Network Economies

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Network Economies by Mind Map: Network Economies

1. Freemiums

1.1. Positive effeccts: Freemium is a great way to sample a product and build a name for it. Freemium takes place before making the commitment to pay for the pro version of the product that is being created. I think this strategy is great, it helps a company get their name out to the public.

1.2. Negative effects: If you are selling a personal product, one that an not be versioned like an online platform. Once the product is sold, it is sold and no moderations can be made.

2. Pricing Strategies

2.1. Unit Pricing: Charging per each individual license.

2.1.1. Site Pricing: Charging a flat cost for an unlimited number of licenses or access to a good

3. Social Media

3.1. I.E. Facebook, Instagram... When it comes down to it, almost everyone uses the internet. It is an online business or marketplace.

4. Marketing

4.1. Types of Markeing

4.1.1. This results in positive or negative feedback which gives the company consumer feedback n their product.

5. Advertising through Social Media

5.1. Things to be aware of: You must stand out from competirors;

5.2. - Identify your consumers, target your audience well.

5.3. - Branding is important

5.3.1. - Keep pricing in mind, especially with competitors of the same business/product

6. Business Marketing

6.1. Practive of an individual or an organizations where it allows them to sell products or services to other companies or organizations that resell them, use them in their products or services or use them to support their works.

6.2. Business and Consumer Markets: Demand has gone up over time. There is a rise in demand in the consumer market.

7. Feedback from customers

7.1. Sellers offer a free good to entice buyers to pay for a premium or a subscription.

7.2. This results in positive or negative feedback which gives the company consumer feedback n their product.

8. Lock-in

8.1. Switching costs - Consumers will consider the amount of lock-in a good has and the costsassociated with switching should the desire rise.

8.1.1. Network Externalities: when one network affects another without any cost benefit

8.1.2. Reviews and marketing across social media can cause a network to grow or the opposite.