What marketing term would apply to describe a small company in Philadelphia analyzing consumer’s responsiveness to changes in price? Question 2 options: a) Elasticity of demand b) Demand c) Responsiveness d) Yield pricing

What marketing term would apply to describe a small company in Philadelphia analyzing consumer’s responsiveness to changes in price? Question 2 options: a) Elasticity of demand b) Demand c) Responsiveness d) Yield pricing

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter23: Profit Maximization

Section: Chapter Questions

Problem 3E

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Concept explainers

Introduction to Business Messages

Business messaging refers to a variety of channels via which businesses and customers can interact. SMS or text messaging is the most popular method of communication. Shipment reminders, promotional incentives, marketing offers, and scheduled appointments are all things we have dealt with. These are the types of messages we usually identify with business communication. Business messaging can take place on any digital platform where your consumers already spend some time, with the expectation that communication will be two-way. Business messaging brings comfort and simplicity to customers. Customers expect comfort from pre-sales and post-sales engagements with businesses as they do with friends and family. In addition, messaging is the favored method of contacting a firm for 66% of buyers. Here are a few examples of popular business messaging situations.

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What marketing term would apply to describe a small company in Philadelphia analyzing consumer’s responsiveness to changes in price?

Question 2 options:

a)	Elasticity of demand

Demand

c)	Responsiveness

d)	Yield pricing

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