About This Chapter
Selling & Pricing Strategies - Chapter Summary and Learning Objectives
Two vital elements involved in a successful marketing campaign are the adopted selling strategies and the imposed pricing strategies. These components directly affect the relationship between marketing and a target audience. The following lessons will provide an in-depth analysis of these strategies. Follow along in the lessons and take the post-lesson quizzes for self-assessment of the material. You can contact an instructor if you have any questions. The lessons contain information to teach you about such topics as:
- Relationship selling vs. the traditional method
- How to determine the proper pricing strategy
- Pricing & environmental factors
- Mark-ups & break-even pricing
- Inelastic vs. elastic price
|Relationship Selling vs. Traditional Methods: Definition and Purpose||Differentiate between using relationships versus traditional methods when it comes to sales.|
|Personal Selling: The Steps of the Selling Process||Enumerate selling process steps.|
|The Role of Sales Management in Personal Selling||Identify how sales management comes into play in personal selling.|
|Pricing Decisions: Profit-Oriented, Sales & Status Quo||Determine the differences between these three types of pricing decisions.|
|Pricing Objectives: How Firms Decide on a Pricing Strategy||Study the significance of pricing objectives.|
|Pricing Strategy and Consumer Perception||Look over the importance of consumer perception on pricing strategies.|
|Price Elasticity: Understanding Supply and Demand||Define supply and demand.|
|Pricing Cost: What Motivates Mark-up and Break-Even Pricing||Analyze what factors impact pricing cost.|
|Price Selection: How Businesses Select the Correct Price for Products||Learn about price selection and how businesses price their products.|
|How Prices are Determined and Affected by Environmental Factors||Identify significant factors that determine prices.|
|Economic Factors of Pricing and Pricing Strategy||See how pricing and pricing strategies are impacted by the economy.|
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. The Role of Sales Management in Personal Selling
When it comes to personal selling, the sales team of any company needs the support of the company's sales management. Learn the important role sales management plays in this video lesson.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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.
9. 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.
10. 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.
11. 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.
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Other chapters within the UExcel Principles of Marketing: Study Guide & Test Prep course
- Introduction to Marketing
- Marketing Environment Factors
- The Marketing Process
- Marketing Information & Research
- Consumer Buyer Behavior
- Business Buying Behavior
- Marketing Strategy
- Products, Services & Brands
- Distribution & Logistics
- Promotion, Advertising & Public Relations
- Direct & Online Marketing
- Global Marketing Strategies
- Social Responsibility & Marketing Ethics
- UExcel Principles of Marketing Flashcards