Why Is Price Considered One of the Most Flexible Elements

question 78

Essay

Why is price considered one of the most flexible elements of the marketing mix?

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Definitions:

Stimulus Generalization

The tendency for the conditioned response to be evoked by stimuli that are similar to the stimulus to which the response was initially conditioned.

Higher-Order Conditioning

A process in classical conditioning where a stimulus that was previously neutral becomes a conditioned stimulus by being paired with another conditioned stimulus.

Shaping

A method of teaching new behaviors by rewarding successive approximations toward a desired behavior.

FR Schedule

Fixed Ratio Schedule, a type of reinforcement schedule used in behavioral psychology where a response is reinforced only after a specified number of responses have occurred.