Explain Why Many Marketers Now Use ROMI Instead of More

question 78

Essay

Explain why many marketers now use ROMI instead of more traditional marketing evaluation tools. What are the advantages of the ROMI perspective?

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Definitions:

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.

Excess Quantity

A situation where the supply of a product exceeds the demand for it.

Consumer Surplus

is the difference between the total amount that consumers are willing to pay for a good or service and the total amount that they actually pay.

Market Price

The immediate rate at which an asset or service can be traded in a specific trading place.