Explain Why Price Elasticity Is Important to Marketing Managers

question 52

Essay

Explain why price elasticity is important to marketing managers.

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Definitions:

Epinephrine

Also known as adrenaline, it is a hormone and medication that plays a key role in the body's fight-or-flight response by increasing blood flow to muscles, output of the heart, pupil dilation, and blood sugar.

Endorphins

Neurotransmitters produced in the brain that act as natural painkillers and are also associated with feelings of pleasure.

GABA

Gamma-Aminobutyric acid, an inhibitory neurotransmitter in the brain that reduces neuronal excitability throughout the nervous system.

Hypnosis

A trance-like state of focused attention and heightened suggestibility, with diminished peripheral awareness, often used for therapeutic purposes.