About This Chapter
CEOE Marketing: Pricing Strategies - Chapter Summary
Review the different factors that go into setting a price and refresh your skills in adding, subtracting, multiplying and dividing with decimal notations in this chapter on pricing. Prepare for CEOE Marketing test questions with videos on:
- Types of pricing strategies
- Pricing decision options
- Determining a pricing strategy
- Consumer perceptions
- Price elasticity
- Mark-ups, markdowns and break-even pricing
- Price selection
- Environmental and economic factors of pricing
Our videos are taught by subject-matter experts who use colorful graphics and real-world examples to present key marketing concepts in a fun and easy-to-remember way. The included text transcripts provide an entertaining method for learning main vocabulary terms, and you can test your comprehension through the multiple-choice quizzes that are presented in a format similar to that of the actual CEOE exam.
CEOE Marketing: Pricing Strategies Chapter Objectives
The CEOE Marketing Education exam is a computer-based test intended to assess the knowledge of prospective marketing teachers in Oklahoma. The test includes 100 multiple-choice questions pulled from four main content areas. Pricing strategies are primarily covered within the first content area, marketing principles. You may encounter questions that ask you to apply your knowledge of pricing strategies, price planning and the factors that affect pricing decisions.
1. Pricing Strategy in Marketing: Definition, Types & Examples
Companies utilize a variety of pricing strategies to market their products to consumers. Throughout this lesson, we will explore some of these strategies and test your knowledge with a short quiz.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. How to Calculate Markdown & Discount Pricing
Retailers use markdowns and price reductions for many reasons, including inventory reduction or seasonal changes. We'll learn how these reductions are calculated and their impact on the pricing strategy.
8. Addition, Subtraction, Multiplication, and Division with Decimal Notation
Performing operations such as addition, subtraction, multiplication and division has some differences when there are decimals involved. This lesson will explain how to perform these operations all while keeping the decimals straight.
9. 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.
10. 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.
11. 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.
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Other chapters within the OSAT Marketing Education (CEOE) (041): Practice & Study Guide course
- CEOE Marketing: Marketing Principles
- CEOE Marketing: Researching, Collecting & Evaluating Data
- CEOE Marketing: Strategies & Segmentation
- CEOE Marketing: Product Management
- CEOE Marketing: Brand Positioning & Consumer Protection
- CEOE Marketing: Distribution Channels
- CEOE Marketing: The Selling Process
- CEOE Marketing: Customer Service
- CEOE Marketing: Role & Impact of Promotion
- CEOE Marketing: Merchandising
- CEOE Marketing: Security & Safety Issues
- CEOE Marketing: Economics Overview
- CEOE Marketing: Business Structures & Organization
- CEOE Marketing: The Marketing Plan
- CEOE Marketing: Financial Principles
- CEOE Marketing: Business Communication
- CEOE Marketing: Human Resource Management
- CEOE Marketing: Human Relations & Leadership Skills
- CEOE Marketing: Motivation in the Workplace
- CEOE Marketing: Information Management
- CEOE Marketing: Professional Development
- OSAT Marketing Education (CEOE) (041) Flashcards