Price Elasticity and Marginal Utility of an Online Downloadable Product

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The concepts of Price Elasticity and Marginal Utility for an Online Downloadable Product play a crucial role in gauging the impact of price adjustments and customer satisfaction levels, which can then be evaluated and quantified. Price elasticity measures the responsiveness of demand for a product to a change in price. A product with elastic demand will see a significant change in quantity demanded when the price changes, while a product with inelastic demand will see only a small change in quantity demanded. Understanding the price elasticity of an online downloadable product can help businesses determine the optimal pricing strategy to maximize profits.

On the other hand, marginal utility measures the additional satisfaction a consumer derives from consuming one more unit of a product. As consumers consume more of a product, the marginal utility decreases, leading to diminishing returns. By analyzing the marginal utility of an online downloadable product, businesses can understand how to best allocate resources to maximize customer satisfaction.

By combining the concepts of price elasticity and marginal utility, businesses can make informed decisions about pricing, product offerings, and marketing strategies to enhance customer satisfaction and drive profits. These economic concepts provide valuable insights into consumer behavior and can help businesses stay competitive in the ever-changing digital marketplace.

Price elasticity and marginal utility are important concepts in economics that can help businesses understand consumer behavior and make informed pricing decisions for their products, including online downloadable products. Price elasticity measures how sensitive consumers are to changes in price, while marginal utility is the additional satisfaction gained from consuming one more unit of a product. By analyzing these concepts, businesses can determine the optimal pricing strategy to maximize revenue and profit. For online downloadable products, understanding price elasticity can help businesses set prices that attract customers without sacrificing profit margins. Additionally, considering marginal utility can help businesses identify the point at which consumers are no longer willing to pay for additional units of the product. By incorporating these economic concepts into pricing decisions, businesses can better meet the needs and preferences of consumers while also achieving their financial goals.

Changes in price can have a significant impact on the demand for a product or service, as consumers typically adjust their purchasing behavior in response to price fluctuations. Understanding how changes in price affect demand is essential for businesses to optimize pricing strategies, maximize revenue, and maintain a competitive edge in the market.  For example, if a product's price increases, consumers may choose to buy less of that product or look for cheaper alternatives. On the other hand, if a product's price decreases, consumers may be more inclined to purchase more of that product or even try it out for the first time. By monitoring and analyzing the relationship between price and demand, businesses can make informed decisions about pricing to attract more customers and increase sales. This knowledge allows businesses to stay ahead of the competition and adapt to changing market conditions effectively. Ultimately, understanding the impact of price changes on demand is crucial for businesses to thrive in today's competitive marketplace.

How price changes impact demand of online downloadable products 

Price changes have a significant impact on the demand for online downloadable products, as they influence consumer behavior, purchasing decisions, and overall market dynamics. Understanding how price changes affect demand is crucial for businesses to optimize pricing strategies and maximize revenue. Here's how price changes can impact the demand for online downloadable products:

1. Price Elasticity of Demand:

  • Elastic Demand: If the demand for an online downloadable product is elastic, a change in price will result in a proportionally larger change in quantity demanded. In this case, consumers are price-sensitive, and a decrease in price can lead to a significant increase in demand, while an increase in price may result in a notable decrease in demand.

  • Inelastic Demand: If the demand is inelastic, changes in price will have a relatively small impact on the quantity demanded. Consumers are less sensitive to price changes, and a price increase may not significantly reduce demand, while a price decrease may not lead to a substantial increase in demand.

2. Consumer Perception of Value:

  • Perceived Value: Price changes can influence consumers' perception of the value offered by the downloadable product. Lowering the price may attract budget-conscious customers who perceive the product as more affordable and valuable, leading to an increase in demand.

  • Premium Pricing: Conversely, setting a higher price can signal exclusivity, quality, or premium features, appealing to customers seeking higher-end products and potentially leading to increased demand among this segment.

3. Competitive Pricing Strategies:

  • Price Comparison: Consumers often compare prices when making purchasing decisions for online downloadable products. Adjusting prices to be competitive with similar products in the market can attract price-conscious consumers and increase demand.

  • Price Matching: Offering price-matching guarantees or competitive pricing can help businesses retain customers and prevent them from seeking lower-priced alternatives, maintaining or increasing demand.

4. Promotions and Discounts:

  • Promotional Pricing: Temporary price reductions, discounts, or limited-time offers can create a sense of urgency and drive demand for online downloadable products.

  • Volume Discounts: Offering discounts for purchasing multiple downloads or bundling products together can incentivize customers to buy more, increasing overall demand and sales volume.

5. Pricing Experiments and A/B Testing:

  • Dynamic Pricing: Businesses can experiment with dynamic pricing strategies, adjusting prices based on factors such as demand fluctuations, time of day, or customer segmentation to optimize revenue and demand.

  • A/B Testing: Conducting A/B tests to compare the impact of different price points on demand can provide valuable insights into consumer behavior and help businesses determine the optimal pricing strategy for their downloadable products.

By carefully considering the price elasticity of demand, consumer perceptions, competitive landscape, promotional strategies, and pricing experiments, businesses can leverage price changes to effectively influence demand for their online downloadable products. Monitoring customer responses, analyzing sales data, and adapting pricing strategies based on market dynamics and consumer preferences are key to maximizing profitability and achieving business growth in the digital marketplace.

By staying attentive to these factors and making data-driven decisions, businesses can stay ahead of the curve and continually optimize their pricing strategies to meet the ever-changing demands of the market. Additionally, by understanding the relationship between price and demand, businesses can also identify opportunities to upsell or cross-sell products, further increasing their revenue potential. Ultimately, a well-thought-out pricing strategy can be a powerful tool for driving sales and ensuring long-term success in the competitive world of online downloadable products.

