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Marketing - Coggle Diagram

- - - - Where a company sets a high initial price for a new product and then gradually lowers it over time
      - Used by established businesses e.g. Apple
    - - Setting a low initial price for a product or service to quickly gain market share and attract customers
      - Attract customers with a lower price, which can lead to word of mouth and switching to the new brand
    - - Dynamic pricing relies on real-time trends and supply chain factors
      - Need good technology to be effective
  - - - Manufacturer - Consumer
      - Manufacturer - wholesaler - retailer - consumer
      - Manufacturer - retailer - consumer
      - Manufacturer - agent - consumer
      - Intermediaries
        
        Reduces the profit margins
  - - - A form of communication used to persuade an audience to take some action, usually with respect to a commercial offering, such as an item for sale or a service.
    - - The process of creating a unique identity for a company to differentiate itself from its competitors
      - Branding can help a business create long-lasting relationships with customers by helping them remember the business's design and messaging
    - - Is a strategic communication discipline that helps businesses manage their public image and reputation
      - PR can help businesses respond to public discourse and manage negative events
    - - A technique that involves face-to-face selling between a sales rep and a prospective customer
  - - - What differetiates the business from its competitors
        
        Attract customers
    - - Aesthetics
      - Function
      - Cost
    - - Dogs
        
        Low market share, low market growth
      - Cash Cows
        
        High market share, low market growth
      - Question mark
        
        Low market share, high market growth
      - Star
        
        High market share, high market growth
    - - Introduction, growth, maturity, decline, extension strategies