ELE 3775 Product and Price Strategy
ELE 3775 Product and Price Strategy
The aim of this course is to make students able to take an active role in developing new products and setting a price on these. The course is designed to provide an understanding of elements that affect the success of products in the market place and to make students able to develop strategies for successful pricing and product management. The goal of the course is to integrate knowledge of consumer behavior, products and pricing into developing viable product and pricing strategies.
On completing the course, student should be able to
- develop different product and price strategies for new products, 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
- plan a product development process.
- structure and conduct a creative session for idea generation
- describe product concepts and plan concept testing.
- perform customer, industry, and competitor analyses.
- assess the value of product(s) based on consumer perceptions and thereby identify market segments.
- develop a pricing strategy for new products.
Students should after this course be aware that a sustainable pricing and product management strategy takes into account social responsibility and ethical considerations.
- Intro to product development and NPD Processes
- Opportunity Identification and Creativity
- Customer Insights and Market Analysis for NPD
- Concept Evaluation and Testing
- Project Evaluation and Testing
- Intro to pricing
- Price Setting
- Consumer Insights for Pricing
- Price segmentation
- Pricing of Interrelated Products
The learning objectives of the course are accomplished with a combination of lectures, cases, group work, group presentations and feedback.
One group presentations during the semester and feedback on the presentations ensure progress on the term paper. Participation in lectures is crucial to the successful completion of the term paper.
For electives re-sit is normally offered at the next scheduled course. If an elective is discontinued or is not initiated in the semester it is offered, re-sit will be offered in the electives ordinary semester.
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: ELE 37751 Grading scale: ECTS Resit: Examination when next scheduled course |
Exam category: Submission Form of assessment: Written submission Weight: 70 Grouping: Group/Individual (1 - 3) Duration: 1 Semester(s) Exam code: ELE 37752 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 | 33 Hour(s) | |
Prepare for teaching | 25 Hour(s) | |
Examination | 60 Hour(s) | |
Group work / Assignments | 82 Hour(s) | Presentation, preparation for presentations, group work, research, information gathering and analysis. |
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.