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Lesson Title: Pricing Strategies Lesson Duration: 2 hours Industry Competencies: Participants will: apply the elements of the

e marketing mix to a product or service apply the elements of the promotional mix to a product or service apply the elements of pricing strategy to a product or service. Specific Objectives: Participants will: identify concerns that need to be addressed in developing a marketing mix (product, place, price, promotion) identify similarities and differences between industrial and consumer markets relating to the marketing mix illustrate how the marketing mix factors are adapted to real industrial markets work collaboratively in a group communicate effectively using written, oral, and multimedia methods. Assessment(s): The following rubrics will be used in this lesson. Multimedia Presentation Rubric
Competency or Task Content - Accuracy Highly Competent All content throughout the presentation is accurate no factual errors. Information organized in a clear, logical way. Easy to anticipate the next element. Includes all material needed to give a good understanding of the topic. All graphics attractive (size and colors) and support the topic of the presentation. Formats (color, bold, italic) carefully planned to enhance readability and content. No misspellings or grammatical errors. Spoke at a good rate. Competent Most content is accurate but there is one piece of information that seems inaccurate. Most information is organized in a clear, logical way. One slide or piece of information is out of place. Lacking a key element. Consistent with driving question. Needs Improvement Content confusing or contains more than one factual error. No clear plan for the organization of information.

Sequencing of Information

Effectiveness

Use of Graphics

Text - Font Choice and Formatting

A few graphics unattractive but all support the topic of the presentation. Format carefully planned to enhance readability.

Lacking several key elements and has inaccuracies. Completely inconsistent with driving question. Graphics unattractive and detract from the content of the presentation. Difficult to read the text material.

Spelling and Grammar Delivery

1-2 misspellings, but no grammatical errors. Spoke at a good rate.

More than 2 grammatical and/or spelling errors. Spoke a little faster or

Volume excellent for setting. Good grammar. Maintained eye contact with audience.

Volume appropriate. Good grammar. Maintained some eye contact with audience.

slower than necessary, or too quietly or loudly. Used unacceptable grammar. Failed to maintain eye contact. Relied too much on their notes.

Assessment Instrument - Group Work - All Group Assignments


Competency or Task Contributions Highly Competent Always willing to help and do more. Does more than required. Routinely offers useful ideas. Always listens to, shares with, and supports the efforts of others. Tries to keep people working together. Almost always focused on the task and what needs to be done. Selfdirected. Competent Cooperative. Works at assignments. Usually offers useful ideas. Usually listens to, shares with, and supports the efforts of others. Does not cause problems in the group. Focuses on the task and what needs to be done most of the time. Needs Improvement Seldom cooperative. Does little work. Rarely offers useful ideas. Rarely listens to, shares with, or supports the efforts of others. Often is not a good team member. Does not focus on the task and what needs to be done. Lets others do the work.

Cooperation

Focus on the Task

Assessment Instrument - Extended Constructed Response (ECR) - Topical Statements and All Assigned Topics
Competency or Task Context and Argument Evidence Highly Competent Context appropriate. Argument satisfactory. Clearly stated thesis included. Abundant, relevant specifics (names, events, legislation, court decisions, etc.) provided. Includes obscure, but important evidence. Thorough chronology. Well-reasoned cause and effect arguments. Fully explained conclusions. Refers to views of others. Virtually error free; minor mistakes do not compromise argument. Covers all areas of question in approximate proportions to their Competent Context appropriate. Argument satisfactory. Ample and appropriate evidence provided. Needs Improvement Context inappropriate. Argument unsatisfactory. Evidence is largely missing or generalized.

Analysis

Historical Accuracy

Thoroughness

Organizes argument and uses data to support conclusions. Recognizes causation, change, and continuity. May have a few errors. Mistakes may slightly hinder argument, but do not detract from the overall accuracy. Covers entire question, but may be slightly imbalanced.

Minimal analysis or fallacious reasoning.

Many errors.

Covers question superficially. May not complete all

Presentation

importance. Uses clear, appropriate and precise language. Cohesive organization. Very few grammatical errors.

Uses clear language. Well organized. Contains few grammatical errors.

tasks. Inconsistent organization. Grammatical errors cloud argument to a major degree.

