Price Elasticity with R
Scenario We covered Price Elasticity in an accompanying post. In this post we will look at how we can use this information to analyse our own product and cross product elasticity. The scenario is as follows: You are the owner of a corner mom and pop shop that sells eggs and cookies. You sometimes put […]
Category: Code
Tags: elasticity, Marketing, price elasticity, pricing, R
Price Elasticity
Concept The concept of price elasticity is pretty easy to grasp. In economics, it is a measure of how sensitive demand or supply is to price. In marketing, it is how sensitive consumers are to a change in price of a product. There are many determinant of elasticity that are both supply-side and demand-side. Nevertheless […]
Category: Business
Tags: Marketing, price elasticity
The Family Tree Model
The family tree model is based on the assumption that people are fundamentally social and connected through shared interests – products, brands, people – and their inherent desire to discuss their interests among themselves. The model maps out how one person is connected to another, revealing important nodes in your relationships – exposing over concentrated […]
Category: Business
Tags: management, Marketing, model, networks, relationships, strategy
40 Ways to Crash a Product Launch
Pre-Launch Phase 1. No market research on the product or the market has been done. 2. Most of the budget was used to create the product; little is left for launching, marketing, and selling it. 3. The product is interesting but lacks a precise market. 4. The productʼs key differentiators and advantages are not easily […]
