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Marketing - Coggle Diagram
Marketing
Price Strategy
Penetration pricing
Persuade customers to try the product
Make lots of sales quickly
Set price really low for a new product
Skimming
Sell to wealthy customers
Lower the price next season
Price the unique products high at first
Competitive pricing
Make less profit in short term
Focus on the competitor out of the business
Price the products lower
Promotional
Make the price attractive at first
Encourage new customers to try it
Cost-plus pricing
Add the extra cost to the retail price
Price will be changed usually
Calculate the gross cost
Loss leader
Sell a product at a low price
Can accept loss-making in short term
The Product Life Cycle
Growth
More people find out and purchase the product
Competitors are coming into the market
Profits start to rise
Maturity
Lots of repeat purchases
Competitors with lower price enter the market
Most potential customers have been reached
Introduction
Small number of people know the product
Profits rise slowly
Sales growth is slow
Decline
Sales start to fall
Replacement product have entered the market
Product becomes old
Development
Make the research of the market
Raise capital
Design the product