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Will marketers cut advertising spend in the Beauty industry? [REPORT]

8 February 2021

Quote of the daystrategic differentiation

Competitive strategy is about being different. It means deliberately choosing a different set of activities to deliver a unique mix of value.

Michael PorterAmerican Harvard Business School professor and scholar of competitive strategySource: What Is Strategy?

Principle of the day

Anchoring effect

The first salient number can influence later judgments; reference prices must be truthful and communicated fairly.

Daniel Kahneman and Amos TverskyPsychologists whose work on heuristics influenced behavioral economicsSource: Anchoring

Quote of the daydecisions

Good decisions come from experience. Experience comes from making bad decisions.

Mark TwainAmerican writerAttributed

Quote of the daychange

To improve is to change; to be perfect is to change often.

Winston ChurchillPrime Minister of the United Kingdom, Nobel laureate in literatureAttributed

Principle of the day

Pareto principle (80/20 rule)

The Pareto principle states that a minority of causes often accounts for a majority of effects; in marketing, identify the customers, channels and actions with the greatest impact.

Vilfredo ParetoItalian economist associated with the 80/20 principleSource: Applying the Pareto Principle in Your Marketing—the 80/20 Rule

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