About This Chapter
CMMP Exam: Pricing - Chapter Summary
The Certified Marketing Management Professional (CMMP) Exam will include specific questions on the subject of pricing. If you want to study up on this topic, go through the video lessons included in this chapter for comprehensive overviews of specific points related to pricing that you'll need to know. The lessons are divided up into specific subtopics, such as:
- Pricing objectives
- Price elasticity
- Pricing cost
- The definition, types and examples of pricing strategy
- Consumer perception
- Economic factors related to pricing
The lessons and practice quizzes you'll find in this chapter will serve as valuable study tools for the CMMP Exam. The exam will be much less imposing if you let us help you study up on the relevant topics you'll need to know.
1. 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.
2. 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.
3. 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.
4. 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.
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.
6. 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 CMMP Exam Study Guide - Certified Marketing Management Professional course
- CMMP Exam: Marketing Management
- CMMP Exam: Integrated Marketing Communication
- CMMP Exam: Marketing Channel Management
- CMMP Exam: Marketing Strategy
- CMMP Exam: Corporate Social Responsibility
- CMMP Exam: Product Development
- CMMP Exam: Marketing Plan
- CMMP Exam: Brand Management
- CMMP Exam: Market Segmentation & Positioning
- CMMP Exam: Global Marketing
- CMMP Exam: Relationship Marketing
- CMMP Exam: Internet Marketing
- CMMP Exam: Consumer Behavior
- CMMP Exam: Marketing Research
- CMMP Exam: Marketing Intelligence System
- CMMP Exam: Marketing Ethics & Compliance
- CMMP Exam: Specialized Marketing
- CMMP Exam: Marketing Performance Measurement
- CMMP Exam: Professional Proficiency in Attitudes & Abilities
- CMMP Exam: Professional Proficiency in Ethics
- CMMP Exam: Critical Relevant Proficiencies
- CMMP Exam Study Guide - Certified Marketing Management Professional Flashcards