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Students will review:
In this chapter, you'll learn the answers to questions including:
- How does traditional selling differ from relationship selling?
- What are the steps involved in the personal selling process?
- How do marketing managers make pricing decisions?
- What are the three types of pricing strategies?
- How does consumer perception, the economy and environmental factors affect prices?
- What are the basic concepts behind supply and demand?
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. 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.
12. Sales Mix: Definition, Formula & Variance Analysis
Understanding how each item you sell affects your business can make a big difference in how you make business decisions. This lesson gives you examples of how you can make better decisions as a business owner.
13. Sales Tax: Definition, Types, Purpose & Examples
Learn what sales tax is and find out many of the different types that you may pay. Discover where all that money goes and how it is used to offer services that you benefit from everyday.
14. Status Quo Pricing Strategy
Status quo pricing strategy copies the price levels of its competitors or maintains the current price levels of similar products or services on the market. Learn more about the definition, importance, and process of status quo pricing strategy, and test your knowledge with a quiz.
15. Sticky Prices: Definition, Theory & Model
Prices can be sticky, and that can explain aggregate supply in the short term in an economy. In this lesson, you'll learn about sticky price theory and how it tries to explain short term aggregate supply. A short quiz follows the lesson.
16. Value-Based Pricing: Definition, Strategies & Example
Price isn't everything when making a purchasing decision and a smart business knows it. In this lesson, you'll learn about value-based pricing. You'll also have a chance to reinforce your knowledge with a short quiz.
17. What Is a Spiff? - Definition & Overview
Have you every wondered why a salesman keeps pushing a particular brand? It may be due to spiffs. In this lesson, you'll learn what spiffs are and the ethical issues related to them. A short quiz follows.
18. What Is Product Advertising? - Definition, Methods & Examples
Product advertising is more than just a commercial or an ad in a magazine. In this lesson, you'll learn about product advertising and the various methods used to advertise products through some examples. A short quiz follows.
19. What Is the Buying Process in Marketing? - Stages & Overview
You need to understand the consumer buying process to effectively market a product. In this lesson, you will learn about the process and its stages. A short quiz will follow.
20. What Is the Sales Process? - Steps & Example
Almost everyone has been subjected to the sales process. In this lesson, you'll learn about the steps in the sales process and be provided an example. A short quiz follows the lesson.
21. What Is Marketing Strategy? - Examples & Objectives
In this lesson, we will focus on the components and core elements used to plan a marketing strategy. In addition, we will discuss the importance of measuring the impact of a marketing strategy.
22. How to Calculate Markup: Definition & Formula
Making calculations for markup has a specific method. Are you familiar with this? In this lesson we'll fill you in on what markup is and teach you how to figure it out.
23. Unit Cost: Definition, Formula & Calculation
Unit cost is a fundamental quantity used for businesses ranging in size from a pre-revenue bakery to a certain multi-national smartphone company. This lesson will show you what it is, how to calculate it, and why it is important to know.
24. What the Difference Between Cross-Selling & Upselling?
Sales strategies encouraging consumers to spend more money range from cross-selling to upselling. In this lesson, we discuss these two strategies and how they differ from one another.
25. Cross-Selling: Strategies & Examples
Cross-selling, whether in-person or online, is all about 'add-ons' to a consumer's purchase. In this lesson, we look at some strategies for effective cross-selling and some examples of companies doing it right.
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Other chapters within the Principles of Marketing: Help and Review course
- Marketing Philosophies and Ethics: Help and Review
- Competitive Advantage: Help and Review
- The Marketing Environment: Help and Review
- International Marketplace: Help and Review
- Consumer Decision Making: Help and Review
- Business Marketing and Marketing Research: Help and Review
- Segmentation and Product Marketing: Help and Review
- Managing a Product and Retailing: Help and Review
- Overview of Global Logistics & Distribution
- Services Marketing: Tutoring Solution
- Promotion, Advertising and Public Relations: Help and Review
- Marketing & Promotion
- Small Business Marketing Strategies