Assessment Instrument - Class Seminar for All Scheduled Meetings


Competency or Task Participation Highly Competent Active level of participation, offering solid comments and ideas but not overbearing, allowing others to engage in discussion. Comments and ideas are of high value and enable more intense discussion of seminar topic. High level of courtesy towards others facilitating engaging and topical discussion on selected topics. Comments are always focused on seminar topic, including questions and discourse with others during entire meeting. Competent Adequate participation offering valuable comments at times, with only occasional interruption of others. Comments are appropriate and on topic, with some ideas of high value, enabling good discussion of seminar topic. Appropriate level of courtesy towards others enabling good discussion on seminar topic and little disruption observed. Comments usually on target and appropriate, including questions and topical discourse during entire meeting. Needs Improvement Unacceptable interaction and participation with numerous interruptions or off-topic discussions. Rarely offers appropriate comments and seeks to disrupt the meeting.

Contribution

Cooperation

Topic Focus

Exhibited little courtesy towards others through inappropriate comments and behavior during meeting. Not focused on topic and seeks to disrupt with inappropriate questions and comments throughout the meeting.

Assessment Instrument - Journal (Daily Entries Required)


Competency or Task Organization Highly Competent Journal contains a chronological section as well as sections for sketches, reference sources, people, business contacts, etc. Details of information gathered and/or work accomplished for each day is entered. Journal entries are sufficiently descriptive to completely recreate the daily accomplishments. Has APA approved documented citations of all sources in the Competent Parts of the journal show organization, however some parts are mixed into other sections. Journal is missing a few daily entries. Most information is detailed however important details are missing to complete the task. All information is documented and some sources are incorrectly Needs Improvement Journal is sloppy and/or haphazardly organized.

Daily Entries

Journal is missing many daily entries. Journal entries are insufficiently descriptive to completely recreate the daily accomplishments. Some sources are missing and other sources are incorrectly

Content

Proper Citation of Journals!

Books! Videos! Websites Drawings and Sketches

journal and information is documented properly. Journal contains sketches and drawings that are related to the topic and express what will be created. Note cards contain paraphrased information from source and cited reference. Phone conversations are documented for: contact, phone number, information, company, address, date. Lists business contacts including addresses, phone numbers, e-mails, company, fax numbers, discussion exists.

cited. Sketches are drawn explaining the topic but are poorly done.

cited. Quantity of sketches and drawings are insufficient to explain the topic. Note cards have incomplete information and lack citations. Missing information vital for calling back contacts. Some contacts are missing and information is missing.

Referencing Materials (Note Cards) Phone Conversation Abstracts Business Contacts

Note cards missing some citations of sources. Most information required is complete.

Has all contacts but information is missing.

Assessment Instrument - Research Paper for All Assigned Topics


Competency or Task Timeliness Highly Competent The participant has submitted the final version of the research paper on time. The participant's paper contains all content sections required by the teacher. Sections on Introduction, Identifying the Problem, Initial Research, The Proposed Solution, Researching the Solution, Prototyping, Testing, Evaluating test results and data, and a conclusion are most common. Each section of the paper contains the material appropriate for that section. The sections are crossreferenced where necessary. No material is misplaced. Competent The participant has submitted the final version of the research paper one day late. The participant is missing only one section which was applicable to the research project. Needs Improvement The participant has submitted the final version of the research paper one week late. The participant was missing multiple sections, or sections expected to be separate were combined.

ContentWhole Paper

Content Within Each Section

There are minor occurrences where information is placed in a section in which it does not belong, or sections do not refer to other sections where it would make sense to do so.

Large quantities of information are placed in sections inconsistent with the purpose of the section.

Organization

Language Mechanics Technical Accuracy

Within each section, the material presented is very clearly organized. Discussion progresses along lines of logic. Readability is facilitated by crisp organization of thoughts. Free of spelling, punctuation, and grammatical errors. The technical content of the paper is without flaw. Exacting care has been given to ensure facts, data, and results are stated in a technically correct manner. Numerical quantities are given proper units. Calculations are properly documented and executed. Referenced material is annotated in proper APA or MLA style consistently throughout. Works Cited page is in correct format. All items requiring citation are properly cited. The paper includes appropriate appendices to support the text of the paper. Appendices are referenced in the text of the paper.

Within each section, material is presented in a fairly well organized manner, but there are some items which seem misplaced. Each section still follows an outline. Minimal occurrences of spelling, punctuation, and grammatical errors. Minor technical flaws exist in words, units, or calculations, but these do not detract from the overall points made by the author.

Evidence of organization, but with serious flaws. Decisions discussed without background information. Distractingly frequent occurrences of spelling, punctuation, and grammatical errors. Numerous minor technical flaws exist. Units are ignored or misused. Overall credibility of the author's proficiency is damaged.

References

A few minor errors or omissions exist in the referencing of others' work.

Numerous minor or some major errors or omissions exist in the referencing of others' work.

