Watch the "Marketing: Pricing" and "Marketing Mix: Pricing Strategies" videos at the bottom of this page and explain what you learned from them. Fully explain the following: price as part of the marketing mix, consumers' perception of price, the importance of price to marketers.

1. Fully explain the following topics using your own words: each of the three main categories of pricing objectives, profit maximization, return on investment, and market share.
 
2. Explain the concepts of elastic and inelastic demand. Why should marketers understand these concepts?
 
3. Watch the "PLC Pricing" and "Marketing Mix: Pricing Strategies" videos at the bottom of this page and explain what you learned from them. Fully explain the following: the impact of each stage of the product life cycle on pricing, price skimming, penetration pricing, status quo pricing, price fixing, and predatory pricing.

https://www.youtube.com/watch?v=mmm0ccYPliU https://www.youtube.com/watch?v=b9LdTnHAsFs https://www.youtube.com/watch?v=POTBei26Jow https://www.youtube.com/watch?v=wajb-HO2Qao https://www.youtube.com/watch?v=vpRFgi2HqQ0 https://www.youtube.com/watch?v=H8aZr-Ula1w