Describe the concept of price elasticity and draw a graph comparing consumers with high and low elasticity
What will be an ideal response?
Price elasticity refers to the amount of impact price has on sales. Consumers are said to be price elastic if small changes in price result in large changes in sales. Consumers are said to be price inelastic if price has little effect on sales. Figure 6.8 depicts a comparison of these two groups.
Business
You might also like to view...
Group dynamics are important to the success of party plan systems
Indicate whether the statement is true or false
Business
The ________ step in the hierarchy of effects calls for marketers to inform the target market that there is a new brand on the market using simple, repetitive advertising in a variety of media
A) awareness B) knowledge C) demand D) desire E) purchase
Business