Ch 37: CEOE Business Education: Pricing and Promotion

About This Chapter

Review the essentials of pricing and promotion as you get ready for the CEOE Business Education exam. Each one of our lessons breaks out an important concept that you'll need to know for the exam.

CEOE Business Education: Pricing and Promotion - Chapter Summary

This chapter provides you with all the info you need on pricing and promotion to answer related questions on the CEOE Business Education exam. Our quick and entertaining videos help you review:

  • The purpose of relationship selling
  • Steps in the selling process
  • Different types of pricing decisions
  • Pricing objectives and strategies
  • Price elasticity
  • Price selection and determination
  • Economic factors associated with pricing

Refreshing your knowledge of pricing and promotion for the exam is easy with these videos that utilize dynamic animations and graphics to bring pricing strategies and methods to life. Our lessons come with transcripts that you can use to quickly identify key vocabulary terms and definitions as well as quizzes to make sure you understand the concepts presented in each lesson.

Objectives of the CEOE Business Education: Pricing and Promotion Chapter

The CEOE Business Education exam is a requirement to become a licensed business teacher in Oklahoma. It gauges your knowledge of business fundamentals and readiness to teach business topics in the classroom. On the exam, you'll find questions covering the major areas of business management, accounting, economics and finance, info systems and marketing. The marketing, customer service and entrepreneurship subarea is where you'll be asked questions about pricing and promotion. It makes up roughly 17% of the exam and, like the rest of the exam, primarily features selected-response questions. Our quizzes can help you prepare for the format of these questions before you take the exam.

10 Lessons in Chapter 37: CEOE Business Education: Pricing and Promotion
Test your knowledge with a 30-question chapter practice test
Relationship Selling vs. Traditional Methods: Definition and Purpose

1. Relationship Selling vs. Traditional Methods: Definition and Purpose

Promoting is an important method of communicating the benefits of a product or service. The traditional way of selling does not take into account developing a long-term relationship with customers and is more concerned with just making a sale. The proper way of selling in a marketing environment is relationship selling. This is concerned with solving customer product needs and delivering long-term customer service.

Personal Selling: The Steps of the Selling Process

2. Personal Selling: The Steps of the Selling Process

This lesson introduces you to the concept of personal selling. You will learn about the steps in the personal selling process, including how to close a deal.

Pricing Decisions: Profit-Oriented, Sales & Status Quo

3. Pricing Decisions: Profit-Oriented, Sales & Status Quo

Companies need to determine the main objective of their pricing strategy. The different objectives can be based on profit, sales, competition or customers. The end result should be customer satisfaction.

Pricing Objectives: How Firms Decide on a Pricing Strategy

4. Pricing Objectives: How Firms Decide on a Pricing Strategy

After watching this video, you should understand pricing strategy as it relates to the marketing mix. The three types of pricing strategies are profit-maximization, sales-oriented and status quo.

Pricing Strategy and Consumer Perception

5. Pricing Strategy and Consumer Perception

Consumers' perceptions of products rely heavily on the pricing strategy that is chosen by the marketing manager. Price will impact not only consumer perception but also profit and speed of product adoption.

Price Elasticity: Understanding Supply and Demand

6. Price Elasticity: Understanding Supply and Demand

Marketing managers need to understand the basics of supply and demand in order to develop the precise price for their product. Inelastic and elastic demand explains how sensitive consumers are to price and how much flexibility it allows the marketing team.

Pricing Cost: What Motivates Mark-up and Break-Even Pricing

7. Pricing Cost: What Motivates Mark-up and Break-Even Pricing

The marketing mix consists of the four Ps (product, place, promotion and price). The marketing manager has to decide what type of pricing strategy to use for the overall marketing plan. The options depend on how cost is determined.

Price Selection: How Businesses Select the Correct Price for Products

8. Price Selection: How Businesses Select the Correct Price for Products

Marketing managers need to select the correct price for their product as part of the marketing mix. The three pricing strategies are price skimming, penetration pricing and status quo.

How Prices Can Be Adjusted in Response to Environmental Factors

9. How Prices Can Be Adjusted in Response to Environmental Factors

Marketers have the ability to fine-tune the base price of products in the marketing mix. They can use discounts, rebates, and allowances to temporarily change the price to increase sales and profits.

Economic Factors of Pricing and Pricing Strategy

10. Economic Factors of Pricing and Pricing Strategy

Economic factors can alter companies' pricing strategies. Prices need to be flexible, especially in response to inflation and recessions. There are numerous strategies that can be employed to combat economic changes and lead to corporate sales and profits.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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