The Dynamic Marketing Environment and Determining Price (Other (Not Listed) Sample)
Write 1-2 paragraphs explaining the 80/20 rule marketing related applications. With reference
The Dynamic Marketing Environment and Determining Price
In marketing the 80/20 rule highlights that 80% comes from 20% of a source and is most applicable where 80% of sales come from 20% of the products, or that 80% of profits come from 20% of customers. Identifying the 20% of the products that customers prefer helps to focus on efforts that guarantee more returns. Additionally, identifying 80% of the results helps to determine the 20% that determines actions and what works well.
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