price sensitive
Barron's Marketing Dictionary:
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price sensitive
Tendency of the demand for a product or service to vary according to variations in price. Some goods are more price sensitive than others, depending upon other factors that impact demand, such as need for the products (medicine vs. Cosmetics), the availability of substitutes (salt vs. Bread), and the relative size of the variation in price. Marketers of price-sensitive goods should test new prices before implementing them, to evaluate the impact on demand. See also elasticity.
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Barron's Marketing Dictionary
Dictionary of Marketing Terms. Copyright © 2000 by Barron's Educational Series, Inc. All rights reserved.
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