If the Price for a Product Increases,the Demand for a Substitute

question 141

Multiple Choice

If the price for a product increases,the demand for a substitute product will

• A) decrease.
• B) increase.
• C) stay the same.
• D) become more elastic.
• E) become more inelastic.

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Definitions:

Target Market

A specific group of potential customers at whom a company aims its products or services, identified through various demographics, interests, or behaviors.

Marketing Program

A comprehensive plan that integrates all marketing efforts, from advertising and promotions to online presence, designed to achieve specific business objectives.

Advertising

The act of promoting products, services, or brands through various media channels to attract and engage consumers.

Marketing Manager's Controllable Factors

Elements such as product, price, place, and promotion that marketing managers can directly manipulate to achieve marketing objectives.