This course elaborates on the steps of value-based marketing in business-to-consumer as well as business-to-business settings. The first half of the course is dedicated to introducing students to different strategies and tactics marketers can use to create value for (and with) customers. In particular, we will focus on two crucial value creation levers: employees (e.g., salespeople) and segmentation combined with solution selling. In the second part of the course we focus on how firms can ensure that they reap the (financial) benefits for their value creation efforts. In particular, we focus on pricing, which tends to be the least taught of marketing’s 4Ps despite its tremendous implications for firms’ bottom lines. In particular, we will examine the psychology of price as well as organizational issues in managing prices. Eventually, best value for customers yields best value for a firm's shareholders.
Next to the theoretical sessions, students will advise a small-to-medium sized company from the region, based on the theoretical insights acquired during the course. During the company presentation and company visit, students will learn about the strategic value-based marketing challenge that the company is facing. In teams, students, then have to develop a solution to the problem, making use of the knowledge acquired during the theoretical sessions. The company representative and project coordinator provide feedback during two Q&A sessions. At the end of the course, students will pitch their ideas to a high-level jury consisting of the company’s top management, business professors, and industry representatives. The best teams are awarded with a prize and certificate during a festive event.
Doelstellingen van dit vak
The course “Value-based marketing” is based on the idea that customers buy value propositions, and not products, services or features. The course has two main objectives, namely to teach students how to create an outstanding value proposition for a relevant and profitable market segment and capture the value through an optimal value-based pricing strategy.
Next to the theoretical sessions, students will advise a small-to-medium sized company from the region, based on the theoretical insights acquired during the course.
After this course, students will be able to:
- Understand different strategies and tactics marketers can uses to create value for customers
- Develop an analytical framework to assess value-based marketing and pricing strategies
- Know how to create, communicate and price value
- Develop a creative, well-thought out and feasible value-based solution to a real-life business problem
- Communicate in writing and in person the strategic recommendations to real-life problems to company management and industry representatives during a real-life consultancy project.
All students who are admitted to the Master of Science in International Business can follow this course.
This course assumes intermediate knowledge of marketing strategy and customer behaviour.
State-of-the art literature published in the leading marketing journals. A detailed literature list will be available online.