Title: Pricing II - Advanced Marketing Strategies
Grade Level: Senior Secondary 1
Duration: 60 minutes
Subject: Marketing
Lesson Objectives:
1. Students will understand advanced pricing strategies in marketing.
2. Students will be able to identify and apply different pricing tactics to real-world scenarios.
3. Students will analyze the impact of pricing strategies on consumer behavior and market dynamics.
Materials Needed:
1. Whiteboard and markers
2. Projector and computer
3. Handouts with case studies
4. Price tag props
5. Chart paper and markers for group activities
Lesson Overview:
1. Introduction (10 minutes)
2. Direct Instruction (15 minutes)
3. Group Activity & Case Study Analysis (20 minutes)
4. Classroom Discussion (10 minutes)
5. Recap & Homework Assignment (5 minutes)
Lesson Plan:
1. Introduction (10 minutes)
- Begin with a brief recap of the previous lesson on basic pricing strategies (e.g., cost-plus pricing, competitive pricing).
- Introduce the topic of advanced pricing strategies.
- Share the lesson objectives with the class.
2. Direct Instruction (15 minutes)
- Present a short lecture using a PowerPoint presentation covering the following advanced pricing strategies:
a. Psychological Pricing (e.g., charm pricing, price anchoring)
b. Dynamic Pricing (e.g., surge pricing, seasonal pricing)
c. Price Discrimination (e.g., student discounts, senior discounts)
d. Penetrative Pricing versus Skimming Pricing
e. Bundle Pricing
- Illustrate each strategy with real-world examples.
3. Group Activity & Case Study Analysis (20 minutes)
- Divide students into small groups (3-4 students per group).
- Provide each group with a case study handout featuring a company with a pricing dilemma.
- Ask groups to read the case study, identify the problem, and recommend an advanced pricing strategy to resolve it.
- Use chart paper and markers for groups to present their recommendations.
- Groups present their solutions to the class.
4. Classroom Discussion (10 minutes)
- Discuss the group presentations.
- Highlight key points and common themes.
- Engage students in a discussion on the impact of different pricing strategies on consumer behavior and business performance.
- Ask questions such as:
a. Which pricing strategy do you think is the most effective and why?
b. How would you balance profitability with customer satisfaction in pricing?
5. Recap & Homework Assignment (5 minutes)
- Summarize the key takeaways from the lesson.
- Assign homework:
a. Write a one-page analysis of a company of your choice, describing the pricing strategy they use and discussing its effectiveness. Include examples and data if possible.
b. Prepare for a quiz on advanced pricing strategies in the next class.
Additional Notes:
- Ensure all students participate during group activities and classroom discussions.
- Adjust the complexity of case studies based on the class's overall understanding of the topic.
- Use varied real-world examples to keep the lesson engaging and relevant.
Evaluation:
- Monitor and assess group participation and collaboration during the activities.
- Evaluate the accuracy and creativity of group presentations.
- Review and grade the homework assignment in the next class.