About This Chapter
ILTS Business, Marketing, and Computer Education: Product Pricing and Selling - Chapter Summary
Whether you need a quick refresher course or an in-depth study guide, use these video lessons to cover the material in an engaging format with interactive quizzes. To make reviewing simpler, the video instructors emphasize key words and concepts and use visual cues to help make the material easy to remember. Lessons in this chapter include:
- Economic factors of pricing and pricing strategy
- How prices are determined and affected by environmental factors
- Pricing cost: what motivates mark-up and break-even pricing
- Pricing decisions: profit-oriented, sales, and status quo
- Price elasticity: understanding supply and demand
- Price selection: how businesses select the correct price for products
- Pricing objectives: how firms decide on a pricing strategy
- Pricing strategy and consumer perception
ILTS Business, Marketing, and Computer Education: Objectives
The ILTS business exam determines your eligibility for teacher licensing in your subject area. You'll answer 125 questions, all in multiple-choice format. Scores range from 100-300. A score of 240 or greater is required to apply for licensing.
The self-assessment quiz that accompanies every video lesson helps you prepare in two ways:
- The quiz questions allow you to get experience with the kinds of questions you'll find on the exam
- You'll know immediately how well you're learning and remembering the material
1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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.
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Other chapters within the ILTS Business, Marketing, and Computer Education (171): Test Practice and Study Guide course
- ILTS Business: Accounting Cycle
- ILTS Business: Applied Accounting
- ILTS Business: Accounting Principles
- ILTS Business: Types of Investments
- ILTS Business: Business Partnerships
- ILTS Business: Evaluating Company Performance
- ILTS Business: Economic Basics
- ILTS Business: The US Economy
- ILTS Business: Fiscal & Monetary Policy
- ILTS Business: Economics of a Firm
- ILTS Business: Global Economics
- ILTS Business: Marketing Basics
- ILTS Business: Product Development & Distribution
- ILTS Business: Product Promotion
- ILTS Business: Market Research
- ILTS Business: Selling & Customer Service
- ILTS Business: Entrepreneurship
- ILTS Business: Management
- ILTS Business: Organizational Structure
- ILTS Business: Teams in a Business Setting
- ILTS Business: Leadership
- ILTS Business: Human Resource Management
- ILTS Business: Business Ethics
- ILTS Business: Business Law
- ILTS Business: Global Business
- ILTS Business: Challenges of Globalization
- ILTS Business: Business Communication
- ILTS Business: Computer Basics
- ILTS Business: Information Systems & Applications
- ILTS Business: The Internet and Business
- ILTS Business, Marketing, and Computer Education Flashcards