Price elasticity

Price elasticity

Buyers' sensitivity to price, measured by the percentage change in quantity demanded that results from a percentage change in price, see price inelasticity.

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Industry/Domain: Professional careers
Category: Sales
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price elasticity

Professional careers; Sales

Buyers' sensitivity to price, measured by the percentage change in quantity demanded that results from a percentage change in price, see price inelasticity.

price elasticity

Economy; Economics

A measure of the responsiveness of demand to a change in price. If demand changes by more than the price has changed, the good is price-elastic. If demand changes by less than the ...

Price elasticities

Financial services; General Finance

The percentage change in quantity divided by a percentage change in the price. Answers the question: How much will the demand for my product decrease if I raise prices by 10%?

price-elastic segments

Professional careers; Sales

Segments of the market which are more responsive to price changes than other segments of the market, see price elasticity.

price elasticity of demand

Economy; Economics

A measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as a percentage change in quantity demanded divided by the ...

price elasticity of supply

Economy; Economics

A measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the ...

features and benefits selling

Professional careers; Sales

Selling style in which a salesperson systematically relates each feature of a product being presented to a particular benefit which the feature will deliver to the buyer.

absolute cost advantage

Professional careers; Sales

The cost advantage one company has over another by having a cheaper source of raw materials, control of superior knowledge through patents, cheaper manufacturing or assembly ...

simulated store test

Professional careers; Sales

A form of pre-testing of new product introductions prior to full-scale commercialisation, to study their behaviour towards the new products, consumers selected from the target ...

stratified sample

Professional careers; Sales

A form of probability sample where respondents are chosen from a random sample of homogeneous sub-groups (according to a common characteristic) into which the total population has ...

unique selling point

Professional careers; Sales

The particular quality, feature or benefit of a product which a competitor's product, although similar, cannot or does not offer.

lead

Professional careers; Sales

A person or organization that has shown an interest in a particular product or service, can also be used to describe a person or organization that sales or marketing staff feel ...

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