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There are several strategies to increase the total revenue generated by a product. These include:
1. Increasing the price of the product, provided the demand is inelastic.
2. Enhancing the product's features or quality to justify a higher price.
3. Expanding the market by finding new customer segments or geographical areas.
4. Cross-selling or bundling the product with other products or services.
5. Implementing effective marketing and promotional strategies to increase product visibility and attract more customers.
6. Offering discounts or incentives for bulk purchases or long-term contracts.
7. Improving customer service to increase customer loyalty and repeat purchases.
Question was asked on:
The market for a product is the set of all existing and potential customers that share a set of related needs. Market size is measured in terms of the number of customers or total revenue generated. The Product Market Pyramid maps the market into an underlying Target Customer segment and followed by an Underserved Needs segment. This is because needs that aren't met can be identified only after selecting the Target Customers.
Asked on the following book summary:
Why do so many products fail? It's not because they are built or marketed poorly, but because they don’t delight customers. Read this book summary for...
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