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In this example, Wrigley used the Penetration pricing.
Penetration pricing is one of marketing strategy which aims to attract potential customers by offering lower price as its initial offering.
This pricing strategy helps a new product or service to penetrate the market and attract customers because of the low price offered.
In the question, the introductory price for chewing gum, mint mojito were set low and aims to attract new customers to the product.
In conclusion, Wrigley used the Penetration pricing to attract new customers.
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Answer:
It is the blend of marketing strategies for product, price, distribution, and promotion
Explanation:
Marketing mix describes strategies used by a company to promote its brand or product. A marketing mix is made up of Price, Product, Promotion and Place.
Answer:
c. Sales budget, budgeted income statement, budgeted balance sheet
Explanation:
First, we calculate the sales for the period. It would also calculatethe cash proceeds from sales, which will be useful for the balance sheet.
With that, we can plug sales revenue into the income statement and calcualte the net income.
And with the income statement, we can solve for retained earnings and build up the balance sheet. Among other data
Doing it in any other order, we are going to leave blanks and need to do the next one to fill them. In the proposed orde,r we do not need information from the subsequent budget to complete the previous one, which is good.
