About This Chapter
Below is a sample breakdown of the Pricing Strategy in Marketing chapter into a 5-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.
|Day||Topics||Key Terms and Concepts Covered|
|Monday|| Relationship Selling vs. Traditional Methods: Definition and Purpose; |
Personal Selling: The Steps of the Selling Process
| The importance of planning, problem solving and consumer interest; |
The steps and advantages of personal selling
|Tuesday|| Pricing Decisions: Profit-Oriented, Sales and Status Quo; |
Pricing Objectives: How Firms Decide on a Pricing Strategy
| A look at the potential results of pricing strategies, including increased sales and profits; |
The characteristics of different pricing objectives
|Wednesday|| Pricing Strategy and Consumer Perception; |
Price Elasticity: Understanding Supply and Demand
| An exploration of the ways in which price can alter a consumer's perception of a product's value; |
The importance of supply and demand
|Thursday|| Pricing Cost: What Motivates Mark-Up and Break-Even Pricing; |
Price Selection: How Businesses Select the Correct Price for Products
| An explanation of the ways in which marketing managers determine the prices of products; |
Three major pricing strategies
|Friday|| How Prices are Determined and Affected by Environmental Factors; |
Economic Factors of Pricing and Pricing Strategy
| Trade allowances and different kinds of discounts; |
The effects of inflation and recessions on product pricing
1. Relationship Selling vs. Traditional Methods: Definition and Purpose
Successful long-term sales campaigns focus on establishing long-term relationships with customers to increase overall satisfaction and sales. Learn about the benefits of relationship selling and how it contrasts with traditional methods of selling products.
2. Personal Selling: The Steps of the Selling Process
Part of a variety of promotional types, personal selling is any person-to-person interaction where the purpose is to influence a purchase. This lesson examines the sales cycle, its various steps and their importance.
3. Pricing Decisions: Profit-Oriented, Sales & Status Quo
Pricing decisions aren't just made up out of nowhere, they need to consider the company's pricing goals. Explore the different pricing goals a company could have, which could be sales, status quo, customers, or be profit-oriented.
4. Pricing Objectives: How Firms Decide on a Pricing Strategy
Companies typically adjust their pricing strategies to respond to market conditions, as well as corporate philosophies, or competition. Learn about the three types of pricing strategies (profit-oriented, sales-oriented, and status quo) and how to identify the factors that contribute to adjusted pricing strategies.
5. Pricing Strategy and Consumer Perception
Marketing managers use a pricing strategy to determine how to effectively sell their products and services. Learn about the four types of pricing strategies--everyday low price, high/low pricing, penetration, and skimming--and their advantages and disadvantages in relation to consumer perception.
6. Price Elasticity: Understanding Supply and Demand
An important part of marketing is establishing competitive prices for goods and services. Learn about supply and demand, and understand the difference between elastic and inelastic demand. Explore how marketers consider supply and demand, price equilibrium, and price elasticity when setting prices for their company's goods and services.
7. Pricing Cost: What Motivates Mark-up and Break-Even Pricing
Learn about pricing cost and what motivates mark-up and break-even pricing. Explore pricing, which is one of the marketing mix 4Ps, basic pricing terminology, and pricing options, including their purpose, advantages, and disadvantages.
8. Price Selection: How Businesses Select the Correct Price for Products
Price selection is an important part of the marketing mix. Explore the different strategies businesses use to select the correct price for products, including price skimming, penetration pricing, and status quo.
9. How Prices Can Be Adjusted in Response to Environmental Factors
Price adjustments are often used to increase demand and sales on targeted products and may occur as a response to environmental factors. Learn about temporary price adjustments (allowances, discounts, & rebates) and how companies can use price adjustments during periods of slow business to increase demand and sell more products.
10. Economic Factors of Pricing and Pricing Strategy
When a company makes a change in pricing, it is usually in response to inflation or recession. These two tactics are explained to better understand the intricacies involved in devising and implementing a cost strategy.
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