Question: Write a brief essay (minimum 250 words) on the following:
You've read about the price elasticity of demand. Much as the price elasticity of demand applies to products, it can also be applied to individual brands. One of the factors that determines the price elasticity of demand is the availability of substitutes. When it comes to a brand of product, other brands of that same product can be seen as close substitutes. Here is your task:\
Pick a brand of a product.
Imagine you are a marketer for this brand. Consider the following for your essay:
As a marketer, what do you want to happen to demand for this brand?
What do you want ot happen to the price elasticity of demand for this brand?
How do you want to affect consumers' perceptions of available substitutes for your brand?
How would you accomplish your goals? (what is the best argument you could make to consumers to achieve your goals?)
Explain your answers.