Pricing for Marketers

Curriculum guideline

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Course
MARK 4220
Discontinued
No
Course code
MARK 4220
Descriptive
Pricing for Marketers
Department
Marketing
Faculty
Commerce & Business Administration
Credits
3.00
Start date
End term
202030
PLAR
No
Semester length
15 weeks
Max class size
35
Contact hours
Lecture: 2 hrs/wk Seminar: 2 hrs/wk
Method(s) of instruction
Lecture
Seminar
Learning activities

The course will involve a blend of lectures, discussions, videos, cases, on-line activities, and seminars. Presentations by students are an integral part of the course.

Course description
In business, pricing decisions are one of the last to be made and often produce unsatisfactory results. This course will focus on understanding the importance of value when considering price, particularly value as seen from the customer’s perspective. While exploring various formulations for determining price, students will look at how real business decisions influence pricing, and work with local businesses to understand how they formulate pricing strategies.
Course content
  1. The various standard methods for establishing prices and the critiques of these methods
  2. The processes that organizations have for creating pricing strategies and frameworks
  3. Managing pricing strategy and tactics in volatile and dynamic markets
  4. The need to focus on customers’ needs and the value that they perceive in your product or service
Learning outcomes
  1. Understand the role of pricing and its determination in business situations 
  2. Explain the various methods that organizations use to determine prices 
  3. Create a pricing strategy for a new as well as an existing product or service
  4. Understand the concept of ‘value-based pricing’ and ‘contextual’ pricing
  5. Explain the impact of discounting on an organization’s margins and profitability
  6. Understand the various responses available to manage competitive pricing pressure
  7. Explain the critical role that pricing determination plays in relation to the other three Ps of marketing
Means of assessment
Case Studies 20%
Mid-Term Exam 20%
Class Participation 10%
Term Project 30%
Final Exam 20%

 

Textbook materials

The Strategy and Tactics of Pricing by Nagel and Holden

Contextual Pricing by Docters et al

Value-Based Pricing by Macdivitt and Wilkinson

Free by Anderson


Or other texts as approved by the Department
Use of Commerce and Business faculty-approved calculators only

Prerequisites

MARK 1120 (Introductory Marketing) or permission of the instructor