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Marketing Mix: Pricing Basics

Marketing Mix: Pricing Basics

Author: Soma Jurgensen
Description:

The objective of this packet is to introduce the element of pricing as part of the marketing mix. After engaging with this packet students will be able to:

  • Explain the role of pricing in the marketing mix
  • Link marketing objectives to pricing objectives
  • Define four primary pricing strategies each type of business
    • For profit
    • Non-profit
  • Define alternative pricing strategies
  • Categorize offerings into pricing strategies

Pricing your offering (product/service bundle) is both an art and a science. There is a great deal of complexity behind the setting of prices involving accounting, economics, and operations management. However, there is also a consumer behavior element to pricing that can influence how well your offering sells in the market.

In this packet you'll engage in the understanding of pricing from a marketing strategy perspective.

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Tutorial

Pricing Strategy

The PowerPoint presentation that accompanies the video in this packet is attached here.

Pricing Strategy - Explained

Join Soma Jurgensen, Chair of the School of Business for Rasmussen College Brooklyn Park for this video on Pricing Strategy.

Pricing - Reprise

Why does this video have so many views? It simplifies the pricing process into two major buckets then does two things: explains the relationship to marketing strategy and gives an example of the impact consumer behavior and attitudes have on pricing.

If you follow through to the website I will say that I don't sanction or agree with the tactics and strategies on the website, however, the blog has some good, general, business advice.