5 Questions
True or false: Economic factors concern the customer's awareness and knowledge of price levels and price meanings.
False
True or false: Competitive factors concern the actions that a company's competitors take in response to the company's price changes.
True
True or false: Emotional factors concern the amount of money involved in the price change and in responding to the price change.
False
True or false: The simplest measure of price elasticity is to calculate a ratio by dividing the size of the sales change by the size of the price change that caused it.
True
True or false: If a certain price change caused a small sales change, then the ratio of the sales change to the price change would be a large number.
False
Test your understanding of economic and competitive factors influencing price modification decisions. Evaluate your knowledge of predicting price-change response and gauging market reactions to prospective price changes.
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