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PRODUCT AND PRICE - Coggle Diagram
PRODUCT AND PRICE
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Key concepts
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Product life cycle: introduction, growth, maturity, decline
Brading
Brand: a name, symbol or design that identifies a product
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Pricing strategies
Profitability:the normal business aim of achieving a return on investment by maximizing revenue and minimizing costs
Market share: increasing your percentage of the market by selling at a low price, even if it means that profits are also low
Matching the market leaders: setting price according to what is standard in the market, and then competing by emphasizing other benefits such as design, service, convenience
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Identifying the correct price point: in a price-sensitive market, increasing the price beyonf a certain point will damage sales
Social objetives: governments can subsidize prices so that low-income groups can afford a basic product
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