Author Question: What are the elements of the Pareto principle? What will be an ideal ... (Read 23 times)

kamilo84 · **on:** Aug 10, 2018

What are the elements of the Pareto principle?

What will be an ideal response?

Question 2

What are the four classifications of marketing approaches?

What will be an ideal response?

hugthug12 · **Reply #1 on:** Aug 10, 2018

Answer to Question 1

Ailfredo Pareto, an Italian economist who conducted extensive research on income distribution,
discovered that in his native country 80 percent of the wealth was held by only 20 percent of the
population. In international comparative research he established the same ratio. He eventually
realized he had discovered a universal law: 80 percent of anything is attributed to 20 percent of
its cause. For example, 80 percent of the important decisions are accomplished in 20 percent of
the time. The 80-20- rule has come to be called the Pareto Principle.

Answer to Question 2

Market Development, Product
Development, Market Penetration, Diversification