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Price sensitivity is important to marketers because it helps them understand how customers react to price changes. This allows marketers to:
Set optimal prices to maximize sales and profit.
Segment customers based on their willingness to pay.
Adjust pricing strategies during promotions or discounts.
Stay competitive in the market.
Avoid losing customers due to high prices.
What else can I help you with?
What are the best methods that marketers use to sell products?
Marketers usually sell the most popular item a an almost cheap price a price that they think most people would buy for
What is the importance of cultural empathy to foreign marketers?
Cultural empathy is crucial for foreign marketers as it enables them to understand and respect the values, beliefs, and behaviors of diverse consumer groups. This understanding fosters stronger connections with local audiences, allowing marketers to tailor their strategies and messages effectively. By demonstrating cultural sensitivity, brands can enhance their reputation, build trust, and avoid missteps that could lead to backlash or alienation. Ultimately, cultural empathy helps drive engagement and loyalty in international markets.
How do marketers create wants?
marketers can create wants ? support your ans
What is the influence of branding on price sensitivity?
The main purpose of branding products is to create relatively inelastic demand for the product
Define personal selling and state the importance of personal selling?
personal selling involves face-to-face activities like telephones, Internet etc. its importance is that it provides immediate feedback and also it allows marketers adjust message quickly to improve communication.
Under what conditions do marketers have no flexibility in price control?
Marketers have no flexibility in setting prices under conditions of
What can a company do to decrease price sensitivity?
The main thing that a company does to reduce price sensitivity is advertising to create branding. The brand name is more likely to be able to charge a higher price for the same item, decreasing price sensitivity.
What are the best methods that marketers use to sell products?
Marketers usually sell the most popular item a an almost cheap price a price that they think most people would buy for
What is the importance of cultural empathy to foreign marketers?
Cultural empathy is crucial for foreign marketers as it enables them to understand and respect the values, beliefs, and behaviors of diverse consumer groups. This understanding fosters stronger connections with local audiences, allowing marketers to tailor their strategies and messages effectively. By demonstrating cultural sensitivity, brands can enhance their reputation, build trust, and avoid missteps that could lead to backlash or alienation. Ultimately, cultural empathy helps drive engagement and loyalty in international markets.
What is low price sensitivity?
low price sensitivity means a variation in a demand for a product is not more or does not vary much according to variation in the price , depending on the factors that impact demand eg- necessary goods medicine .
Meaning of elasticity?
It measures the sensitivity of one variable with respect to another, e.g. own price elasticity of demand measures the sensitivity of demand for a commodity with respect to its own price.
Why is price a difficult variable to control for marketers?
Price is difficult to control for marketers because it affects both demand and profitability. Setting the right price requires understanding customer perceptions, competitor pricing, and overall market dynamics. Additionally, changing prices can impact consumer trust and brand positioning.
Customers are showing greater price sensitivity in their search for?
value
Explain the importance of sensitivity analysis with respect to linear programming problem?
f
What are the advantages of an imperfect market?
An imperfect market in which there is widespread price dispersion that can be exploited by marketers is more advantageous to businesses.
What philosophy in situations is when the product's cost is too high and marketers look for ways to improve production?
Price Optimization
The sensitivity of the change in quantity consumed of one good to a change in the price of a related good is called?
Cross-price elasticity.
