A Refresher on Price Elasticity
Setting the right price for your product or service is hard. In fact, determining price is one of the toughest things a marketer has to do, in large part because it has such a big impact on the company’s bottom line. One of the critical elements of pricing is understanding what economists call price elasticity. To better understand this concept and how it impacts marketing, … [ Read more ]
Content: Article | Authors: Amy Gallo, Jill Avery | Source: Harvard Business Review | Subject: Pricing
Jill Avery
Brand managers entered the social media landscape with the same approach they used for television and radio advertising. With both of those media, we have an understood contract with consumers: In order for you to get free programming, you agree to be interrupted by commercial messages. Social media did not have that contract, so that when customers were interrupted by brands in social media, it … [ Read more ]
Content: Quotation | Author: Jill Avery | Source: Harvard Business School (HBS) Working Knowledge | Subjects: Brand, Marketing / Sales
Pay Attention To Your “Extreme Consumers”
What do Porsche fanatics, a video game hater, and a person who cooked two weeks’ worth of meals in a rice cooker have in common? They are all “extreme consumers”—those whose tastes are so out there that mainstream market researchers tend to dismiss them as “noise” when trying to figure out how typical consumers think.
That’s fine if you only want to keep making incremental improvements … [ Read more ]
Content: Article | Authors: Jill Avery, Michael I. Norton | Source: Harvard Business School (HBS) Working Knowledge | Subjects: Customer Related, Market Research, Marketing / Sales
A Brand Manager’s Guide to Losing Control
Social media platforms have taken some of the marketing power away from companies and given it to consumers. Jill Avery discusses the landscape of “open source branding,” wherein consumers not only discuss and disseminate branded content, they also create it.
Content: Article | Authors: Carmen Nobel, Jill Avery | Source: Harvard Business School (HBS) Working Knowledge | Subject: Marketing / Sales