About This Chapter
Who's It For?
Anyone who needs help learning or mastering pricing strategy material will benefit from the lessons in this chapter. There is no faster or easier way to learn about pricing strategy. Among those who would benefit are:
- Students who have fallen behind in understanding factors that affect pricing objectives and strategies
- Students who struggle with learning disabilities or learning differences, including autism and ADHD
- Students who prefer multiple ways of learning business (visual or auditory)
- Students who have missed class time and need to catch up
- Students who need an efficient way to learn about pricing strategy
- Students who struggle to understand their teachers
- Students who attend schools without extra business learning resources
How It Works:
- Find videos in our course that cover what you need to learn or review.
- Press play and watch the video lesson.
- Refer to the video transcripts to reinforce your learning.
- Test your understanding of each lesson with short quizzes.
- Verify you're ready by completing the Pricing Strategy chapter exam.
Why It Works:
- Study Efficiently: Skip what you know, review what you don't.
- Retain What You Learn: Engaging animations and real-life examples make topics easy to grasp.
- Be Ready on Test Day: Use the pricing strategy chapter exam to be prepared.
- Get Extra Support: Ask our subject-matter experts any pricing strategy question. They're here to help!
- Study With Flexibility: Watch videos on any web-ready device.
Students Will Review:
This chapter helps students review the pricing strategy concepts covered in a standard business course. Topics covered include:
- Profit-oriented, sales-oriented and status quo pricing objectives
- Environmental and economic factors affecting prices
- Effects of pricing strategy on consumer perception
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. 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.
3. 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.
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. 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.
6. Consumer Surplus: Definition, Formula & Examples
In this lesson, we will explore the meaning of consumer surplus and how we engage and create it in our day to day purchasing decisions. The formula and examples provided will further demonstrate how it is calculated and what drives it.
7. Contestable Market: Definition & Theory
In this lesson we will learn about contestable market. We will explore the theory and define important characteristics. The lesson will conclude with a summary and a quiz.
8. Premium Price: Definition & Explanation
Sometimes people choose to buy the expensive product just because it's expensive. In this lesson, you'll learn about premium pricing and some related concepts. You'll also have a chance to take a short quiz after the lesson.
9. Price-Earnings Ratio: Definition, Formula & Analysis
Investors can use the price-earnings ratio as one method of evaluating different stocks. We will discuss the definition and formula of the P/E ratio, as well as how it is used to analyze investments.
10. Pricing Structure: Examples & Overview
Companies use different pricing structures to achieve different objectives. In this lesson, you'll learn about some different pricing structures and be provided examples.
11. Sin Taxes: Definition, Pros & Cons
Learn about what sin taxes are and how you might be paying them without even realizing it. Find out why these taxes are used and the common arguments for and against them.
12. What is Price Discovery? - Definition & Examples
In this lesson we will discuss price discovery, a term used when the price of an asset is determined by the market supply and demand factors. We will also go over some examples of price discovery.
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Other chapters within the Business Strategy: Help & Review course
- Introduction to Business Strategy: Help & Review
- Management Strategy: Help & Review
- Global Business Strategy: Help & Review
- Communication Strategy: Help & Review
- Human Resources Strategy: Help & Review
- Marketing Strategy: Help & Review
- Basics of Management Theory
- Individual Decision Making in Business