To Increase Value, Marketers May ________, Decrease Price, or Do

question 171

Multiple Choice

To increase value, marketers may ________, decrease price, or do both.

• A) decrease promotion
• B) increase benefits
• C) decrease distribution
• D) increase advertising
• E) allow the perceived value of the item to increase as it matures in the life cycle

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Definitions:

Inelastic

Characterized by a low responsiveness of quantity demanded or supplied when there is a price change, signifying that changes in price have minimal impact on consumers' purchasing behavior.

Price Elastic

Describes a situation where the demand or supply of a good or service is highly sensitive to changes in price.

Measures

Measures refer to quantitative tools or methods used for assessing, comparing, or tracking performance or progress.

Elasticity

A measure of how much the quantity demanded or supplied of a good or service changes in response to changes in price, income, or other factors.