies for a New World, Harvard Business Review Press.
Bertini, M., and O. Koenigsberg (2020), The Ends Game: How Smart Companies Stop Selling Products and Start Delivering Value, MIT Press.
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Group	Teacher	Department
Year 1	Marco Bertini	Marketing