Price elasticity of demand measures the sensitivity of demand to changes in price.
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Question 2Although difficult to measure, brand loyalty represents the value of a brand to an organization.
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Question 3Changes in buyers' attitudes, other components of the marketing mix, and uncontrollable environmental factors can influence demand.
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Question 4Brand preference is a degree of brand loyalty in which a customer definitely prefers one brand over competitive offerings and will purchase this brand if available.
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Question 5The idea behind prestige demand is that many prestige products seem to sell better at a high price than at a low price.
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Question 6Brand preference is the strongest form or degree of brand loyalty.
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Question 7Demand depends only on the price of the product.
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Question 8Brand recognition exists when a customer is aware that the brand exists and views it as an alternative to purchase if the preferred brand is unavailable or if the other available brands are unfamiliar to the customer.
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Question 9For most products, the quantity demanded goes up as the price goes down.
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