About This Chapter
MTTC Marketing Education: Pricing Strategies - Chapter Summary
Examine pricing objectives for a firmer grasp on how businesses reach a pricing strategy decision. You'll also learn about the following topics in the process of getting ready for the MTTC Marketing Education exam:
- Marketing pricing strategies
- Pricing decisions, objectives and strategies
- Price elasticity
- Markup pricing
- Price selection
- Environmental and economic influences in price setting
This chapter gives you a thorough review of pricing strategies through clear and concise discussions in the video lessons and supportive content in corresponding text lessons. The bold key terms focus your attention on the main points in lessons, such as the marketing mix in the lesson on pricing cost.
Objectives of the MTTC Marketing Education: Pricing Strategies Chapter
You will be ready for MTTC Marketing Education pricing strategy questions from the easily understood and retained content in this chapter. The test items that deal with pricing will be within the marketing functions section of the test; this section makes up 40% of the exam's 100 multiple-choice questions. You'll be allowed as long as 4 hours and 30 minutes to read and answer all the questions. To get some practice with questions that look like ones on the MTTC Marketing Education test you can complete the quizzes that go along with each of the lessons in the chapter.
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.
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.
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.
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.
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.
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.
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.
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.
11. Addition, Subtraction, Multiplication, and Division with Decimal Notation
Performing operations such as addition, subtraction, multiplication and division has some differences when there are decimals involved. This lesson will explain how to perform these operations all while keeping the decimals straight.
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Other chapters within the MTTC Marketing Education (036): Practice & Study Guide course
- MTTC Marketing: Marketing Principles
- MTTC Marketing: Researching, Collecting & Evaluating Data
- MTTC Marketing: Strategies & Segmentation
- MTTC Marketing: Product Management
- MTTC Marketing: Distribution Channels
- MTTC Marketing: The Selling Process
- MTTC Marketing: Customer Service
- MTTC Marketing: Role & Impact of Promotion
- MTTC Marketing: Merchandising
- MTTC Marketing: Economics Overview
- MTTC Marketing: The Marketing Plan
- MTTC Marketing: Financial Principles
- MTTC Marketing: Business Communication
- MTTC Marketing: International Business
- MTTC Marketing: Ethics & Social Responsibility
- MTTC Marketing: Human Resource Management
- MTTC Marketing: Human Relations & Leadership Skills
- MTTC Marketing: Information Management
- MTTC Marketing: Education Programs
- MTTC Marketing: Professional Development
- MTTC Marketing Education Flashcards