Gross Profit
“Big 4,” What Are They?
Price is the only element in the marketing mix that brings in money
Every business needs profits to justify its continued existence. You may have already identified the 5 W’s + H aligned...
Using price to improve business profits has two levers, you can either lower your costs or increase value
There are only two viable levers to employ when it comes to price for every business. You can increase the...
The unique pricing challenge for service businesses lies in overcoming the don’t do it or do it myself decision
Businesses that provide a service face an additional element in convincing a target customer to buy, which is the do...
Promotional investments are sculpted by your sales goal and the degree of awareness that exists for your product
Your promotional mix represents the unique combination of promotional methods you incorporate to communicate your message to your target audience....
Ignore where your target customers want to buy, and you won’t be in business for long
“Place” is the market’s location and includes the means of distribution used in reaching it. If you want more people...
You won’t make money until you place your business where your customer wants to buy
When you know where your customers prefer to buy, you’re better positioned to drive the right traffic to your business. ...
The prices you charge are impacted by the economic theories of Opportunity Costs and the Law of Supply and Demand
The discipline of economics represents the theories, principles, and models that deal with how the market establishes the value for...
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