Learn the principles of pricing in a dynamic and realistic management environment
The Universal Rental Car Pricing simulation teaches the principles of pricing and capacity management. Students analyse the economic, seasonal, and competitive forces of the rental car market and develop a pricing strategy to maximize the cumulative profit for the firm. Total simulation is under two hours in length.
The Story
As the district manager for the Florida region of Universal Rental Car, you can adjust your prices and car fleet size in Tampa, Orlando, and Miami as you respond to changing customer demand and competition. Over twelve simulated months, you analyse price sensitivity between leisure and business travellers and consider strategies that maximize rentals across weekdays and weekends in each city.
Learning Focus
• Explore the dynamics of consumer response to price changes across customer segments and geographic markets
• Understand the roles of fixed costs and variable costs in pricing decisions
• Understand the role of pricing in managing inventory
Topics Covered
• Pricing
• Capacity Management
• Marketing
• Demand Elasticity
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