Key words
Marketing strategy, pricing policy, IWETO code s191 - company policy
Objectives
Marketing strategy
Acquiring basic marketing terminology and strategies.
Being to apply this knowledge in cases, thus acquiring an understanding of marketing within a company environment.
Impulse towards working towards a solution in a team.
Impulse towards a capacity for thinking and reasoning, acquiring and processing information on one's own.
Sharpening general skills like thinking and reasoning power, acquiring and processing information, analytic thinking, critical reflection, using ICT, creativity, attitude of lifelong learning.
Exercising professional skills like working in a team, working towards a solution, communication skills, charting situations in order to make strategic choices.
In effect, this means that students apply strategic analysis to understand a company's inner and outer environment.
Students are expected to get a sufficient command of marketing strategy to be able to draft a full strategic marketing plan
Price policy
Students are expected to get an understanding of different aspects influencing profitable pricing, they can apply them and assess them critically.
Professional skills: working in a team, communication skills, social skills (cooperation, team spirit), critical attitude.
Generic skills: working towards a solution, learning on one's own, being meticulous.
Topics
Marketing strategy- Situation of marketing strategy for an organisation
- Strategic analysis (internal, external, SWOT)
- Determining goals
- Choosing strategy (detailed discussion of possible strategies)
- Implementation and monitoring
- Integration in a business game
- Working on cases in groups
Price policy- Strategic pricing cannot avoid the lowest limit for prices: cost price. Knowing costs leads to gross margin and to calculations that allow assessing the efficiency of pricing decisions (main break even turnover change). Maximum prices are determined by the value consumers attribute to a product or a service. This idea of value cannot be separated from the price sensitivity of consumers. Supply and the attitude of the competition also determine this value. Understanding cost, consumers' and competitors' attitudes should lead to a proactive price structure, price process and profitable positioning.
- The second part of the course further explores the subject matter in the first part. Topics are life cycle, segmented pricing, the position of price policy within the marketing mix, competitive advantages and the measuring of perceived value and price sensitivity.
Prerequisites
Basic command of marketing (marketing mix) and strategic marketing (i.al. segmentation and positioning).Basics of accounting, organisation structure, economy and marketing.
Being able to understand an English text.
Final Objectives
Knowledge:
Job-related:- Realizing the importance of marketing strategy, knowing strategic analysis, goals, choice of strategy, implementation and monitoring
- Knowing professional literature in marketing strategy and price policy
- Awareness of developments in the field
- Knowing the strategic choices with an exploration of the possibilities of price policy
- Knowing professional organisations with a view to strategic analysis
- Knowing terminology
Skills:
General:- Thinking and reasoning skill
- Capacity for critical reflection
- Ability for project work
General and job-related:
Job-related:- Keeping up with recent events in marketing through professional literature
- Following up on the rapidly evolving marketing environment: politics, economy, demography, culture, technology.
- Being able to make an internal and an external marketing analysis
- Researching, listing and collecting any sources containing marketing data efficiently
- Wording the correct pricing strategy after internal and external analysis
Attitudes:
Job-related:- Willingness to take responsibility
- Commercial perception, empathy, power of persuasion and sense of quality in contacts with customers and colleagues
- Ability to select from available information and adding value to this information
- Willingness to refine marketing strategy and pricing step by step
Materials used
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Marketing strategy
Course book: Marketingstrategie. Frambach, Nijssen
Price policy
Course book: The strategy and tactics of pricing
Study costs
Normal price for the course books
Syllabus and participation in Top Team business game: ± 19 € + photocopies for cases etc.
Expenses when doing assignments and attending possible extra muros activities or lectures.
Study guidance
Is usually provided during the coaching of group work, business game and cases - and also at any student's request.
Teaching Methods
- Interactive sessions with references to current events
- Lectures
- Cases
- Business game
- Group work
- Possibly guest speaker
- Cross-course cooperation
Assessment
Marketing strategy (60%)
First exam session: - Written examination 60%
- Continuous assessment 40%, i.e. business game 50%, group work 50%
Second exam session:
Students registered for the examinations only:
First exam session: - Written exam 60%
- Individual assignment 40%
Second session:
Price policy (40%)
First exam session: - Written exam 80%
- Continuous assessment: 20% for an assignment in Dutch and in English
Second exam session:
Students registered only for the examinations:
First exam session: - Written exam 80%
- Individual assignment: 20%
Second exam session:
Students who did not succeed yet got at least 10/20 for either part of the examination, do not have to be re-examined for this part in the second term of the same academic year. They do, however, have to do the exam for the part for which they had less than 10/20, otherwise they will be considered absent for the entire subject.
Lecturer(s)
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