You Are the Sales Manager for a Software Company and Have

question 50

Multiple Choice

You are the sales manager for a software company and have been informed that the price elasticity of demand for your most popular software is less than 1. In order to increase total revenues from that product, you should

• A)increase the price of the software.
• B)decrease the price of the software.
• C)hold the price of the software constant.
• D)increase the supply of the software.

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Definitions:

Omni-Channel Retail

A multi-channel approach to sales that aims to provide the customer with a seamless shopping experience, whether they are shopping online, by phone, or in a physical store.

Shopping Experience

Refers to the overall perception and satisfaction of customers when purchasing products or services, influenced by factors like customer service, store layout, and product availability.

Retail Storage

The space used to store merchandise in retail operations before it is sold to customers.

Inventory Cost

The total cost associated with holding and storing unsold goods, including warehousing, insurance, depreciation, and opportunity costs.