Lesson Notes By Weeks and Term - Senior Secondary School 1

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  4. Pricing I

Term: 3rd Term

Week: 1

Class: Senior Secondary School 1

Age: 15 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Marketing

Topic:-       Pricing I

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

  1. Explain the meaning of price
  2. Discuss the pricing strategies

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures,

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

PRESENTATION

TEACHER’S ACTIVITY

STUDENT’S ACTIVITY

STEP 1

INTRODUCTION

The teacher reviews the previous lesson on marketing research

Students pay attention

STEP 2

EXPLANATION

She explains the meaning of price 

Students pay attention and participates

STEP 3

DEMONSTRATION

She discusses the pricing strategies

Students pay attention and participate

STEP 4

NOTE TAKING

The teacher writes a summarized note on the board

The students copy the note in their books

 

NOTE

PRICING
Price is the amount of money expected and given in exchange for a good or service. Pricing can also be defined as the value customers sacrifice to benefit from receiving and using a good or service.

 

PRICING STRATEGIES
1. Cost Oriented Pricing Method– It is the base for evaluating the price of the finished goods, and most of the company apply this method to calculate the cost of the product. This method is divided further into the following ways.

  1. Cost-Plus Pricing- In this pricing, the manufacturer calculates the cost of production sustained and includes a fixed percentage (also known as mark up) to obtain the selling price. The mark up of profit is evaluated on the total cost (fixed and variable cost).
  2. Markup Pricing- Here, the fixed number or a percentage of the total cost of a product is added to the product’s end price to get the selling price of a product.
  3. Target-Returning Pricing- The company or a firm fix the cost of the product to achieve the Rate of Return on Investment
  4. Market-Oriented Pricing Method- Under this category, the is determined on the base of market research
  5. Perceived-Value Pricing- In this method, the producer establish the cost taking into consideration the customer’s approach towards the goods and services, including other elements such as product quality, advertisement, promotion, distribution, etc. that impacts the customer’s point of view.
  6. Value pricing- Here, the company produces a product that is high in quality but low in price.
  7. Going-Rate Pricing- In this method, the company reviews the competitor’s rate as a foundation in deciding the rate of their product. Usually, the cost of the product will be more or less the same as the competitors.
  8. Auction Type Pricing- With more usage of internet, this contemporary pricing method is blooming day by day. Many online platforms like OLX, Quickr, eBay, etc. use online sites to buy and sell the product to the customer.
  9. Differential Pricing- This method is applied when the pricing has to be different for different groups or customers. Here, the pricing might differ according to the region, area, product, time etc.

 

 

 

EVALUATION:    1. Explain the meaning of price

  1. Discuss some pricing strategies

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively