A Level CIE Business: Marketing

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4 Terms

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what do mkting depts try to assess: 3

price of prod, promotional spending, consumer income levels

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price elasticity of demand (PED)

A measure of how demand for a product changes in response to a change in its price.

<p><span><span>A measure of how demand for a product changes in response to a change in its price.</span></span></p>
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ped formula

PED = % change in qtity demanded/% change in price

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