Foundations of Marketing 5th Edition by Ferrell,William Pride

Exercise 16

The appropriate pricing of a product is an important factor in developing a successful marketing strategy. The price contributes to the profitability of the product and can deter competition from entering the market. A clear understanding of pricing concepts is essential in developing strategy and the marketing plan. Consider the information in this chapter when focusing on the following issues:
Discuss the level of elasticity of demand for your product. Is additional information needed for you to determine its elasticity