PRODUCT AND PRICING STRATEGIES

Students acquire an in-depth appreciation for product and pricing strategies and tactics. Students gain a thorough appreciation for the new product development process, the strategies to effectively manage a product through its life cycle and the distinguishing factors between product and service marketing. Students study various product strategies to understand the conditions supporting each approach. With a firm grasp on product strategies students investigate supportive pricing strategies. Students discover theories that marketers apply to manage customer price sensitivity, competitive pricing actions and opportunities to segment the market on the basis of price to maximize profitability. Students also learn the process and factors behind setting prices, apply formulas to assess the financial impacts of their pricing decisions and participate as a group member in solving pricing dilemmas and developing financial analyses as presented in a case study.