{"id":1915,"date":"2021-11-15T00:01:00","date_gmt":"2021-11-15T05:01:00","guid":{"rendered":"https:\/\/openlab.bmcc.cuny.edu\/mar-100-1900-intro-to-marketing-professor-buckler-fall-2021\/?page_id=1915"},"modified":"2022-02-14T21:47:22","modified_gmt":"2022-02-15T02:47:22","slug":"unit-10-course-materials","status":"publish","type":"page","link":"https:\/\/openlab.bmcc.cuny.edu\/mar-100-a050-intro-to-marketing-professor-buckler-spring-2022\/course-materials\/unit-10-course-materials\/","title":{"rendered":"Unit 10 Course Materials"},"content":{"rendered":"\n<p><strong>Unit 10<\/strong>\u00a0is all about\u00a0<strong>Price<\/strong>, which refers to how much a company charges for a product or service, and how much a customer ultimately pays for it. Though it sounds simple, there are several factors that affect the price of a product or service, including where that product is being sold, what the demand looks like for that product, what competitors are charging, whether coupons might be applied, and how many different stages there are in the sales process.<\/p>\n\n\n\n<p>Organizations need to be strategic in their pricing; they need to determine what approach works best for their industry and product or service. For example, Walmart and Amazon aim to have a wide variety of products at low prices. Peloton aims to have the best, most comprehensive stationary exercise bike on the market, and its price reflects the premium product and experience that is marketed to customers. <\/p>\n\n\n\n<p>The examples above likely have significantly different <em>target markets<\/em>; Amazon and Walmart for the bargain buyer, and Peloton for the exercise enthusiast with some serious expendable income.<\/p>\n\n\n\n<p>Companies have to ask themselves <em>What is the lowest price we would be willing to sell this product for? <\/em>and then understand whether that price is low enough that customers will be interested in purchasing that product. There&#8217;s a lot to learn about price, and especially for those of you with small businesses or entrepreneurial ambitions, this unit will be very illuminating.<\/p>\n\n\n\n<p><strong>By the end of this unit, you should be able to:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Explain what a product is and the importance of products in the marketing mix<\/li><li>Discuss how price affects the value of the organization\u2019s products or services<\/li><li>Explain the primary factors to consider in pricing<\/li><li>Compare common&nbsp;pricing strategies<\/li><li>Explain price elasticity and how it can be used to set price<\/li><li>Explain the use of competitive bidding for B2B&nbsp;pricing<\/li><\/ul>\n\n\n\n<p><strong>In order to successfully complete this unit, you\u2019ll need to do the following:<\/strong><\/p>\n\n\n\n<p>1. Read this Open Educational Resource (free to access):&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/courses.lumenlearning.com\/waymakerintromarketingxmasterfall2016\/chapter\/why-it-matters-product-marketing\/\" target=\"_blank\"><strong>Module 11: Pricing Strategies<\/strong><\/a><sup>1<\/sup><br><em>Please note: you do not need to complete the activities listed in this resource.<\/em><\/p>\n\n\n\n<p>2. Watch <strong><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=2tzd7XivFqk\" target=\"_blank\">this video from 365 Careers on Youtube<\/a><\/strong><sup>2<\/sup>&nbsp;(also embedded below) to better understand what Price means as on of the 4 P&#8217;s of Marketing.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"The Marketing Mix - Pricing\" width=\"625\" height=\"352\" src=\"https:\/\/www.youtube.com\/embed\/2tzd7XivFqk?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>3. Watch&nbsp;<strong>this pre-recorded lecture<\/strong>&nbsp;about Price:<\/p>\n\n\n\n<p>(Coming soon!)<\/p>\n\n\n\n<hr class=\"wp-block-separator\" \/>\n\n\n\n<p><strong>Sources:<\/strong><\/p>\n\n\n\n<p><sup>1<\/sup>CC LICENSED CONTENT, ORIGINAL<br>Why It Matters: Pricing Strategies.&nbsp;<strong>Provided by<\/strong>: Lumen Learning.&nbsp;<strong>License<\/strong>:&nbsp;<em><a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/p>\n\n\n\n<p><sup>2<\/sup><a href=\"https:\/\/www.youtube.com\/channel\/UC1KZthNKVq8I8feFK8Z1eIQ\">365 Careers<\/a> on YouTube: https:\/\/www.youtube.com\/watch?v=2tzd7XivFqk<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unit 10\u00a0is all about\u00a0Price, which refers to how much a company charges for a product or service, and how much a customer ultimately pays for it. Though it sounds simple, there are several factors that affect the price of a product or service, including where that product is being sold, what the demand looks like [&hellip;]<\/p>\n","protected":false},"author":1403,"featured_media":0,"parent":101,"menu_order":10,"comment_status":"closed","ping_status":"closed","template":"","meta":{"portfolio_post_id":0,"portfolio_citation":"","portfolio_annotation":"","openlab_post_visibility":"","footnotes":""},"folder":[],"class_list":["post-1915","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/openlab.bmcc.cuny.edu\/mar-100-a050-intro-to-marketing-professor-buckler-spring-2022\/wp-json\/wp\/v2\/pages\/1915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/openlab.bmcc.cuny.edu\/mar-100-a050-intro-to-marketing-professor-buckler-spring-2022\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/openlab.bmcc.cuny.edu\/mar-100-a050-intro-to-marketing-professor-buckler-spring-2022\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/openlab.bmcc.cuny.edu\/mar-100-a050-intro-to-marketing-professor-buckler-spring-2022\/wp-json\/wp\/v2\/users\/1403"}],"replies":[{"embeddable":true,"href":"https:\/\/openlab.bmcc.cuny.edu\/mar-100-a050-intro-to-marketing-professor-buckler-spring-2022\/wp-json\/wp\/v2\/comments?post=1915"}],"version-history":[{"count":4,"href":"https:\/\/openlab.bmcc.cuny.edu\/mar-100-a050-intro-to-marketing-professor-buckler-spring-2022\/wp-json\/wp\/v2\/pages\/1915\/revisions"}],"predecessor-version":[{"id":2991,"href":"https:\/\/openlab.bmcc.cuny.edu\/mar-100-a050-intro-to-marketing-professor-buckler-spring-2022\/wp-json\/wp\/v2\/pages\/1915\/revisions\/2991"}],"up":[{"embeddable":true,"href":"https:\/\/openlab.bmcc.cuny.edu\/mar-100-a050-intro-to-marketing-professor-buckler-spring-2022\/wp-json\/wp\/v2\/pages\/101"}],"wp:attachment":[{"href":"https:\/\/openlab.bmcc.cuny.edu\/mar-100-a050-intro-to-marketing-professor-buckler-spring-2022\/wp-json\/wp\/v2\/media?parent=1915"}],"wp:term":[{"taxonomy":"folder","embeddable":true,"href":"https:\/\/openlab.bmcc.cuny.edu\/mar-100-a050-intro-to-marketing-professor-buckler-spring-2022\/wp-json\/wp\/v2\/folder?post=1915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}