The difference between demand curves of normal product and prestige product along with the meaning of “demand shifts” and their importance for a marketer and the estimation of demand by firms and estimation of elasticity of demand by marketers. Introduction: Demand curve is a graphical representation of how quantity demanded changes due to change in prices, other factors being constant. Elasticity of demand is a measure which measures change in quantity demanded by the consumers due to change in price, other things being constant. One can categorize the demand as “elastic” or “inelastic” based on how much a certain product is responsive to price changes.

Question

What is actually marketing mix? How does it relate to product and price? What is the target market?

Answer 1

Question

Chapter 10, Problem 3QA

Summary Introduction

To explain: The difference between demand curves of normal product and prestige product along with the meaning of “demand shifts” and their importance for a marketer and the estimation of demand by firms and estimation of elasticity of demand by marketers.

Introduction:

Demand curve is a graphical representation of how quantity demanded changes due to change in prices, other factors being constant.

Elasticity of demand is a measure which measures change in quantity demanded by the consumers due to change in price, other things being constant. One can categorize the demand as “elastic” or “inelastic” based on how much a certain product is responsive to price changes.

Expert Solution & Answer

Trending nowThis is a popular solution!

See solution

Check out sample textbook solution

Students have asked these similar questions

What is actually marketing mix? How does it relate to product and price? What is the target market?

In what ways can organizations leverage marketing research methodologies to intricately evaluate the multifaceted impacts of pricing strategies and promotional tactics, considering diverse market segments, competitive dynamics, and evolving consumer preferences, while navigating inherent complexities and uncertainties within the market landscape?

Brands compete in markets and markets evolve. Some markets are emerging, while others are growing, maturing or declining. The nature of customers' needs and competitive intensity varies as markets move through their lifecycle. A challenge for marketers is to understand the size and nature of a target market, and to use good judgment to anticipate how that market will evolve going forward. Such knowledge will help marketers make better decisions, which in turn should support favorable marketing performance as measured by marketing margin and ROMI. Please create a thread and in it provide the following in a brief summary: Choose a market for a product or service of interest to you. The market can be business to consumer (B2C) or business to business (B2B). The geographic scope of your market can be limited (e.g., the City of Hartford), expansive (e.g., the world) or somewhere in-between, but you must specify it. Using data from any existing publicly available source(s), describe the…