Explain the Major Benefits of Direct Marketing for Both Customers

question 52

Essay

Explain the major benefits of direct marketing for both customers and sellers.

---

Definitions:

Inelastic

Describes a situation where the demand for a product or service is relatively unresponsive to changes in price, meaning that variations in price have little to no effect on the quantity demanded.

Whole Dollar Pricing

A pricing strategy where products are priced at round number amounts rather than using cents, designed to simplify pricing for consumers.

Price Maximization

A strategy aimed at setting the price of a product or service at the highest possible level at which the target segment of consumers is still willing to purchase it.

Elastic Demand

A situation where the demand for a product or service significantly changes in response to changes in its price.