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Psychological pricing (also price ending or charm pricing) is a pricing and marketing strategy based on the theory that certain prices have a psychological impact. In this pricing method, retail prices are often expressed as just-below numbers: numbers that are just a little less than a round number, e.g. $19.99 or £2.98. [ 1 ]
Goldilocks pricing, also known as good–better–best pricing, is a marketing strategy that uses product differentiation to offer three versions of a product to corner different parts of the market: a high-end version, a middle version, and a low-end version.
Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. [1] In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.
Multi-level marketing (MLM), also called network marketing [1] or pyramid selling, [2] [3] [4] is a controversial [4] and sometimes illegal marketing strategy for the sale of products or services in which the revenue of the MLM company is derived from a non-salaried workforce selling the company's products or services, while the earnings of the participants are derived from a pyramid-shaped or ...
The area of marketing planning involves forging a plan for a firm's marketing activities. A marketing plan can also pertain to a specific product, the introduction of a new product, the revision of current marketing strategies for existing products, as well as an organisation's overall marketing strategy.
Psychographic segmentation has been used in marketing research as a form of market segmentation which divides consumers into sub-groups based on shared psychological characteristics, including subconscious or conscious beliefs, motivations, and priorities to explain, and predict consumer behavior. [1]
A strategy describes how the ends (goals) will be achieved by the means (resources) in a given span of time. Often, Strategic planning is long term and organizational action steps are established from two to five years in the future. [2] The senior leadership of an organization is generally tasked with determining strategy.
The term satisficing, a portmanteau of satisfy and suffice, [2] was introduced by Herbert A. Simon in 1956, [3] [4] although the concept was first posited in his 1947 book Administrative Behavior. [ 5 ] [ 6 ] Simon used satisficing to explain the behavior of decision makers under circumstances in which an optimal solution cannot be determined.