NES3107 : Food Business Economics
- Offered for Year: 2024/25
- Available to incoming Study Abroad and Exchange students
- Module Leader(s): Dr Diogo Monjardino De Souza Monteiro
- Owning School: Natural and Environmental Sciences
- Teaching Location: Newcastle City Campus
Semesters
Your programme is made up of credits, the total differs on programme to programme.
| Semester 2 Credit Value: | 10 |
| ECTS Credits: | 5.0 |
| European Credit Transfer System | |
Aims
The goal of this module is to provide students with contemporary knowledge on how food markets operate and offer them rationales to make adequate strategic decisions. In line with developments of food markets in the past 30 years, the module will focus on differentiated food markets and will build on industrial economic models of market strategy.
The module has two sections:
1) in the first section of the module the students will be introduced to game and contract theory, two fundamental framework to understand contemporary strategic decisions in modern food markets. The second part of the module will introduce economics models underpinning food marketing strategies, namely product, pricing, communication and innovation strategies;
2) Students will also have seminars where in groups of up to 25 students, they will have a chance to apply these theoretical concepts to real world cases from agro-food industries. Special emphasis will be given to the understanding on how economics concepts and frameworks can help us understand drivers and barriers to a transition to a more sustainable economy.
Outline Of Syllabus
The module covers the following topics:
* Strategic management vs business economics: What is purpose of businesses?
* Introduction to game theory
* Agency and contract theory
* Vertical control
* Relational contracts and trust
* Product differentiation
* Price discrimination
* Marketing communications
* Economics of food distribution
* Innovation
Teaching Methods
Teaching Activities
| Category | Activity | Number | Length | Student Hours | Comment |
|---|---|---|---|---|---|
| Scheduled Learning And Teaching Activities | Lecture | 11 | 1:30 | 16:30 | Familiarise with the topics, and look through the module guide and recommended reading list |
| Guided Independent Study | Assessment preparation and completion | 1 | 25:30 | 25:30 | Revision for the end of semester exam |
| Scheduled Learning And Teaching Activities | Small group teaching | 4 | 1:00 | 4:00 | Discussion seminars to consolidate materials taught in lectures. |
| Structured Guided Learning | Structured research and reading activities | 5 | 2:00 | 10:00 | Preparation for small group seminar discussions. Students will be given instructions to prepare and lead discussions on their seminars |
| Guided Independent Study | Independent study | 11 | 4:00 | 44:00 | Research and reading of class materials |
| Total | 100:00 |
Teaching Rationale And Relationship
Lectures convey the key economic theories that are relevant to food markets analysis.
Small group seminars are structured to help students consolidate and apply the theoretical concepts through case
studies and flip class methods. These sessions should be timetabled on a fortnight basis.
Students are encouraged to develop their understanding through further reading and relate the topics covered
to industries/topics of their interest.
Assessment Methods
The format of resits will be determined by the Board of Examiners
Exams
| Description | Length | Semester | When Set | Percentage | Comment |
|---|---|---|---|---|---|
| Written Examination | 90 | 2 | A | 100 | end of semester exam |
Formative Assessments
Formative Assessment is an assessment which develops your skills in being assessed, allows for you to receive feedback, and prepares you for being assessed. However, it does not count to your final mark.
| Description | Semester | When Set | Comment |
|---|---|---|---|
| Written exercise | 2 | M | Mock exam covering the material until the Easter break each year. This will enable students to practice on exam conditions. |
Assessment Rationale And Relationship
The students will complete an end of semester exam, intended to assess how students understood and apply the theoretical concepts presented in class to real market examples.
The formative assessment allows students to gauge their progress and understanding it also allow students to practice assessment under examination conditions.
Reading Lists
Timetable
- Timetable Website: www.ncl.ac.uk/timetable/
- NES3107's Timetable