“How sensitive is Sales Demand, if product Price changes?” “How much my sales will increase, if I lower my price?”
One of the major questioning of a marketer or business is to know the art behind setting the price of a product. Many of us have wondered, what are the external and internal influences that needs to be considered in order to set a price and how we can measure the consumer demand impact towards the price settled? Do the product price changes affect my consumer demand?
This article would answer all these questions by getting to know one of…
“How sensitive is Sales Demand, if product price changes?” “How much my sales will increase, if I lower my price?”
Part 1 of the article provides you an easy explanation of Price elasticities by giving you detail explanation of what is price elasticity and how you can interpret the data. In case, you want to review the concepts, I would suggest to click the following link
Part 2 of the article, which it is the one you are reading now. …