About This Chapter
MEGA Marketing: Selling and Pricing Strategy - Chapter Summary
Going over the lessons in this chapter will help you on your way towards refreshing your knowledge of all the topics included on the MEGA marketing exam. The lessons in this chapter cover the ins and outs of pricing as well as the fundamentals and tactics of selling. The video lessons will guide you through several key topics, including:
- Relationship selling vs. traditional methods
- Personal selling
- Pricing decisions and objectives
- Pricing strategy and consumer perception
- Price elasticity and selection
- Pricing cost
- How prices are affected by environmental factors
- Economic factors of pricing and pricing strategy
Using the timeline feature, you'll be able to quick-jump to important points within each video, allowing you to go back over topics you have trouble with. Each lesson includes a quiz so you can check your understanding of the material before moving on to the next topic. And if you can't find an answer you're looking for within the lesson or are struggling to understand any given concept, our professional instructors are available for questions.
MEGA Marketing: Selling and Pricing Strategy Chapter Objectives
The MEGA marketing exam is taken on a computer. It includes 100 multiple-choice questions to be answered in two hours or less, with a passing score of at least 220. This chapter will be particularly helpful when studying for the marketing functions portion of the exam, which will count towards 36% of your score on the exam. Reviewing the principles and techniques of pricing and selling found within this chapter will give you a significant boost going into the exam.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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Other chapters within the MEGA Marketing: Practice & Study Guide course
- MEGA Marketing: Basic Concepts
- MEGA Marketing: Communication Methods & Functions
- MEGA Marketing: Environments & Strategies
- MEGA Marketing: Ethics & Public Relations
- MEGA Marketing: The Business Cycle
- MEGA Marketing: Market System Economics & Politics
- MEGA Marketing: Economic Growth & Indicators
- MEGA Marketing: Business Ownership
- MEGA Marketing: Business Plans
- MEGA Marketing: Functions of Management
- MEGA Marketing: Principles of Financial Management
- MEGA Marketing: Business Calculation Basics
- MEGA Marketing: Interpreting Data & Graphs
- MEGA Marketing: Graphing & Evaluating Equations & Functions
- MEGA Marketing: Quadratic Equations & Functions
- MEGA Marketing: Probability & Statistics for Business
- MEGA Marketing: Depreciation & Salvage Values
- MEGA Marketing: Interest & Purchases
- MEGA Marketing: Financial Analysis Calculations
- MEGA Marketing: Product Development & Retailing
- MEGA Marketing: Services Marketing
- MEGA Marketing: The Marketing Mix & Promotional Strategies
- MEGA Marketing: Consumer Protection Laws
- MEGA Marketing: Channel Management
- MEGA Marketing: Segmentation & Product Marketing
- MEGA Marketing: Competitive Advantage
- MEGA Marketing: Consumer Decision Making
- MEGA Marketing: International Marketplace
- MEGA Marketing: Research & Data Applications
- MEGA Marketing: Computer Literacy
- MEGA Marketing: Careers in Marketing
- MEGA Marketing Flashcards