About This Chapter
How it works:
- Identify which concepts are covered on your pricing strategy in marketing homework.
- Find videos on those topics within this chapter.
- Watch fun videos, pausing and reviewing as needed.
- Complete sample problems and get instant feedback.
- Finish your pricing strategy in marketing homework with ease!
Topics from your homework you'll be able to complete:
- Methods for determining price
- Economic factors in pricing
- Personal selling
- Price selection
- Mark-up and break-even pricing methods
- Pricing decisions
- Price elasticity
- Methods for deciding on a pricing strategy
- Pricing strategies
- Relationship and traditional selling
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.
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.
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.
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.
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. 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 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.
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. What Is Consumer Buying Behavior? - Definition & Types
Most every business wants to know how consumers tick. In this lesson, you'll learn about consumer buying behavior, including the standard model. You'll also have a chance to take a short quiz after the lesson.
12. What Is Product Strategy? - Examples & Definition
A product strategy is the foundation of a product life cycle and the execution plan for further development. The product strategy allows the business to zero in on specific target audiences and focus on the product and consumer attributes.
13. Conspicuous Consumption: Definition & Examples
In this lesson, we'll learn about conspicuous consumption. We'll look at some examples of luxury goods and what they can say about our real-life buying choices. After the lesson, you'll also have a chance to test your own knowledge of conspicuous consumption with a short quiz.
14. Consultative Sales: Definition, Process & Techniques
What is a consultative sale? In this lesson you'll learn what it is, how it varies from the traditional transactional model, and when consultative selling techniques are best used.
15. Consumer Attitudes: Definition & Changes
Understanding consumer attitudes can help a business understand customers better and perhaps even change their attitudes. In this lesson, you'll learn what consumer attitudes are and how they can be changed.
16. Consumer Culture: Theory & Definition
Consumer culture entails the circumstances surrounding the consumption of goods and services. In this lesson, you'll learn about consumer culture and some theories relating to it.
17. Consumer Decisions: Types, Overview
How consumers make decisions is a primary interest to all businesses. In this lesson, you'll learn about different types of consumer decision-making. You'll also have a chance to take a short quiz after the lesson.
18. Consumer Income: Definition & Statistics
Consumer income is crucial for the functioning of our consumer-based economy. In this lesson, you'll learn what consumer income is, examine some related concepts, and see some relevant statistics.
19. Consumer Sovereignty: Definition & Limitations
In this lesson, we will explain what consumer sovereignty means. We'll then look at the limitations of consumer sovereignty and go over examples to help better explain the term.
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