24760 Pricing and Revenue Management
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Subject handbook information prior to 2020 is available in the Archives.
Credit points: 6 cp
Subject level:
Postgraduate
Result type: Grade and marksRequisite(s): 24734c Marketing Management AND ( SMJ08111 Marketing Research Sub-major MBA OR 24710c Buyer Behaviour )
The lower case 'c' after the subject code indicates that the subject is a corequisite. See definitions for details.
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Description
The pricing decision process depends on economic and market factors, business strategy and customer psychology. Each of these perspectives provides unique insights into the pricing decisions. An important challenge in this subject is to integrate the pricing decision with the rest of the marketing mix and evaluate its effectiveness in achieving broader business objectives across a wide range of offerings.
Subject learning objectives (SLOs)
| 1. | analyse pricing theories, frameworks and concepts to managerial decision contexts |
|---|---|
| 2. | evaluate the different analytical perspectives of pricing decisions tools |
| 3. | develop a pricing framework based on a prudent analysis and evaluation process |
| 4. | reflect on group work and class activities on learning about pricing considerations |
Contribution to the development of graduate attributes
The emphasis in this subject is on understanding and skillset development of the underlying logic of the pricing process and its implementation which can be adopted as a business practice to form the basis to price any product in the future. Business knowledge and concepts will be increased by developing a profound understanding of the different aspects of pricing in companies. Pricing and profitability related issues are addressed that are relevant to managers in most industries, and in complex environments in which they face internal and external challenges when attempting to increase company profit through pricing. Creativity is introduced and developed through pricing strategies to help students not only determine the final price, but also the many different ways the final price can be offered to the market.
Teaching and learning strategies
This subject is based on dynamic and interactive lecture and workshop 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 problems before class and then work collaboratively with other students to solve those problem sets in class. Students will also be given the opportunity to enhance their MS Excel skills. Workshop sessions are built around in-class exercises, group 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 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)
1. What is a good pricing decision
2. The value pricing framework
3. Costs, customer value and reference prices
4. The value proposition
5. Price execution
6. Measures of pricing success
Assessment
Assessment task 1: Portfolio (Individual)
| Objective(s): | This addresses subject learning objective(s): 1, 2, 3 and 4 |
|---|---|
| Weight: | 70% |
| Length: | While there is no minimum or maximum page on the Notes, they are expected to be short summaries. The Executive Summary is limited to 3 single-spaced pages. |
Assessment task 2: Case report (Individual)
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
|---|---|
| Weight: | 30% |
| Length: | Each case report has a page limit of five (5) pages excluding appedices. You may exceed a page or two, depending on the complexity of the assigned case. However, your work will be assessed based on the quality of your analyses and answers. That is, overly lengthy write-ups that are repetitive or off-topic will be penalized. Please show all your calculations, in detail, in the appendix if required. |
Minimum requirements
Students must achieve at least 50% of the subject’s total marks.
Required texts
Utpal Dholakia (2017), How to Price Effectively: A Guide for Managers and Entrepreneurs.
The textbook is available in both electronic and hard copy on Amazon.com. Please take delivery time into consideration when you make the purchase.
The coursepack access will be announced on UTSOnline.
References
Lecture slides and workshop exercises
Lecture slides and pre-work materials will be available prior to each class.
Classes for this subject are not recorded. It is expected that all students will attend all of their allocated classes.
To avoid legal implications, please note that audio and/or visual recording including photography of classes for this subject is prohibited.
Other resources
UTSOnline
UTSOnline is a web-based learning tool. In 24760 UTSOnline 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 UTSOnline visit http://online.uts.edu.au/. If you are having technical problems with UTS Online you should contact the ITD Help Desk on telephone number 9514 2222 or via email: Help.Desk@uts.edu.au.
Mathematics and ICT Study Centre
The Mathematics and ICT Study Centre 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