Ch 24: PLACE Business Education: Selling, Pricing and Promotion

About This Chapter

Review topics ranging from the selling process to pricing strategy with these engaging video lessons. You'll also find short multiple-choice quizzes designed to prepare you for these types of questions on the PLACE Business Education exam.

PLACE Business Education: Selling, Pricing and Promotion - Chapter Summary

Study for sales and marketing questions on the PLACE Business Education exam with this chapter on selling, pricing and promotion. You'll get a comprehensive overview of selling techniques and the pricing strategies available to marketing managers. Lessons cover the following topics:

  • Traditional and relationship selling
  • Personal selling
  • Pricing decisions, strategies and objectives
  • Supply, demand and price elasticity
  • Mark-up and break-even pricing
  • Price selection best practices
  • Environmental factors affecting price
  • Economic pricing factors

This chapter makes it easy to access all of the study tools you'll need to prepare for your exam. Navigate between short videos, lesson transcripts and quizzes to review test material or shore up any areas you struggled with in your teacher education program.

PLACE Business Education: Selling, Pricing and Promotion Objectives

In Colorado, prospective business education teachers must pass the PLACE Business Education exam to be eligible for state licensure. Lessons in this chapter are designed to get you ready for multiple-choice test questions focusing on sales and marketing principles. These appear in the business management and communication content domain, one of five main subject areas covered by the test.

10 Lessons in Chapter 24: PLACE Business Education: Selling, Pricing and Promotion
Test your knowledge with a 30-question chapter practice test
Relationship Selling vs. Traditional Methods: Definition and Purpose

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.

Personal Selling: The Steps of the Selling Process

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.

Pricing Decisions: Profit-Oriented, Sales & Status Quo

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.

Pricing Objectives: How Firms Decide on a Pricing Strategy

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.

Pricing Strategy and Consumer Perception

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.

Price Elasticity: Understanding Supply and Demand

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.

Pricing Cost: What Motivates Mark-up and Break-Even Pricing

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.

Price Selection: How Businesses Select the Correct Price for Products

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.

How Prices Can Be Adjusted in Response to Environmental Factors

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.

Economic Factors of Pricing and Pricing Strategy

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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