Ch 12: Selling and Pricing Strategy: Help and Review

About This Chapter

The Selling and Pricing Strategy chapter of this Principles of Marketing Help and Review course is the simplest way to master selling and pricing strategy. This chapter uses simple and fun videos that are about five minutes long, plus lesson quizzes and a chapter exam to ensure you learn the essentials of selling and pricing strategy.

Who's it for?

Anyone who needs help understanding selling and pricing strategy will benefit from taking this course. You will be able to grasp the subject matter faster, retain critical knowledge longer and earn better grades. You're in the right place if you:

  • Have fallen behind in understanding how to develop a selling and pricing strategy.
  • Need an efficient way to learn about selling and pricing strategy.
  • Learn best with engaging auditory and visual tools.
  • Struggle with learning disabilities or learning differences, including autism and ADHD.
  • Experience difficulty understanding your teachers.
  • Missed class time and need to catch up.
  • Can't access extra marketing learning resources at school.

How it works:

  • Start at the beginning, or identify the topics that you need help with.
  • Watch and learn from fun videos, reviewing as needed.
  • Refer to the video transcripts to reinforce your learning.
  • Test your understanding of each lesson with short quizzes.
  • Submit questions to one of our instructors for personalized support if you need extra help.
  • Verify you're ready by completing the Selling and Pricing Strategy chapter exam.

Why it works:

  • Study Efficiently: Skip what you know, review what you don't.
  • Retain What You Learn: Engaging animations and real-life examples make topics easy to grasp.
  • Be Ready on Test Day: Use the Selling and Pricing Strategy chapter exam to be prepared.
  • Get Extra Support: Ask our subject-matter experts any relevant question. They're here to help!
  • Study With Flexibility: Watch videos on any web-ready device.

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?

25 Lessons in Chapter 12: Selling and Pricing Strategy: Help and Review
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

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.

Personal Selling: The Steps of the Selling Process

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.

Pricing Decisions: Profit-Oriented, Sales & Status Quo

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.

Pricing Objectives: How Firms Decide on a Pricing Strategy

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.

Pricing Strategy and Consumer Perception

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.

Price Elasticity: Understanding Supply and Demand

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.

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

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.

Price Selection: How Businesses Select the Correct Price for Products

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.

How Prices Can Be Adjusted in Response to Environmental Factors

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.

Economic Factors of Pricing and Pricing Strategy

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.

Pricing Strategy in Marketing: Definition, Types & Examples

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.

Sales Mix: Definition, Formula & Variance Analysis

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.

Sales Tax: Definition, Types, Purpose & Examples

13. Sales Tax: Definition, Types, Purpose & Examples

Learn what sales tax is and get information about 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 every day.

Status Quo Pricing Strategy

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.

Sticky Prices: Definition, Theory & Model

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.

Value-Based Pricing: Definition, Strategies & Example

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.

What Is a Spiff? - Definition & Overview

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.

What Is Product Advertising? - Definition, Methods & Examples

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.

What Is the Buying Process in Marketing? - Stages & Overview

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.

What Is the Sales Process? - Steps & Example

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.

What Is Marketing Strategy? - Examples & Objectives

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.

How to Calculate Markup: Definition & Formula

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.

Unit Cost: Definition, Formula & Calculation

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.

What the Difference Between Cross-Selling & Upselling?

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.

Cross-Selling: Strategies & Examples

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.

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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