I can't tell you the number of schools that have contacted me recently to discuss their pricing strategy and the price elasticity of their school. In the wake of the economic downturn, we all are wondering if our schools are priced appropriately and competitively. School after school is struggling with some very tough questions: What's the maximum we can charge without negatively impacting our enrollment? How does demand for our institution change as the price changes? What is the relationship between total cost (tuition, fees, and housing) and perceptions of quality?

If you are asking the same questions of your institution, you are not alone. But, as you can image, the answers to these questions are different for each school. Although many colleges and universities look alike, they are not. And to really answer these questions in an informed and thoughtful way, you need to study your unique market position and institutional differentiators. One thing I know for sure: many of us have not looked at our pricing structure in a long time--if at all. Perhaps that's one positive outcome of our current economic climate.

-Jeff Papa