Appendices (if appropriate)

Bulky amounts of information or drawings are included in the main body of the paper itself, rather than in the appendix. References missing or in error.

Some appendix information provided, but it is obviously incomplete.

Assessment Instrument - Oral Presentation for All Assigned Topics


Competency or Task Organization Highly Competent Participant presents information in logical, interesting sequence which audience can follow. Participant demonstrates full knowledge (more than required) by answering all class questions with explanations and Competent Participant presents information in logical sequence which audience can follow. Participant is at ease with expected answers to all questions, but fails to elaborate. Needs Improvement Audience has difficulty following presentation because participant jumps around. Participant is uncomfortable with information and is able to answer only rudimentary questions.

Subject Knowledge

Graphics

Mechanics

elaboration. Participant's graphics explain and reinforce screen text and presentation. Presentation has no misspellings or grammatical errors. Participant maintains eye contact with audience, seldom returning to notes. Participant uses a clear voice and correct, precise pronunciation of terms so that all audience members can hear presentation.

Participant's graphics relate to text and presentation. Presentation has no more than two misspellings and/or grammatical errors. Participant maintains eye contact most of the time but frequently returns to notes. Participant's voice is clear. Participant pronounces most words correctly. Most audience members can hear presentation.

Participant occasionally uses graphics that rarely support text and presentation. Presentation has three or more misspellings and/or grammatical errors. Participant occasionally uses eye contact, but still reads most of report. Participant's voice is low. Participant incorrectly pronounces terms. Audience members have difficulty hearing presentation.

Eye Contact

Elocution

Resource(s): Print Materials Blankenship, A. B. and George Edward Breen. State of the Art Marketing Research. NTC Business Books, Lincolnwood IL, 1993. Boone, Louis E. and David L. Kurtz. Contemporary Business. 8th ed. Dryden, Fort Worth, 1996. Dutka, Alan. AMA Handbook for Customer Satisfaction. NTC Business Books, Lincolnwood IL, 1994. Lamb, Charles W., Jr. and Joseph F. Hair, Jr. and Carl McDaniel. Marketing. 3d ed. South-Western Publishing Co., Cincinnati. 1995. Lamb, Charles W., Jr. and Joseph F. Hair, Jr. and Carl McDaniel. Marketing: Instructors Manual. 3d ed. South-Western Publishing Co., Cincinnati. 1995. McDaniel, Carl, Jr. and Roger Gates. Contemporary Marketing Research. West Publishing Co., St. Paul MN. 1996. Runyon, Kenneth E. and David W. Stewart. Consumer Behavior. 3d ed. AddisonWesley Educational Publishers, Inc., Reading PA. 1998. Audiovisual Internet sites - www.mplans.com (source for many types of marketing plans according to industries and products) Key word search -

Market Planning, Marketing Plans, Marketing, Promotional Plans, Market a Product, Marketing and Promotion of Products, Marketing Analysis, Marketing Data Analysis, Marketing Strategies Analysis, Pricing Strategies, Effective Pricing Methods, Pricing Products Strategies Purpose of the Lesson: Participants will introduce participants to pricing strategies that businesses use and how those strategies relate to customer satisfaction. Required Knowledge and Skills: Participants will: read technical journals and periodicals effectively perform basic operations in mathematics analyze basic algebraic expressions and statistical data understand all elements of a marketing mix understand all elements of a promotional mix understand how to analyze product markets using appropriate data. Tools, Materials, Equipment Needed: Per teams of 2-4 participants: (The instructor can decide which product(s) to use to guide this
lesson. It might be worthwhile to survey participant product interest.)

A recent issue of a popular tennis magazine. A recent issue of a popular skateboard magazine. A recent issue of a popular sports equipment catalog will also be useful or any product catalog valued by participants and approved by the instructor for worthy products.

Copies of all materials developed in the Marketing and Promotional Mix and Market Analysis Strategies lessons. This information should be used to complete this lesson in part. Specific Safety Requirements: Each activity includes specific information about appropriate safety procedures, as well as any necessary instructions for the disposal of materials used. Participants should always wear safety glasses when engaging in laboratory activities. In addition, anyone using equipment should be familiar with the operating instructions provided by the manufacturer of that equipment and should follow safe and proper operating procedures at all times.

Lesson Elements: (5-E Model) Engagement: Guide participants in a discussion that makes them aware of both a focus on price and a focus on benefits and of how those perspectives interact. Encourage participants to consider situations in which the price of an item had an impact on whether or not they wanted to or were able to purchase it. (Hopefully, the instructor will allow them to discuss products they use frequently and value- skateboards, cell phones, cars, bicycles, etc.) Ask them to consider how price might affect decisions to purchase. Challenge them to defend or attack the idea that the lowest price does not always represent the best purchase. If the lowest price does not necessarily represent the best purchase, what criteria should be used to identify the best purchase?

