Ch 17: Pricing Strategy in Marketing Lesson Plans

About This Chapter

The Pricing Strategy in Marketing chapter of this course is designed to help you plan and teach the students in your classroom about price elasticity, price selection and other terms. The video lessons, quizzes and transcripts can easily be adapted to provide your lesson plans with engaging and dynamic educational content. Make planning your course easier by using our syllabus as a guide.

Weekly Syllabus

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

10 Lessons in Chapter 17: Pricing Strategy in Marketing Lesson Plans
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

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.

Personal Selling: The Steps of the Selling Process

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.

Pricing Decisions: Profit-Oriented, Sales & Status Quo

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.

Pricing Objectives: How Firms Decide on a Pricing Strategy

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.

Pricing Strategy and Consumer Perception

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.

Price Elasticity: Understanding Supply and Demand

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.

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

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.

Price Selection: How Businesses Select the Correct Price for Products

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.

How Prices Can Be Adjusted in Response to Environmental Factors

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.

Economic Factors of Pricing and Pricing Strategy

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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