Discuss the Four Major Tools That Are Available When Developing

question 75

Essay

Discuss the four major tools that are available when developing a promotional mix.

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Definitions:

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting consumer sensitivity to price changes.

Horizontal Line

A straight line that has a constant y-value in the plane Cartesian coordinate system, indicating no change in the vertical direction.

Inferior Goods

For inferior goods, demand decreases as income increases.

Demand for Potatoes

The consumers' desire and willingness to purchase potatoes at a given price.