MRK 3511 Product and Price Strategy

MRK 3511 Product and Price Strategy

Course code: 
MRK 3511
Department: 
Marketing
Credits: 
7.5
Course coordinator: 
Nina Veflen
Course name in Norwegian: 
Produkt og prisstrategi
Product category: 
Bachelor
Portfolio: 
Bachelor of Marketing Management - Programme Courses
Semester: 
2017 Autumn
Active status: 
Active
Level of study: 
Bachelor
Teaching language: 
Norwegian
Course type: 
One semester
Introduction

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.

Learning outcomes - Knowledge

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
     
Learning outcomes - Skills

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
Learning Outcome - Reflection

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
  • 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
Learning process and requirements to students

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.

Software tools
No specified computer-based tools are required.
Qualifications

Higher Education Entrance Qualification.

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: 
  • No 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
Exam organisation: 
Ordinary examination
All exams must be passed to get a grade in this course.
Total weight: 
100
Student workload
ActivityDurationComment
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
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.