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Determine the Concept of elasticity of demand
Decision-making point of view, though, the knowledge of only the nature of relationships isn't sufficient. What is more significant is the extent of relationship or degree of responsiveness of demand to changes in its determinants. Responsiveness of demand for a good to the change in its determinants is known as the elasticity of demand. Concept of elasticity of demand was introduced into the economic theory by Alfred Marshall. Elasticity concept plays a vital role in various business decisions and government policies.
Primary grouping of direct marketing 4Cs framework signifies the key characteristics and shows relative effectiveness of the tools of promotion across various different charac
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