GRA 6420 Pricing Strategies: Measuring, Capturing and Retaining Value
GRA 6420 Pricing Strategies: Measuring, Capturing and Retaining Value
The fastest and most effective way for a company to realize its maximum profit is to get its pricing right. However, pricing is managers' biggest marketing headache. It's where they feel the most pressure to perform and the least certain that they are doing a good job. Yet getting closer to the "right" price can have a tremendous impact, and slight improvements can yield significant results. The purpose is therefore to gain control over the pricing function.
After the course the students have to:
- demonstrate knowledge of the different concepts, models, theories and tools covered by the course
- demonstrate knowledge of the assumptions on which the concepts, models and theories are based
- demonstrate a good understanding of the consequences of choosing a particular pricing approach to a specific problem
- demonstrate an ability to identify, evaluate and propose solutions to different pricing problems based on information about customer, competitors, and the general market situation
On successful completion of the course, the students will be able to:
- evaluate a company's existing pricing policies
- analyse the role of costs, customer behavior, and competition in price setting
- identify the relevant analytical tools necessary to make profitable pricing decisions
- identify and evaluate optimal solutions to specific pricing problems
On successful completion of the course, the students will be able to reflect on the importance of including ethical considerations for development of a sustainable pricing strategy.
The objective of this course in pricing strategies and tactics is to systematically present factors that have to be considered when setting price, and to show how pricing alternatives can be developed and analyzed. The course is designed to provide the students with an integrative framework for making pricing decisions.
The course covers economic aspects of pricing, strategy and tactics of market based pricing, in addition to psychological aspects of price sensitivity and decisions under incomplete information. Together these factors form a basis for analyzing pricing alternatives within legal, organizational, and competitive constraints.
Class time will include lectures, group presentations and discussion of problems, and general class discussion. The lectures will further be supplemented with guest lecturers.
1/3 of the learning activities will be asynchronized.
Please note that while attendance is not compulsory in all courses, it is the student’s own responsibility to obtain any information provided in class.
All parts of the assessment must be passed in order to obtain a grade in the course.
The examination for this course has been changed starting academic year 23/24. It is not possible to resit the old version of the examination.
All courses in the Masters programme will assume that students have fulfilled the admission requirements for the programme. In addition, courses in second, third and/or fourth semester can have specific prerequisites and will assume that students have followed normal study progression. For double degree and exchange students, please note that equivalent courses are accepted.
Disclaimer
Deviations in teaching and exams may occur if external conditions or unforeseen events call for this.
| Assessments |
|---|
Exam category: Submission Form of assessment: Written submission Weight: 70 Grouping: Group (2 - 3) Duration: 2 Month(s) Exam code: GRA 64202 Grading scale: ECTS Resit: Examination when next scheduled course |
Exam category: Submission Form of assessment: Written submission Invigilation Weight: 30 Grouping: Individual Support materials:
Duration: 3 Hour(s) Comment: Written examination under supervision. Exam code: GRA 64203 Grading scale: ECTS Resit: Examination when next scheduled course |
All exams must be passed to get a grade in this course.
| Activity | Duration | Comment |
|---|---|---|
Teaching | 36 Hour(s) | |
Prepare for teaching | 61 Hour(s) | |
Group work / Assignments | 60 Hour(s) | Includes group work on written submission |
Examination | 3 Hour(s) |
A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 6 ECTS credits corresponds to a workload of at least 160 hours.