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Pricing designed to have a positive psychological impact. For example, there are often benefits to selling a product at $3.95 or $3.99, rather than $4.00. If the price of a product is $100 and the company prices it at $99, then it is using the psychological technique of just-below pricing.
Pricing is not always seen as a strategic process. Greg Cudahy of Accenture observed in 2007 that for some businesses, "pricing is the last bastion of gut feel". [1] Where pricing is strategic, marketers develop an overall pricing strategy which is consistent with the organization's mission and values.
[1] Price elasticities are negative except in special cases. If a good is said to have an elasticity of 2, it almost always means that the good has an elasticity of −2 according to the formal definition. The phrase "more elastic" means that a good's elasticity has greater magnitude, ignoring the sign.
Marketing mix modeling (MMM) is an analytical approach that uses historic information to quantify impact of marketing activities on sales. Example information that can be used are syndicated point-of-sale data (aggregated collection of product retail sales activity across a chosen set of parameters, like category of product or geographic market) and companies’ internal data.
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Experiencing trauma can sometimes lead to post-traumatic stress disorder (PTSD). This serious mental health condition is marked by changes in mood, intrusive memories, avoidant behavior, and a ...
A model of imperfect competition in the short-run. Non-price competition is a marketing strategy "in which one firm tries to distinguish its product or service from competing products on the basis of attributes like design and workmanship". [1]
The song “Have Yourself a Merry Little Christmas” is a holiday classic, but its genesis goes back to Judy Garland in Meet Me in St. Louis.It turns out, she helped this melancholy Christmas ...