24224 Pricing Strategies and Tactics
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particular session, location and mode of offering is the authoritative source
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Subject handbook information prior to 2024 is available in the Archives.
Credit points: 6 cp
Subject level:
Undergraduate
Result type: Grade and marksRequisite(s): ((24108 Marketing Foundations OR 24109 Marketing and Customer Value) AND 24309 Marketing Research)
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Description
Pricing directly affects a firm's bottom line. It is through pricing that managers can affect revenues and profit. This subject builds the required knowledge and competencies so that managers can generate revenues through the development of profitable value-oriented pricing strategies and tactics.
Subject learning objectives (SLOs)
| 1. | Demonstrate knowledge of pricing theories, frameworks, and analytical methods |
|---|---|
| 2. | Apply innovative problem solving processes to develop pricing strategies |
| 3. | Present arguments using a well-researched, structured and concise approach |
Contribution to the development of graduate attributes
Pricing Strategies and Tactics course identifies the state-of-the-art thinking on pricing applied to both products and services. This subject develops students’ pricing decision-making skills, including how it applies to digital products. The subject develops skills linked to the faculty's graduate attribute that looks at applying intellectual rigour, creative and analytical thinking by performing a pricing analysis that results in practical evaluations and recommendations of how businesses should price a product and service, particularly in the digital economy. Students working in groups will be required to evaluate the pricing strategies of the focal brand and their competitors in a particular category, applying techniques such as experimental surveys (conjoint) and regression analysis to pricing scenarios, thereby providing them a real-world experience. This will also allow students to develop practical skills related to pricing that they will find useful and frequently drawing-upon in their professional careers. The lectures and tutorials will link students’ previous marketing knowledge and discuss how they relate to pricing decisions through focused case discussions and current examples.
This subject contributes to the development of the following graduate attributes:
- Intellectual rigour and innovative problem solving
- Communication and collaboration
- Professional and technical competence
Teaching and learning strategies
This subject is based on dynamic and interactive lecture and tutorial sessions. Teaching methods include critical debate and real world case deliberations, based on stories and interest topics that students have sent through prior to class. For certain topics, students are given the opportunity to work on pricing problems before class and then work collaboratively with other students to solve those problem sets in class. Tutorials are built around in-class exercises, student-led discussions and presentations. These classes are supplemented with both printed and electronic learning materials and resources which students are expected to have read prior to classes. The UTS Learning Management System will be used to share information and encourage interaction between staff and students. Students will also use appropriate computer software such as spreadsheets and word processors to complete assigned tasks. Formative feedback is given continually both in class and outside class time. Further feedback is provided in relation to submitted assessment tasks.
Content (topics)
- Price elasticity and demand estimations
- Consumer psychology, reference pricing and fairness
- Price discrimination and market segmentation
- Price customisation and yield management
- Pricing ethics
Assessment
Assessment task 1: Project Report (Group)
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
|---|---|
| Weight: | 30% |
Assessment task 2: Quiz (Individual)*
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
|---|---|
| Weight: | 20% |
| Criteria: | *Note: Late submission of the assessment task will not be marked and awarded a mark of zero. Alternative assessment item: There is no alternative for the online quiz for this subject. Students who do not attend the online quiz will have the weighting of that assessment added to the final examination conditional on the students submitting, receiving approval and complying with the requirements of special consideration in accordance with the UTS rules. If the composite mark for the final exam totals more than 50 percent, the UTS rules on borderline result (range of 45-49) shall apply whereby students will be allowed to undertake a supplementary final examination. Where a student completes and passes a supplementary examination, the maximum mark awarded for the subject will be 50 Pass. |
Assessment task 3: Final Exam (Individual)
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
|---|---|
| Weight: | 50% |
Minimum requirements
Students must achieve at least 50% of the subject’s total marks.
Required texts
Simon, H. & Fassnacht, M. (2019). Price Management . Springer.
This textbook is available online via the UTS library.
Recommended texts
Further readings will be made available on Canvas throughout the duration of the subject.
References
Lecture slides and tutorial exercises
Lecture slides and tutorial exercises will be available prior to each lecture and tutorial. We do not send you all lecture slides and tutorial exercises at the beginning of the course, as we adjust them from week to week according to your needs in order to best support your learning and progress throughout the session. Classes for this subject are recorded and made available to the students.
Other resources
Canvas
Canvas is a web-based learning tool. In 24224 Canvas is used for keeping up to date (via Announcements); accessing learning resources (via Subject Materials); and checking your grades (via Tools). It is an expectation and responsibility to access this resource at least once a week. To log in to Canvas visit https://canvas.uts.edu.au/. If you are having technical problems with Canvas you should contact the ITD Help Desk by telephone number 9514 2222 or via email: Help.Desk@uts.edu.au.
Calculators
You will use a calculator in this subject. Please see the guide provided in the references section of Canvas that lists the required functions. It is advised that you download a copy of the user's manual from the manufacturer's website and familiarise yourself with your calculator's various functions. In assessments, non-programmable calculators will be permitted.
Microsoft Excel
You should familiarise yourself with Microsoft Excel© as this will be required to assist with your project, and used in some lectures and tutorials.
UTS Mathematics and Science Study Centre (MSSC)
The UTS Mathematics and Science Study Centre (MSSC) offers free assistance with mathematics, statistics and basic computing to students from ALL faculties. The centre can assist students with common computing packages including word processing and spreadsheets. The centre also runs workshops and bridging courses in mathematics, statistics and computing. Full details are available online at www.science.uts.edu.au/facilities/centre/maths.html