What Is The Price Strategy For Converse

How can you succeed at pricing strategy?

To understand pricing, it is useful to have a good grasp on an economics 101 concept - Price elasticity of demand. Price elasticity is a measure of the relationship between a change in the quantity demanded of a particular good and a change in its price.“Find the right price for an irresistible offer, which, by the way, isn’t necessarily the lower price.” - W.Chan KimIf a small change in price is accompanied by a large change in quantity demanded, the product is said to be elastic (or responsive to price changes). On the other hand, a product is deemed inelastic if a large change in price is accompanied by a small amount of change in quantity demanded. A product’s demand is unitary elastic when an increase in price will lead to a similar percentage drop in quantity demanded. The same product can exhibit different elasticity at different price points. Elasticity of demand is lower at low prices and vice versa for the exact same product. How then do we use this information?What price is optimal?For instance, assuming the price elasticity of a product is 0.5 at point E1. This implies a 20% increase in price (say, from $30 to $36) will lead to a 10% decline in sales (say from 100,000 to 90,000) - point E'. As one can see, revenue would increase from $3,000,000 at E1 to $3,240,000 at E', an 8% increase. The loss in revenue of $300,000 from the contraction in units sold (-10K) is more than offset by the $540,000 expansion in revenue arising from the rise in margins (+$6). For any inelastic-demand product, the yellow box (resultant rise in revenue due to higher margins) will always be larger than the blue box (resultant drop in revenue from lower units sold). The converse is true for an elastic demand product. Optimal pricing for the product occurs when prices are set such that the demand elasticity is equals to one.For a more detailed explanation, please refer to KeyHole Insights on LinkedIn: "#Pricing is the most overlooked yet easiest to adjust lever of many #busineses.定价是最被商家忽视，却又是最容易调整的商业杠杆。To find out how to set an optimal pricing for your products, email info@khinsights.com for a non-obligatory free consultation.想了解如何为您的产品设定更适合的价格，请发送电邮至info@khinsights.com 咨问。#Strategy #PricingStrategy #Economics #profitability"

What's the difference between dominant strategy solution and Nash Equilibrium?

To be brief, a solution in dominant strategies is one in which each player's assigned strategy brings them a higher payoff than any other regardless of the other players' strategy.  The unique Nash equilibrium of the prisoner's dilemma is in fact also a solution in dominant strategies, which you can easily check.  Under a Nash equilibrium, by contrast, each player's strategy need only be payoff maximizing given all other payers' strategies as specified in the equilibrium.  A solution in dominant strategies is therefore a stronger solution concept than Nash equilibrium, as all solutions in dominant strategies are Nash equilibria (obviously), but not vice versa.  This can be useful in situations where a game has many Nash equilibria and we need a selection mechanism to make a concrete prediction.  Unfortunately, dominant-strategy solutions are generally considered too strong as a solution concept, because many (most) games have no solution at all in dominant strategies.  This limits their applicability, as a solution concept that makes no prediction at all in many games is not a very useful one.   A simple example of the latter phenomenon is the matching pennies game.There are also some generalizations of solutions in dominant strategies (in the sense of being a weaker solution concept), namely those resulting from  "iterated deletion of dominated strategies".  This solution concept uses an iterative procedure, in which at each step you remove those players' strategies which are dominated relative to the remaining strategy set available to other players.  This can lead to a unique strategy profile even in games with no dominant strategies, and such games are sometimes called "dominant-solvable."  Solutions to dominant-solvable games are still Nash equilibria (showing this is a good, simple exercise), but once again the converse is not true.  So iterated deletion yields a solution concept that is intermediate between Nash equilibrium and dominant-strategy solutions.  Unfortunately, this solution concept is still too strong, as there exist many games that are not solvable by iterated deletion of dominated strategies.  Hope this helps clarify things!

Is Converse's Chuck Taylor shoe design elegant, beautiful, or timeless?

I’d definitely argue timeless!There’s good reason Chucks have been manufactured for over 100 years, and it’s not just a low price. They have a simple, almost minimalist aesthetic that easily lends itself to new colors, patterns, and materials. Chucks have been made in every color and pattern in existence, and if it wasn’t factory-made it was decorated by hand. SPLAV, a Russian tactical gear company, even makes copies in Russian digital flora camo!I’m not so sure about beauty or elegance, as that depends more on the individual style. Bright red or optical white high tops are certainly striking, and you can paint them in whatever design you want. The iRobot black and white leather shoes are quite attractive when new. The monochrome black shoes are so minimalist as to be generic and really popular in the punk and hardcore scenes.Timeless, though? Absolutely. We’re still wearing them by the millions after 100 years and I can see it being the same 100 years later.

I want to start an online business selling converse shoes but I do not know how to go about getting the shoes. Is this a good business?

Hey,if you really want to start a business that brings you 100s even 1000s of Dollars day after day by working online and without the need of any knowledge this is the right time my dear. Because of Billions of Internet users around the world you can build a respectable brand and win an authority which will gives you more and more sales a long your entrepreneurial path, in order to have a sophisticated protocol to start a Business you should follow some easy to follow steps so that you could make tons of money! If you really want to understand what the real success is you can shout me an AnswerThank you!

How many brands have Nike created/acquired aside from their core business/brand? Why have they done it?

Hi, and thanks for the answer request!According to Wikipedia[1], Nike has acquired several brands in its lifetime:Cole Haan (upscale menswear), 1988Bauer Hockey (hockey equipment), 1994Hurley International (surf apparel), 2002Converse (Chuck Taylor All-stars), 2003Starter (throwback sportswear), 2004Umbro (English football/sportswear), 2008Interestingly, Nike then made the decision to refocus on its core business, and it sold several of these brands in the following years:Starter, 2007Bauer Hockey, 2008Umbro, 2012Cole Haan, 2013This leaves Nike with Converse and Hurley.As for the reasons behind these decisions, as an outsider myself, it’s hard to know for sure. Diversification seems like a good bet—it’s easier to buy into hockey and surf, for example, than to build from the ground up. Converse is a big money-maker; with Nike’s distribution, Converse grew 28% in a single quarter. Diversification and internationalization (e.g. China) can be big growth drivers for a company like Nike.On the flip side, the decision to divest most of these brands represents a return to the core business and focusing on their name brand instead.Here’s another interesting tidbit: last year, Nike acquired Virgin Mega to help them build a digital studio and craft mobile experiences for sneaker buyers. This decision points to a digital, data-driven strategy informed by tech’s growing influence and presence in the fitness world.Hope this helps!Footnotes[1] Nike, Inc. - Wikipedia

What are the most effective and low-cost local small business marketing techniques?

Social MediaEmail MarketingSales FunnelsYouTube VideosSEOIf you take the time to focus on one of these I would suggest sales funnels. Because it doesn’t do any good to get the word out to millions of people if none of them care…Basically, getting your business or brand out there for free isn’t that difficult these days. Social media, SEO & YouTube are easy and great for that, however crossing your fingers and hoping they come to your business has never really made any sense to me.Sales funnels are like a system that walks your customers through your business and then brings them back in a gain later. Here is a video I made on how it works.It’s also note worthy to mention that email marketing and sales funnels go hand in hand. Once the customer goes through your sales funnel they are tagged to an email list and your auto responder will bring them back in.This method has been sweeping the globe and helping thousands of small business owners and entrepreneurs scale to unbelievable proportions! I talk about it on my blog Business SolutionsSEO, is really good to! If you can show up at the top of the list when someone googles you it’s like a guaranteed sale. It never hurts to educate yourself. Udemy has some very affordable courses available. You can even find some great tutorials on YouTube.I hope this helps!-Jason