This is another post in our continuing series called "Business Fundamentals." In this series, we will be collecting lectures and course materials from our core business classes to provide you with some of the basics needed to run a business.

Every semester, I facilitate a course entitled "Customer Relationship Management" (CRM). In this course, I spend significant time discussing pricing methodology with the students. Part 1 of this lecture series is important because I introduce the dangers/consequences of a flawed pricing strategy.