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Syllabus E. Technology And Data Analytics E2. Big Data And Data Analytics

E2c. Data For Decisions About New Product Developments, Marketing And Pricing

New Product Development, Marketing And Pricing

New product development decisions include:

Potential costs and benefits of new products?
Improve existing or create new products?
Any new skills needed to create the product?

Marketing decisions include:

How to promote goods?
What channels of marketing to be used?
What features to have?
Will processes need to change?
Competitor response?

Pricing decisions include:

Elasticity of demand?
Cashflow effect of prices?
Does price fit with overall strategy?
Competition prices?