About This Chapter
Pricing Strategy in Business - Chapter Summary
This chapter simplifies the process of understanding pricing strategy in business. Review entertaining lessons to get a well-rounded overview of concepts that include consumer perception, market-based transfer pricing and the loss leader price method. In no time, you will be ready to:
- Define and list types of pricing strategy in business
- Discuss pricing objectives and how firms decide on a pricing strategy
- Explain the relationship between pricing strategies and consumers' perceptions of products
- Share the meaning of market-based transfer pricing
- Describe how the loss leader pricing method is used to generate profits in the restaurant industry
The lessons in this chapter are accessible 24/7 from any location with an Internet connection. Benefit from expert instruction and access to subject-matter pros who can answer your pricing strategy questions. With each lesson is a short quiz designed to test your understanding of specific pricing strategy concepts. A practice exam is also available to gauge your comprehension of the entire 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 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.
3. 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.
4. Market-Based Transfer Pricing: Definition & Computation
Market-based transfer pricing is, generally speaking, the best form of transfer pricing available to companies. In this lesson, we'll discuss how it works and why it is the preferred choice.
5. Food Pricing: Loss Leader Price Method
In this lesson, we will review what the loss leader pricing method is and how it can be used to generate profits in the restaurant industry; despite the paradoxical situation of selling some items at a loss.
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Other chapters within the HSC Business Studies: Exam Prep & Syllabus course
- Nature of Business
- Types of Business
- Business Industries in Australia
- Influences on Businesses in Australia
- Stakeholders in Business
- Business Cycle
- Global Markets in Business
- Management Skills
- Management Approaches
- Management Processes
- Business Planning & Strategy
- Business Forecasting
- Business Strategies & Values
- Operations Management & Inventory Management
- Scheduling in Operations Management Overview
- Supply Chain Management in Business
- Marketing Roles & Objectives
- Types of Markets
- Influences of Marketing in Australia
- Marketing Information & Research
- Marketing Strategy in Business
- Promotion in Marketing
- Place & Distribution in Business
- International Marketing Basics
- Business Financing in Australia
- Financial Planning & Implementation
- Financial Monitoring & Control
- Financial Ratios
- Financial Management Overview
- Global Financial Management
- HRM: Human Resources Management
- Employee Acquisition & Development
- Human Resource Metrics & Measurement
- Employee Separation
- Legal Considerations in Australian HR
- HSC Business Studies Flashcards