Unit 10 focuses on another “P” in the 4 P’s of marketing: Price! Pricing is extremely important to businesses: if your prices are too high, customers might choose a competitor. If your prices are too low, you might not make enough money to continue operating in the way the business needs to to sustain operations and / or to grow and expand. There is a lot of strategy involved in pricing, and marketers need to be well-informed about conditions in the market in order to appropriately price a good or service.
By the end of this unit, you should be able to:
- Discuss how price affects the value of the organization’s products or services
- Explain the primary factors to consider in pricing
- Compare common pricing strategies
- Explain price elasticity and how it can be used to set price
- Explain the use of competitive bidding for B2B pricing
In order to successfully complete this unit, you’ll need to do the following:
1. Read this Open Educational Resource (free to access): Module 11: Pricing Strategies1
Please note: you do not need to complete the activities listed in this resource.
2. Watch this YouTube video2 (embedded below) created by Professor Waltors about Price:
3. Complete our Unit 10 Assignment. You can find more information here.
As always, if you need more information, you can ask me a question. For information on due dates, check our Course Schedule.
Sources:
1CC LICENSED CONTENT, ORIGINAL
Why It Matters: Pricing Strategies. Provided by: Lumen Learning. License: CC BY: Attribution
2Professor Wolters on YouTube: The 4Ps of Marketing: Price: It Captures the Value
https://www.youtube.com/watch?v=koC0kcKL9YQ
