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MKT 510: Price and Product Management

Contents
This module deals with two important components of the marketing mix: price and product management. With regard to price management the fundamentals of pricing decisions will be discussed as well as classic pricing theory and behavioral pricing. Furthermore, a focus of the lecture will be on determining optimal prices and on price implementation.
The part on product management is concerned with all decisions related to the current and future product portfolio and includes all stages of the product life cycle with a special focus on innovation management and the management of products already established in the market. Finally, the module covers fundamental models of product choice and major aspects of brand management.

Learning outcomes
At the end of this module, students will understand the relevance of pricing and product decisions and become familiar with important instruments/tools of price and product management. Especially, they know and understand the fundamentals of pricing decisions which are rooted in microeconomics and psychological theory and they are able to derive detailed recommendations for actions regarding all areas of product decisions. In addition, the students will be able to apply analytical tools used to make pricing and product decisions.

Necessary prerequisites

Recommended prerequisites
Basic marketing knowledge on Bachelor level / B.Sc. Business Administration

Contact hoursIndependent study time
Lecture2 SWS9 SWS
Exercise class1 SWS5 SWS
ECTS6
LanguageEnglish
Form of assessmentWritten exam (60 min.)
Restricted Admissionno
Further information
Examiner
Performing lecturer
Prof. Dr. Dr. h. c. mult. Christian Homburg
Prof. Dr. Dr. h. c. mult. Christian Homburg
OfferingFall semester
Duration of module 1 semester
Range of applicationM.Sc. MMM, M.Sc. WiPäd, M.Sc. VWL, M.Sc. Wirt. Inf., LL.M., MAKUWI
Preliminary course work
Program-specific Competency GoalsCG 1, CG 2
Graded yes
LiteratureBasic Literature:
  • Homburg, Ch. (2020), Marketing­management: Strategie – Instrumente – Umsetzung – Unternehmens­führung, 7th edition, Wiesbaden.
  • Homburg, Kuester, Krohmer (2013), Marketing Management: A Contemporary Perspective, McGraw-Hill Higher Education, 2nd edition, Maidenhead.
Course outlinePart A – Price Management
A.1. General Principles of Price Management
A.2. Fundamentals of Classical Pricing Theory
A.3. Principles of Behavioral Pricing
A.4. Price Determination
A.5. Price Enforcement
Part B – Product Management
B.1. General Aspects of Product Management
B.2. Innovation Management
B.3. Management of Established Products
B.4. Brand Management