ACE3079 : Economics of Food and Industry Analysis

Semester 1 Credit Value: 10
ECTS Credits: 5.0


The goal of this module is to provide students with contemporary knowledge on how markets operate and offer them rationales to make adequate marketing strategy 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 learn theoretic frameworks to understand firm marketing decisions; 2) in the second section the students will learn about empirical models and will have the opportunity to apply their knowledge on a study of a sample of agro-food industries.

Outline Of Syllabus

The module covers the following topics:
* Revision market structures and supply and demand
* Game theory and oligopoly
* Product differentiation
* Price discrimination
* Marketing communications
* Agency theory and Vertical Integration
* Innovation
* Business performance measures
* How do conduct an industry analysis?

Teaching Methods

Teaching Activities
Category Activity Number Length Student Hours Comment
Guided Independent StudyAssessment preparation and completion110:0010:00Writing and editing the food industry analysis report
Guided Independent StudyAssessment preparation and completion11:001:00Semester 1 examination
Guided Independent StudyAssessment preparation and completion101:0010:00Revision for Semester 1 examination
Scheduled Learning And Teaching ActivitiesLecture92:0018:00Lectures are designed to cover the economics concepts and models of the module
Scheduled Learning And Teaching ActivitiesPractical41:004:00These practicals focus on industry, consumer and policy analysis
Guided Independent StudyIndependent study136:0036:00Research and reading to prepare classes and reflect on material covered in the module
Guided Independent StudyIndependent study121:0021:00Selection and examination of readings and data to prepare an industry analysis report
Teaching Rationale And Relationship

Lectures convey the key economic theories that are relevant to food markets analysis;
The practicals are structured to prepare students to conduct an industry analysis. These sessions should be timetabled on a fortnight basis, starting on the 2nd week of classes.
Practical 1 will focus on the analysis of the competitive environment (week 3 of semester)
Practical 2 on consumer demand, namely on assessment of prices and quality preferences (week 5 of semester)
Practical 3 will focus on the regulatory environment (week 7 of semester)
Practical 4 will be a surgery to answer questions on the preparation of the report (week 9 of semester)

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

Description Length Semester When Set Percentage Comment
Written Examination601A50The exam will mainly test the economic concepts and rationales covered in class
Other Assessment
Description Semester When Set Percentage Comment
Written exercise1M50This is a 1500 words food industry analysis report students will have to complete during the term.
Assessment Rationale And Relationship

The written examination draws together materials from across the Module and tests students' individual ability to interpret data and economic concepts relating to food markets and the food industry; the exam also allows students to demonstrate how the concepts apply to industries of their own particular interest.

The students will also be required to write an individual report on an industry of their choice, where they will be examined on their ability to conduct an industry analysis, focusing on the competitive, demand and regulatory environments. This report is due on week 10 of semester 1.

Each piece of assessment will be worth 50%

Reading Lists