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Ch 8: GACE Marketing: Pricing Strategies

About This Chapter

Use these videos to refresh your knowledge of pricing strategies as you study for the GACE Marketing Education exam. Get ready to answer exam questions on these topics with our lessons and quizzes.

GACE Marketing: Pricing Strategies - Chapter Summary

This chapter's lessons on how businesses determine pricing for their goods and services are designed to help you prepare for the GACE Marketing Education exam. Our videos will help you prepare for questions on the following topics:

  • Examples of pricing strategies
  • Types of pricing decisions
  • How companies develop a pricing strategy
  • Demand and supply
  • Determining mark-up and break-even pricing
  • How to calculate markdown and discount pricing
  • The process of selecting the correct price
  • Environmental and economic factors that influence prices

You can watch these lessons anytime on a computer, tablet or smartphone. Embedded video links let you quickly access sections of the lesson that require review.

Objectives of the GACE Marketing: Pricing Strategies Chapter

Georgia requires passing the GACE Marketing Education Assessment as a condition for certification to teach the subject. The assessment contains two tests, and questions on the material in the Pricing Strategies chapter are in the Pricing subarea of test II. This subarea accounts for 17% of test II's scoring.

All questions on the GACE Marketing Education Assessment are multiple choice, and the exam is delivered on computer. The quizzes that follow our video lessons are also multiple-choice, computer-based tests. In addition to giving you practice answering questions in this format, the quizzes let you assess your knowledge and see where you need extra study.

10 Lessons in Chapter 8: GACE Marketing: Pricing Strategies
Test your knowledge with a 30-question chapter practice test
Pricing Strategy in Marketing: Definition, Types & Examples

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.

Pricing Decisions: Profit-Oriented, Sales & Status Quo

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.

Pricing Objectives: How Firms Decide on a Pricing Strategy

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.

Pricing Strategy and Consumer Perception

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.

Price Elasticity: Understanding Supply and Demand

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.

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

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.

How to Calculate Markdown & Discount Pricing

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.

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.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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