MRK 3511 Product and Price Strategy
MRK 3511 Product and Price Strategy
The aim of this course is to make the student able to attend the role as a product manager in a company or an organization. This course is designed to provide an understanding of elements that affect products in the market place so as to develop strategies for successful pricing and product management. The goal of the course is to make students integrate knowledge of consumer behavior, products (product classification, product/brand portfolios, product life cycle, etc.) and pricing into developing a viable product and pricing strategy.
On completing the course, student should be able to
- develop different product and price strategies, and explain how these can influence a companies competitive advantage.
- explain the relevance of consumer behavior for product and pricing management
- describe how to analyze the market to gain product relevant consumer insights.
- describe how different aspects of product choice and pricing impact consumers behavior and consequently affect choice of product and pricing strategies
Students should be able to
- classify products based on different kinds of segmentation
- identify a products competitive advantage
- perform customer, industry, and competitor analyses
- assess the value of product(s) based on consumer perceptions and identify market segments based on that
- develop a product and pricing mix
Students should after this course be aware that a sustainable pricing and product management strategy takes into account social responsibility and ethical considerations
- Product Management
- Market Planning
- Defining the Competitive Set
- Category Analysis
- Competitor Analysis
- Customer Analysis
- Repositioning of Products
- Product Development Strategy
- Economics & Psychology of Pricing
- Consumer Response to Price Change
- Price Segmentation
- Pricing Interrelated Products
- Interactive or Dynamic Pricing
- Developing the Product and Price Mix
The learning objectives of the course are accomplished with a combination of lectures, cases, group work, group presentations and feedback.
To ensure progress on the project assignment, students (in groups of up to 3 students) must make a presentation of their project. Students will receive feedback on the presentation and the project. Attendance at lectures is essential for the successful completion of the project assignment.
E-learning
When course is delivered online, lecturer, in cooperation with the Academic Servises Network, will organize an appropriate combination of digital teaching and lectures. Online students are also offered a study guide to contribute to progression and overview. Total recommended time spent for completing the course also applies here.
Higher Education Entrance Qualification.
The course is based on the knowledge of marketing that the students have acquired from other marketing courses in their studies.
| Assessments |
|---|
Exam category: Submission Form of assessment: Written submission Invigilation Weight: 30 Grouping: Individual Support materials:
Duration: 3 Hour(s) Exam code: MRK 35112 Grading scale: ECTS Resit: Examination every semester |
Exam category: Submission Form of assessment: Written submission Weight: 70 Grouping: Group/Individual (1 - 3) Duration: 1 Semester(s) Exam code: MRK 35113 Grading scale: ECTS Resit: Examination every semester |
All exams must be passed to get a grade in this course.
| Activity | Duration | Comment |
|---|---|---|
Teaching | 33 Hour(s) | |
Other in classroom | 6 Hour(s) | Presentation |
Prepare for teaching | 15 Hour(s) | |
Prepare for teaching | 5 Hour(s) | Preparation for presentation |
Group work / Assignments | 40 Hour(s) | |
Student's own work with learning resources | 51 Hour(s) | Research, information gathering and analysis |
Examination | 50 Hour(s) | Writing term paper |
A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 7,5 ECTS credit corresponds to a workload of at least 200 hours.