C11MG –MARKETING

Prep Task
Preparation Task
Price

PREP TASK:

Student Learning Objectives:

 Familiarise students with the bases of pricing theory and practice.

 Facilitate a critical, reflective understanding of pricing perspectives and strategy.
 Encourage a more critical appreciation of pricing within the marketing process.
 Encourage the use of a more formal, evidence based approach to the exposition of personal
knowledge.

Student Task:

Task a: (No need to submit answers to task a). You may like to search for additional information
to help formulate your ideas and potential insights. Whilst, this is not compulsory, it would be a
useful starting point and a valuable future resource for you .

Task b: (Submission required) Complete the ‘boxed’ questions overleaf to form a basis for
this understanding.

 Submit your answers via VISION before the next Tutorial

with your name and student number clearly marked below.
 All weekly prep tasks must be submitted to qualify for the exam
 You will receive standardised feedback for the exam/essay style question.
 Keep these safe and use as a revision tool for the assessments.

This topic will form the basis of discussion in your next Tutorial.

Your Name :
Matriculation Number :
Date Submitted :

Price PREP TASK

This prep task formalises your learning by asking a series of questions relating to the exam style
question below. Provide brief answers to these questions within the boxes.

‘Discuss pricing as a vehicle for effective marketing’

Now outline answers to the following questions within the boxes:

Provide at least one definition of ‘pricing’ … ?

Identify and describe 4 types of pricing objective and offer an example to illustrate each objective.

Draw demand curves for normal and luxury products and (briefly) explain why they are different

Define ‘price elasticity of demand’ and write down the formula for calculating this measure

Define ‘fixed’ and ‘variable’ costs and provide an example of each

Identify 4 types of pricing strategy and provide examples for each

How might psychology be used by consumers and marketers within pricing decision-making?

Recall an occasion where you experienced deceptive pricing practice and explain how it made you feel
 C11MG –MARKETING

Explore the value/usefulness of understanding Pricing:

(This question is a chance for you to collect some insights that will help you to provide a more
critical answer in your examination (e.g. think of useful and less useful elements, explain why you
think they are more or less useful, give examples…this then becomes a great crib sheet for your
revision).

Well done … now, I can offer you a BOGOFF deal on Prep feedbacks … interested ?