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Marketing (Marketing Mix - The components of a market controlled by a…

- - - - Penetration pricing - Set low price for an increased in sales. Useful in the introduction of the product
      - Price skimming - Setting a high price before competitors enter the market. This is useful when the product is an 'invention' or 'one of a kind' that cannot be sold somewhere else.
      - Cost-plus pricing
      - Psychological pricing - Different approaches of using psychology in order to make the price seem short. There are many ways like reducing the length of the number by removing commas, use umbers with lower syllables, make the first number appear like the price.
      - Dynamic pricing
      - Freemium - Free and premium. A pricing strategy where the product itself is free, and additional features, which are 'premium' charges extra money. It is useful for a website or digital application of some sort.
      - Competitive pricing
      - Pay what you want pricing (PWYW)
  - - - Introduction - The researching and the first time the product is launched into the public
      - Growth - The time the product is expanding most. It is the key time to increase sales and profit margins.
      - Maturity - The stage that the products sales begin to decline. This is due to the product moving closer to its highest demand point.
      - Saturation - The stage where customers have preference for cheaper or better products. It is when the decline is more noticeable, and the business should start to segment at a certain market to increase market demand.
      - Decline - The stage where the sales decrease most. The product is about to lose all its sales and leave the market.
      - Extension Strategies - Strategies that businesses use in order to improve sales and make the life cycle of a market stop declining for a period of time. This usually happens during maturity, saturation, or when it starts to decline.
    - - Contrasts with Market-oriented Business - A marketing philosophy that the major importance is the customer's needs and wants, and combing the marketing mixes in such a way that this is satisfied.
- - - - Qualitative vs Quantitative Data