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Terms
- Elasticity
- A measure of a variables sensitivity in relation to another variable
- A measure of a variables sensitivity in relation to another variable
- PED
- measures the responsiveness of demand after a change in price
- measures the responsiveness of demand after a change in price
- YED
- responsiveness of demand to a change in income
- responsiveness of demand to a change in income
- Elastic
- demand for a good or service which changes more than price
- demand for a good or service which changes more than price
- Inelastic
- demand for a good or service which changes less than price
- demand for a good or service which changes less than price
- Unitary
- a change in demand for a good or service results in an equal change in price
- a change in demand for a good or service results in an equal change in price
- Normal good
- demand increases when income increases
- demand increases when income increases
- Inferior good
- demand decreases when consumers income rise
- demand decreases when consumers income rise
- Ansoffs Matrix
- stratgic marketing planning tool that links marketing strategy with general strategic direction
- stratgic marketing planning tool that links marketing strategy with general strategic direction
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