Pricing the Product

The course begins by asking the question, "What is price?" At first glance, students may think the question has an obvious answer—the number printed on the price tag. However, as students explore this chapter, they will discover that price is a whole lot more. Price is a function of demand, costs, revenue and the environment. Pricing can be monetary or non-monetary. Pricing decisions lead to specific pricing strategies and tactics. Students also learn about the psychological aspect of pricing, as well as legal, and ethical aspects of pricing.

By the end of this course you will be able to:

Explain the importance of pricing and how prices can take both monetary and non-monetary forms
Understand the pricing objectives that form the basis of pricing strategies
Describe how marketers use costs, demand and revenue to make pricing decisions
Understand key pricing strategies
Explain pricing tactics for single and multiple products and for pricing on the internet
Describe the psychological, legal and ethical aspects of pricing.

Who Should Attend

This course is ideal for those who, are looking to get into a marketing role, manage or own a small business, or those want to improve their career prospects with additional qualifications this marketing.

Course Requirements

Completion of Year 12 or equivalent or relevant industry experience.
Sufficient language, literacy and numeracy skills to complete the course.
Basic computing literacy.

Qualification Obtained

All participants receive a Certificate of Participation.

This course is one of the steps leading to achievement of the Phoenix Academy Diploma of Business course unit, Marketing 500, which is in partial completion of the nationally recognised qualification: