What is the importance of price elasticity in marketing?
An example of an AI chatbot conversation about the significance of price elasticity in marketing strategies.
What is the importance of price elasticity in marketing?
Price elasticity measures how demand for a product changes with price changes. It's crucial for setting prices.
How can businesses use price elasticity to improve their marketing strategies?
Businesses can adjust pricing based on elasticity to maximize revenue, target promotions, and optimize product offerings.
Can you give an example of a product with high price elasticity?
Sure! Luxury goods often have high price elasticity; a small price increase can lead to a significant drop in demand.
What about products with low price elasticity?
Necessities like medicine typically have low price elasticity; demand remains stable even with price increases.
How does understanding price elasticity help in market segmentation?
Understanding price elasticity allows businesses to segment markets based on price sensitivity, tailoring strategies for each group.
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