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Pick a product category and explain the factors that affect the price sensitivity of the customers?...

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General Management

Pick a product category and explain the factors that affect theprice sensitivity of the customers? Considering the brands of theproduct category that you choose, what is the impact of the brandimage on the price sensitivity of the customers? Answer must befour paragraphs

Answer & Explanation Solved by verified expert
4.1 Ratings (495 Votes)
Price Sensitivity Price sensitivity is a term that is defined in Economics subject In economics it is measured in terms of Price elasticity of demand Price sensitivity is the degree at which the demand changes if the price of the product changes Price sensitivity is important to understand the purchasing power of consumers when the price of the product changes People who are more sensitive to the price purchase more when the price of the product decreases and reduce purchasing of the product when the price of the product increases On the other side when people are less sensitive to price because they prefer the quality of the product than the price of the product so the price is not an important criterion that affects their purchasing power for a particular product We will choose the Android Smartphone category to understand the price sensitivity    See Answer
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