A Value-Based Pricing Simulation Game for Entrepreneurship and Business Students

The author designs a simulation game to teach students how to use a value based pricing approach, to price a new product. The pricing simulation game was developed and tested in Marketing Applications class. The simulation game helps students to gain a practical experience in pricing, enables students to make effective use of information on the product value to set a price, train students to work better as a team while competing with others and improves students’ time management skill. The effectiveness of the value-based pricing simulation game was supported with quantitative and qualitative data.

Keywords: value-based pricing; simulation game; delivery effectiveness; gamification.