About This Chapter
MTTC: Marketing Economics - Chapter Summary
Complete the activities in this chapter to improve your understanding of subjects like marketing controls, segmentation and pricing strategies. Start by watching the series of short engaging lesson videos to review the principles of marketing economics. These lessons are taught by expert instructors and are mobile-device friendly, giving you a versatile and effective way to study:
- Role of marketing research in marketing strategy
- Elements of marketing controls
- Creating a marketing research project
- Importance and elements of market segmentation
- Pricing objectives and decisions
- Motivation of mark-up and break-even pricing
- Price elasticity and supply and demand
- Pricing strategies and consumer perceptions
- Hierarchy of purchase decisions
After you finish watching the lesson videos, be sure to test your understanding of the material by taking the quizzes that accompany them. Then fortify your mastery over the subjects you don't know by using the video tags that will take you directly to the locations of the videos that discussed them.
MTTC: Marketing Economics Chapter Objectives
The MTTC: Business, Management, Marketing and Technology test includes 100 multiple-choice questions designed to measure potential educators' understanding of business, management, marketing and technology. Of these questions, 25% will ask you marketing-related questions, which could include some on marketing economics. The activities of this chapter have been assembled to help you prepare for those questions.
1. Marketing Research: Definition, Purpose and Role in Marketing Strategy
If you're a business owner, you need to know your clientele. Watch this lesson to understand the purpose and role of marketing research strategy in an overall marketing plan. This might be just the info you need!
2. Marketing Controls: Market Research, Test Marketing & Marketing Statistics
In this lesson, we will explain the purpose of marketing controls and explore related concepts, such as market research, test marketing, and marketing statistics.
3. How to Establish a Marketing Research Project
Most consumers don't realize how much behind-the-scenes research and analysis goes into the marketing of a product. With millions of dollars at stake, marketers must use information available to formulate a key marketing plan, decision or change in strategy.
4. Market Segmentation: Why Market Segments Are Important to Marketers
Marketing managers must understand the importance of segmenting a market and the specific criteria for successful segmentation. Before the 1960's, most companies tried to market products to the masses with declining success. It is important to identify key target markets!
5. Market Segmentation: Geographic, Demographic, Psychographic & More
Marketers must be effective at creating niche segments to promote and sell their products or services. There are five specific ways that markets can be segmented in order to create a successful sales opportunity.
6. How to Segment Business Markets Step-by-Step
Discover the four segments of business marketing in this lesson. You will also learn the distinguishing characteristics of each segment so you may easily identify each of them.
7. 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.
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.
9. 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.
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.
11. 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.
12. 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.
13. Purchase Decision: Definition & Hierarchy
In this lesson, you will learn the five stages of purchase decisions that all consumers make when making a product choice. You will also see why this decision process is important to businesses that are building their customer base.
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Other chapters within the MTTC Business, Management, Marketing & Technology (098): Practice & Study Guide course
- MTTC: Accounting
- MTTC: Account Types
- MTTC: Financial Statements
- MTTC: Financial Planning & Markets
- MTTC: Taxation & Liability
- MTTC: Business Math
- MTTC: Business Communication Strategies
- MTTC: Types of Business Communication
- MTTC: Regulation in Business
- MTTC: Business Law
- MTTC: Business Ethics
- MTTC: Management & Leadership
- MTTC: Human Resource Management
- MTTC: Human Resource Processes
- MTTC: Labor Relations
- MTTC: Macroeconomics
- MTTC: Microeconomics
- MTTC: Personal Finance
- MTTC: Managing Debt & Risk
- MTTC: Marketing Strategy
- MTTC: Consumer Marketing
- MTTC: Marketing Channels & Distribution
- MTTC: Entrepreneurship
- MTTC: International Trade & Marketing
- MTTC: Information Technology in Business
- MTTC: Information Systems
- MTTC: Hardware & Software
- MTTC: Security & Privacy
- MTTC: Career Management
- MTTC Business, Management, Marketing & Technology Flashcards