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
Businesses conduct marketing research to better know the wants and desires of consumers of their products. Learn about the purpose and role of the marketing research strategy in an overall marketing plan and explore the different parts of the process.
2. Marketing Controls: Market Research, Test Marketing & Marketing Statistics
Marketing controls are used to determine a marketing plan's success and effectiveness in achieving an organization's objectives. Learn more about test marketing and marketing statistics and how they are used in market research and controls.
3. How to Establish a Marketing Research Project
Marketing research projects are necessary to understand current market trends and create relevant products or services to meet consumer demand. Learn about marketing research projects and how companies use marketing research to create better products and services while staying consistent with current market trends.
4. Market Segmentation: Why Market Segments Are Important to Marketers
Market segmentation is an important part of any company's marketing plan to successfully reach their ideal customer. Learn why market segments are important to marketers and how to develop a good market segmentation plan.
5. Market Segmentation: Geographic, Demographic, Psychographic & More
Market segmentation is important for marketers to promote and sell their products or services to the right audience. Explore the five specific ways that markets can be segmented in order to create successful sales opportunities, including behavioral, psychographic, demographic, and geographic segmentation methods.
6. How to Segment Business Markets Step-by-Step
There are four main types of business markets: producers, resellers, government, and institutions. Learn how to segment business markets step-by-step by identifying company characteristics and buying processes, and how these segments help businesses develop marketing strategies.
7. Pricing Objectives: How Firms Decide on a Pricing Strategy
Companies typically adjust their pricing strategies to respond to market conditions, as well as corporate philosophies, or competition. Learn about the three types of pricing strategies (profit-oriented, sales-oriented, and status quo) and how to identify the factors that contribute to adjusted pricing strategies.
8. Pricing Decisions: Profit-Oriented, Sales & Status Quo
Pricing decisions aren't just made up out of nowhere, they need to consider the company's pricing goals. Explore the different pricing goals a company could have, which could be sales, status quo, customers, or be profit-oriented.
9. Pricing Cost: What Motivates Mark-up and Break-Even Pricing
Learn about pricing cost and what motivates mark-up and break-even pricing. Explore pricing, which is one of the marketing mix 4Ps, basic pricing terminology, and pricing options, including their purpose, advantages, and disadvantages.
10. Economic Factors of Pricing and Pricing Strategy
When a company makes a change in pricing based on the type of Economy, it is usually in response to inflation or recession. Using cost-oriented tactics for inflation or recession tactics is explained to better understand the intricacies involved in devising and implementing a cost strategy.
11. Price Elasticity: Understanding Supply and Demand
An important part of marketing is establishing competitive prices for goods and services. Learn about supply and demand, and understand the difference between elastic and inelastic demand. Explore how marketers consider supply and demand, price equilibrium, and price elasticity when setting prices for their company's goods and services.
12. Pricing Strategy and Consumer Perception
Marketing managers use a pricing strategy to determine how to effectively sell their products and services. Learn about the four types of pricing strategies--everyday low price, high/low pricing, penetration, and skimming--and their advantages and disadvantages in relation to consumer perception.
13. Purchase Decision: Definition & Hierarchy
When deciding to make a purchase, consumers often go through a few stages before making the final purchase decision. Explore the definition and hierarchy of the five stages of purchase decisions that all consumers make when making a product choice.
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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