ELE 3775 Product and Price Strategy

ELE 3775 Product and Price Strategy

Course code: 
ELE 3775
Department: 
Marketing
Credits: 
7.5
Course coordinator: 
Nina Veflen
Course name in Norwegian: 
Product and Price Strategy
Product category: 
Bachelor
Portfolio: 
Bachelor - Electives
Semester: 
2020 Autumn
Active status: 
Active
Level of study: 
Bachelor
Teaching language: 
English
Course type: 
One semester
Introduction

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.

 

Learning outcomes - Knowledge

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.

 

Learning outcomes - Skills

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.

 

General Competence

Students should after this course be aware that a sustainable pricing and product management strategy takes into account social responsibility and ethical considerations.

Course content
  • 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
Teaching and learning activities

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.

Software tools
No specified computer-based tools are required.
Additional information

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.

Qualifications

Higher Education Entrance Qualification

Covid-19

Due to the Covid-19 pandemic, there may be deviations in teaching and learning activities as well as exams, compared with what is described in this course description.

Required prerequisite knowledge

The course is based on the knowledge of marketing that the students have acquired from other marketing courses in their studies.

Assessments
Assessments
Exam category: 
Submission
Form of assessment: 
Written submission
Invigilation
Weight: 
30
Grouping: 
Individual
Support materials: 
  • BI-approved exam calculator
  • Simple calculator
  • Bilingual dictionary
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
Type of Assessment: 
Ordinary examination
All exams must be passed to get a grade in this course.
Total weight: 
100
Student workload
ActivityDurationComment
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.
Sum workload: 
200

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.