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Pareto's Principle

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Questions and Answers

According to Pareto's law, what percentage of consequences come from a small percentage of causes?

50%

10%

20%

80% (correct)

In marketing, Pareto's law can be applied to which of the following?

20% of your business activity comes from 80% of your network

20% of your business activity comes from 20% of your network

80% of your business activity comes from 80% of your network

80% of your business activity comes from 20% of your network (correct)

Pareto's Law is fractal, what does this mean?

It does not apply to any systems

It applies to both large-scale and small-scale systems (correct)

It only applies to small-scale systems

It only applies to large-scale systems

What percentage of revenue comes from a small percentage of customers according to Pareto's law?

<p>80%</p> Signup and view all the answers

Study Notes

Pareto's Law

80% of consequences come from 20% of causes, according to Pareto's law.
In marketing, Pareto's law can be applied to customer segmentation, where a small percentage of customers generate a significant percentage of revenue.

Characteristics of Pareto's Law

Pareto's Law is fractal, meaning that it exhibits self-similarity at different scales, and the 80/20 ratio is observed at various levels of magnification.

Business Applications

80% of revenue comes from 20% of customers, according to Pareto's law, highlighting the importance of identifying and prioritizing high-value customers.

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Description

Test your knowledge of Vilfredo Pareto and his famous principle, known as Pareto's Law or the 80/20 rule. Explore how this principle applies to various aspects of life, including marketing, business activity, and revenue generation. Discover the fractal nature of Pareto's Law and its widespread applicability.