Price Elasticity

Research on Magnitude and Determinants

Business & Finance, Marketing & Sales, Advertising & Promotion, Economics, Economic History
Cover of the book Price Elasticity by Evelyn Friedel, Peter Lang
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Author: Evelyn Friedel ISBN: 9783653992571
Publisher: Peter Lang Publication: October 16, 2014
Imprint: Peter Lang GmbH, Internationaler Verlag der Wissenschaften Language: English
Author: Evelyn Friedel
ISBN: 9783653992571
Publisher: Peter Lang
Publication: October 16, 2014
Imprint: Peter Lang GmbH, Internationaler Verlag der Wissenschaften
Language: English

Price is a fundamental profit driver. It is by far the most sensitive profit lever that managers can influence. Very small price changes translate into enormous changes in profit. Price elasticity indicates how sensitively consumers react to price changes. Not only the knowledge about the magnitude of price elasticity, but also the knowledge about the determinants influencing the price reaction is essential. It is crucial for the development of a successful marketing strategy to understand how price elasticities vary with market and product characteristics. Reflecting the academic and managerial need, the objective of the research is to gain a comprehensive understanding in two main areas, the magnitude of price elasticity and the determinants of price elasticity.

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Price is a fundamental profit driver. It is by far the most sensitive profit lever that managers can influence. Very small price changes translate into enormous changes in profit. Price elasticity indicates how sensitively consumers react to price changes. Not only the knowledge about the magnitude of price elasticity, but also the knowledge about the determinants influencing the price reaction is essential. It is crucial for the development of a successful marketing strategy to understand how price elasticities vary with market and product characteristics. Reflecting the academic and managerial need, the objective of the research is to gain a comprehensive understanding in two main areas, the magnitude of price elasticity and the determinants of price elasticity.

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