Data About How,when,why,where,and What People Buy Refers to

question 73

Multiple Choice

Data about how,when,why,where,and what people buy refers to

• A) statistics.
• B) demographics.
• C) marketing analytics.
• D) value-based marketing.
• E) relational orientation.

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Definitions:

Price Elasticity

Price elasticity measures how much the quantity demanded of a good responds to a change in its price, indicating the sensitivity of consumers to price changes.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price within a specified period.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with elasticity greater than one indicating a high responsiveness.

Sales

The total number of goods or services sold within a specific time period.