Examlex
Why might a media planner prefer to place an ad in a television program that has a share of 35 instead of a program that airs at a different time but has a share of 38?
Inelastic Demand
A situation where the demand for a product or service does not significantly change in response to price changes, indicating consumers' strong need or preference for the product.
Sensitive to Price
Sensitive to price describes a situation where demand for a product is highly affected by changes in its price.
Maximize Profit
The primary goal of businesses to achieve the highest possible profit margin by optimizing revenue while minimizing costs.
Fixed Costs
Costs that do not vary with the level of production or sales, including rent, salaries, and insurance premiums, providing stability in budgeting and planning.
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