Price Elasticity of Demand
Channel: Business of Marketing
Date: 2020-08-12

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Price Elasticity of Demand – The most ignored measure of long-term marketing success

In this video, I touch upon one of the issues I see with the state of marketing in world today – which is about short-term quarter-on-quarter thinking as opposed to long-term growth and brand-building. I also introduce the concept of Price Elasticity of Demand and explain what it means, how to calculate it and how to use it to keep track of long-term performance. Knowing this concept is important because who doesn’t want to be able to charge a higher price and sustain it, without losing demand in the process. 

Related videos to understand this video better:

What is Market Share: https://youtu.be/4IU17kwvyn4 
Market Penetration, Brand Penetration & Marketing Potential: https://youtu.be/skzjD1s8RyQ 
Estimating Penetration in the Real World: https://youtu.be/oOS5D0YuqUI 
Sell-in, Sell-out and Sell-through: https://youtu.be/U10OzcRVuvo 
Velocity: https://youtu.be/45vkyKe6jxk 
Sales Measures to know: https://youtu.be/gxkbmyJP6l8
7 Important Measures of Pricing: https://youtu.be/aluNs9OwF1Q 

Who is this video for?

The content on this channel is designed keeping in mind the requirements of students of marketing getting ready to enter marketing roles, marketing practitioners who might know about these concepts, but occasional get tripped and also curious minds who’re just trying to find ways to apply marketing concepts to their benefit. 

What is Business of Marketing?

Business of Marketing is an online platform designed to simplify real world marketing and its related industries such as research, media, advertising, etc. for students, professionals and curious minds. It aims to provide learning from an application in the professional world perspective, without compromising on academic rigor. 

Who is Rahul Chawra?

Rahul is a professional with over 15 years of experience in the marketing and advertising business. He is a post-graduate in management and communication and has worked with and shaped multiple brands over the course of his career. He has a strong passion to rid the marketing world of bogus knowledge and arm the next generation of practitioners with marketing rigor. 

How to get in touch for assistance?

You can reach out to Business of Marketing for further questions, clarifications and assistance to help you navigate through your marketing needs better. Just drop a message on srahula@gmail.com and we will get back to you soon. 

Intro Video Credits: https://www.eugeniaclara.com/ or @eugeniaclara