The Measure of How Willing Consumers Are to Buy Less

question 87

Short Answer

The measure of how willing consumers are to buy less of a good as its price rises is called

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Definitions:

Market Penetration

A quantification of the volume of sales or adoption rate of a product or service as compared to the entire theoretical customer base for that item.

Market Penetration

A strategy aimed at increasing a company's market share for an existing product, or promoting a new product, within an existing market.

Product Development

The process of bringing a new product to market, including idea generation, design, development, and marketing.

Market Development

A growth strategy involving the promotion of existing products into new markets or to new segments, aiming to increase sales and customer base.