MRK 3511 Innovative price and product development strategies

MRK 3511 Innovative price and product development strategies

Course code: 
MRK 3511
Department: 
Marketing
Credits: 
7.5
Course coordinator: 
Nina Veflen
Product category: 
Bachelor
Portfolio: 
Bachelor of Marketing Management - Programme Courses
Semester: 
2019 Autumn
Active status: 
Active
Teaching language: 
Norwegian
Course type: 
One semester
Introduction

The aim of this course is to make the student able to manage product development and price setting projects. 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 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
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
  • Introduction to product development
  • NPD
  • Opportunity identification, creativity, consumer insights
  • Market analyzis for NPD
  • Concept testing and sales forcasting
  • Management of product development
  • Introduction to price and price setting
  • Market insights for pricing
  • Price segmentation
  • Portfolio pricing
Teaching and learning activities

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
In course delivery as online courses, lecturer will, in collaboration with the student administration, organize an appropriate course implementation, combining different learning activities and digital elements on the learning platform. Online students are also offered a study guide that will 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.

Exam categoryWeightInvigilationDurationSupport materialsGroupingComment exam
Exam category:
Submission
Form of assessment:
Written submission
Exam code:
MRK 35112
Grading scale:
ECTS
Grading rules:
Internal examiner
Resit:
Examination every semester
30Yes3 Hour(s)
  • BI-approved exam calculator
  • Simple calculator
Individual
Exam category:
Submission
Form of assessment:
Written submission
Exam code:
MRK 35113
Grading scale:
ECTS
Grading rules:
Internal and external examiner
Resit:
Examination every semester
70No1 Semester(s)Group/Individual (1 - 3)
Exams:
Exam category:Submission
Form of assessment:Written submission
Weight:30
Invigilation:Yes
Grouping (size):Individual
Support materials:
  • BI-approved exam calculator
  • Simple calculator
Duration:3 Hour(s)
Comment:
Exam code: MRK 35112
Grading scale:ECTS
Resit:Examination every semester
Exam category:Submission
Form of assessment:Written submission
Weight:70
Invigilation:No
Grouping (size):Group/Individual (1-3)
Support materials:
Duration:1 Semester(s)
Comment:
Exam code: MRK 35113
Grading scale:ECTS
Resit:Examination every semester
Type of Assessment: 
Ordinary examination
Total weight: 
100
Workload activityDurationType of durationComment student effort
Teaching33Hour(s)
Other in classroom6Hour(s)Presentation
Prepare for teaching15Hour(s)
Prepare for teaching5Hour(s)Preparation for presentation
Group work / Assignments40Hour(s)
Self study51Hour(s)Research, information gathering and analysis
Examination50Hour(s)Writing term paper
Expected student effort:
Workload activity:Teaching
Duration:33 Hour(s)
Comment:
Workload activity:Other in classroom
Duration:6 Hour(s)
Comment:Presentation
Workload activity:Prepare for teaching
Duration:15 Hour(s)
Comment:
Workload activity:Prepare for teaching
Duration:5 Hour(s)
Comment:Preparation for presentation
Workload activity:Group work / Assignments
Duration:40 Hour(s)
Comment:
Workload activity:Self study
Duration:51 Hour(s)
Comment:Research, information gathering and analysis
Workload activity:Examination
Duration:50 Hour(s)
Comment: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.