’Elastic demand is when the sales are without delay proportional to the product prices. Inelastic demand is when the sales are always high irrespective of prices. Pricing Strategies: Following are a few pricing concepts, which can help create a perfect advertising and marketing mix. 1 Premium pricing: This is used while launching a new product, with a completely unique promoting point, with a a bit higher price than the competition, to generate greatest profit in the early stages of the product life cycle. 2 Penetration pricing: This is used while coming into an already established market, selling the product at a low cost than that of the competitors, trying to create cognizance via word of mouth. 3 Economy pricing: This is used to attract the price sensitive population, retaining prices at the minimum with a very basic advertising and marketing strategy. pdf . http://eecycleworks. om/VNJune%20BrakeTest. pdf . http://auto. howstuffworks. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers authors may earn income in this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others. As a user in the EEA, your approval is required on a few things. To provide a greater website experience, toughnickel. com uses cookies and other similar technologies and can assemble, system, and share non-public data. Please choose which areas of our service you consent to our doing so.
IKEA’s Social Media Listening & Monitoring Initiatives