About This Chapter
OAE: Pricing Strategies in Marketing - Chapter Summary
Revisit aspects of pricing as they relate to marketing in time for your OAE teacher licensing exam. Our expert instructors discuss considerations for developing pricing strategies through lessons on the following:
- Profit- and sales-oriented pricing objectives
- Status quo pricing objectives
- Mark-up and break-even pricing
- Economic and environmental factors affecting pricing
- Consumer perception of pricing strategies
- The economics of price elasticity
This combination of instructional videos and self-assessment quizzes can help you find out what's covered on the exam and identify topics you need to brush up on. What's more, this asynchronous learning format can be completed whenever your schedule allows.
OAE: Pricing Strategies in Marketing - Chapter Objectives
If you want to earn a credential to teach marketing in Ohio, you'll need to earn passing scores on the OAE Marketing exam. Test content covers four main subject areas, including the marketing principles content domain that comprises around 22% of exam content. This section includes questions related to the content of this chapter.
You can get ready for exam questions measuring your understanding of pricing strategies and pricing decisions by watching this chapter's video lessons. There are 100 total multiple-choice questions included on this computer-based standardized test.
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 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 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.
4. 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.
5. 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.
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 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.
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Other chapters within the Ohio Assessments for Educators - Marketing (026): Practice & Study Guide course
- OAE: Principles of Marketing
- OAE: Market Research
- OAE: Marketing Strategy
- OAE: Market Segmentation
- OAE: Product Planning in Marketing
- OAE: Marketing Channels & Distribution
- OAE: Marketing for Consumer Decision Making
- OAE: Sales Strategy in Marketing
- OAE: Marketing & Promotions
- OAE: Promotional Design in Marketing
- OAE: Merchandising & Inventory in Marketing
- OAE: Macroeconomics & Marketing
- OAE: Microeconomics & Marketing
- OAE: Business Organization
- OAE: Entrepreneurship
- OAE: Finance & Credit
- OAE: Human Resources Management
- OAE: Human Resources & Staffing
- OAE: Business Law for Marketing
- OAE: Business Communication
- OAE: Business Math
- OAE: Business Technology
- OAE: Information Systems
- OAE: Management & Leadership
- OAE: Marketing Education
- OAE: Marketing Careers
- Ohio Assessments for Educators Marketing Flashcards