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pricing strategies
factors which determine a pricing strategy
price elasticity of demand
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chet singh
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If elastic demand is high , what does this mean for the business?
Consumers
will switch to
alternatives
Bigger
products
will have to
price
close to
competitors
How can inelastic demand determine a price?
Unique
products which have few
alternatives
will be able to charge
premium
prices -
consumers
unable to
switch