MKT-210 Lecture Notes - Lecture 14: Demand Curve, Marketing, Variable Cost
Document Summary
Price: the overall sacrifice a consumer is willing to make money, time, energy to acquire a specific product or service. Customer orientation: a company objective based on the premise that the firm should measure itself primarily according to whether it meets its customers" needs. Demand curve: shows how m any units of a product or service consumers will demand during a specific period at different prices. Prestige product or services: products and services that consumers purchase for status rather than functionality. Price elasticity of demand: measures how changes in a price affect the quantity of the product demanded; specifically, the ratio of the percentage change in quality demanded to the percentage change in prices. Elastic: refers to a market for a product or service that is price sensitive; that is, relatively small changes in price will generate fairly large changes in the quantity demanded.
