The Winners of the Pricing Case Competition
Pricing is so important is the possible consequences of a poor pricing strategy. Companies lose significant amounts of profit by pricing too low. Conversely, they could miss out on leagues of customers by pricing too high compared to their competition. In either case, the results can be disastrous. For this reason and to support dedicated students, Pricefx’s Next Gen sponsored the 2020 Simon School of Business Pricing Case Competition at the University of Rochester. Throughout the event, students had access to Pricefx’s state–of–the–art cloud–native pricing software and the opportunity to learn pricing and its importance from industry professionals.
The event took place on March 25th, 2022 at the University of Rochester. Scott Letts, Director of Pricing at nVent and competition judge helped to provide real-world business problems for the students to solve. nVent is a global leader in innovative electrical solutions
About his experience of the event, Scott Letts, said, “It was great to be back in person with the students, where we were able to collaborate and share our experience and knowledge with them. Club students shared a fresh perspective from the next generation of pricing professionals, and we are excited to see a new era of innovators.”
Pricefx launched their first implementation of Pricefx Next Gen – a program designed to support the real-world applications of pricing in educational settings. Our rapidly evolving world requires not just determination but for students to master current technology, adapt quickly to changes, to think critically and the ability to work in diverse teams. Pricefx Next Gen provides all of this and more to students who are willing to learn.
The program puts world–class technology in the hands of students, helping them to learn industry standards and real-world applications in order to prepare for the working world. Something which is absolutely invaluable in the area of businesses using modern and digital approaches to compete. By operating within a simulated business environment, the Pricing Club Students were able to get a feel for the kind of software they will most likely be working with in the future – a lack of which may have held them back in a professional setting.
Judges from Pricefx, nVent and Simon Business school analyzed the Simon School of Business Pricing Case Competition participants on their depth and quality of analysis, recommendations, visualization and their presentation. The competition was tough and required a great deal of effort from all 18 highly promising students. In the end, student Yuqiao Zhong took first place, closely followed by Ruiling Shen and Andrew Datu.
Out of a field of 7 teams, the team “T-COPS” comprised of Sameer Choudhary, Tosin Ogunsola, Ajay Kumar Palani, Vardan Sharma, and Tanzim Tahmim won the competition.
Following the Event
After the 2022 Simon School of Business Pricing Case Competition, Chief Evangelist for Pricefx and competition judge Gabriel Smith said, “With a third year of this competition, it was impressive to see new approaches to the platform and I’m proud of each participating team.””
Everyone at Pricefx is excited to see the future of the pricing industry, especially now that they know it will be safe in the hands of hard workers like the University of Rochester Pricing Club Students.