Participants can improve their awareness and comprehension of pricing strategies by applying their existing knowledge of pricing to ads. Contrasting the different pricing strategies between consumer ads and industrial ads will lead them to differentiate pricing strategies by market. Discussing the relationship between pricing and customer satisfaction helps to make clear how they are related. Initial Team Work should include: 1. Form teams of three or four participants. 2. Make sure that each team has advertisements from both newspapers and trade journals. 3. Give the teams 20 minutes to analyze the pricing strategies represented by the advertisements by answering the questions on Worksheet. Team Analysis 1. Have the teams reassemble in a group to report their results. 2. Have the group discuss the results and their similarities and differences. 3. Have participants attempt to generalize and summarize what they have learned about pricing strategies. Continuing 1. Ask participants who are employed to share how prices are set at their places of employment. 2. How effective are those strategies at satisfying their customers? 3. What conclusions can be drawn about the relationship between pricing and customer satisfaction?

Exploration: Participants should begin their exploration by reviewing the following information as presented by the instructor or with research prompts to locate such information using available resources.

The information about Product Classifications should be recognized and understood by participants. The following is offered for the instructor to guide participant learning via independent research or a class lecture/discussion. Product Classifications Consumer Products Unsought Convenience Speciality Shopping Industrial Products Raw materials Processed materials Component part Major equipment Accessory equipment Supplies Product Variables is another key topic for participants to understand. The information presented below should be addressed, discussed, and applied throughout this lesson and future product development by participants in this course. Have participants reflect on products they use frequently and value for a comparison of these product variables! Product Variables Amount of product Packaging Size Warranties Supplementary information One size does not fit all! Product Lifecycle is another key concept for participants to understand with regard to establishing the most appropriate pricing over the life of the product. The image below is offered to guide this discussion via research or direct instruction as a lecture/discussion strategy.

Finally, the image below presents the Marketing Strategies in combination with the Product Life Cycle so participants can better understand how all these elements come together to form an effective process for product development, marketing, promotion, pricing and eventually customer satisfaction leading to significant sales and product improvement.

Explanation: Worksheet: Team Analysis Discuss in your team the following questions. Newspaper Advertisements 1. What pricing approach is being used and why? 2. Are there any price wars going on and for what kinds of products?

Trade Journal 3. What pricing approach is being used and why? 4. Are there any price wars going on? For what kinds of products? 5. Contrast the two types of ads (consumer and industrial). 6. Identify several local businesses that you patronize, such as grocery stores, music stores, electronic stores, hair salons, etc. 7. What pricing strategies seem to be at work in these outlets? 8. Discuss with your team whether the same pricing strategies are used for industrial products. Explain your answers. Finally - Discuss the relationship between price and customer satisfaction. The following questions should also be addressed. Pricing Strategies Participant: Date: Use this sheet to answer the following questions. Use the reverse of the sheet as necessary. 1. Compare and contrast the pricing strategies for consumer and industrial markets. Explain. 2. Use at least three product examples as a basis for describing the relationship between pricing and customer satisfaction.

Extension: Participants will be challenged to address the following situation. Scenario: Your team has been assigned to analyze the pricing strategies exemplified in priceoriented advertisements from local newspapers and trade journals. (Allow participants to use the same products from the previous lessons as a continuation or new products can be introduced per available resources- magazines, newspapers, catalogs, etc.) Team Assignment: 1. Make sure your team has advertisements from both newspapers and trade journals. 2. Use the questions on Worksheet: Team Analysis to guide your analysis of the pricing strategies exemplified by the ads. (These questions are presented in the explanation section of this lesson.) 3. Have your recorder record the consensus answers for the questions on flipchart sheets. 4. The instructor will call for teams to reassemble and a spokesperson for the group will present their conclusions and ideas to others in the class. Evaluation: The following rubric is offered for specific content in this lesson.
Competency or Task Pricing Strategies, Question 1 Highly Competent Response identifies and explains comparisons regarding markets insightfully and convincingly. Response describes the relationship between pricing and customer satisfaction cogently, insightfully, and convincingly and provides three or more product samples. Competent Response clearly and accurately identifies and explains comparisons regarding consumer and industrial markets. Response clearly and accurately describes the relationship between pricing and customer satisfaction with at least three product samples. Needs Improvement Response is incomplete, inadequate, or missing.

Pricing Strategies, Question 2

Response is incomplete, inadequate, or missing.