Here are some key factors to consider regarding how changes in price influence demand:

  • Price Elasticity of Demand: Price elasticity of demand measures the responsiveness of quantity demanded to changes in price. If demand for a product is elastic, a small change in price will lead to a proportionally larger change in quantity demanded. On the other hand, if demand is inelastic, changes in price will have a relatively smaller impact on the quantity of goods or services demanded.

  • Substitution Effect: Changes in price can influence consumers' decisions to purchase alternative products or services. If the price of a particular product increases, consumers may seek cheaper substitutes or switch to similar products that offer better value for money. The availability of substitutes and consumer preferences play a significant role in how changes in price impact demand.

  • Income Effect: Changes in price can also affect consumers' purchasing power and overall disposable income. If prices rise, consumers may need to allocate more of their budget to purchase a product, potentially reducing their ability to buy other goods or services. Conversely, lower prices can increase consumers' purchasing power, leading to higher demand for the product.

  • Price Perception: Consumers' perceptions of price relative to the perceived value of a product can influence their willingness to purchase. A decrease in price may signal a bargain or better value, enticing consumers to buy more of the product. Conversely, a price increase may lead consumers to reassess the value proposition and potentially reduce demand.

  • Seasonality and Market Conditions: Demand for certain products or services may be influenced by seasonal factors, market trends, or external events. Changes in price during peak seasons, promotional periods, or economic downturns can impact consumer behavior and the level of demand for a product.

  • Price Sensitivity: Different consumer segments exhibit varying levels of price sensitivity based on factors such as income, preferences, brand loyalty, and perceived value. Understanding the price sensitivity of target customers can help businesses tailor pricing strategies to attract and retain customers while maximizing revenue.

By analyzing how changes in price affect demand and considering the interplay of factors such as price elasticity, substitution effects, income levels, price perception, and market conditions, businesses can adjust their pricing strategies to align with consumer preferences, optimize sales volumes, and enhance overall profitability. Regular monitoring of pricing dynamics, consumer behavior, and market trends can help businesses make informed decisions on pricing adjustments and effectively manage demand fluctuations in response to changing market conditions.

This can lead to increased customer satisfaction, loyalty, and ultimately, higher profits for the business. For example, if a business offers a digital music download, understanding price elasticity can help them determine the optimal price point that will attract the most customers while still maximizing revenue. Additionally, analyzing marginal utility can help them identify when to offer discounts or promotions to entice customers to purchase more downloads.

In today's digital world, where competition is fierce and consumers have endless options at their fingertips, it is crucial for businesses to utilize economic concepts like price elasticity and marginal utility to stay ahead of the competition and thrive in the marketplace. By continuously analyzing consumer behavior and adjusting pricing strategies accordingly, businesses can ensure they are meeting the needs and expectations of their customers while also achieving their financial objectives. Ultimately, incorporating these economic concepts into pricing decisions can help businesses succeed in the ever-evolving digital landscape.

Let's explore how these concepts apply to an online downloadable product:

1. Price Elasticity of Demand

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price. For an online downloadable product, the price elasticity of demand can help determine how sensitive consumers are to changes in the product's price. If the demand for the product is elastic (greater than 1), a decrease in price may lead to a proportionally larger increase in quantity demanded, while an increase in price may result in a significant decrease in demand. Conversely, if the demand is inelastic (less than 1), changes in price may have a relatively smaller impact on quantity demanded.

Understanding the price elasticity of demand for online downloadable products is crucial for businesses to make informed decisions about pricing strategies. By analyzing this metric, businesses can determine the optimal pricing point that maximizes revenue and profit. For products with elastic demand, lowering prices may attract more customers and increase overall sales, even if profit margins per unit decrease. On the other hand, for products with inelastic demand, businesses may be able to raise prices without a significant loss in sales volume, thus increasing profitability. By utilizing this knowledge effectively, businesses can tailor their pricing strategies to meet consumer demand and achieve their financial goals in the digital marketplace.

Would the demand for an online downloadable product increase? 

In general, if the demand for an online downloadable product is elastic, a decrease in price is likely to lead to an increase in quantity demanded. This means that consumers are highly responsive to changes in price, and a lower price would incentivize more people to purchase the product. However, it is important to consider various factors that may influence the relationship between price elasticity and demand for an online downloadable product:

  • Elasticity Coefficient: The price elasticity of demand coefficient indicates the degree of responsiveness of quantity demanded to changes in price. If the elasticity coefficient is greater than 1 (elastic demand), a decrease in price will result in a proportionally larger increase in quantity demanded. In this case, lowering the price of an online downloadable product could lead to a significant increase in demand.

  • Competition: The level of competition in the market for online downloadable products can also impact demand. Lowering the price of a product may attract more customers, especially if there are few close substitutes available. In a competitive market, price elasticity of demand may play a crucial role in influencing consumer choices.

  • Perceived Value: The perceived value of an online downloadable product can affect how price changes impact demand. If consumers perceive the product to offer high value relative to its price, a decrease in price may lead to a surge in demand. Conversely, if the perceived value is low, price elasticity may have a limited effect on demand.

  • Marketing and Promotion: Marketing strategies, promotions, and discounts can influence consumer behavior and demand for online downloadable products. A well-executed promotional campaign that includes price reductions or special offers can attract more customers, even if the price elasticity of demand is relatively low.

  • Consumer Preferences: Understanding consumer preferences, behavior, and purchasing habits is essential in predicting how changes in price will affect demand for online downloadable products. Factors such as brand loyalty, product uniqueness, and customer satisfaction can influence the price sensitivity of consumers.

Overall, while a decrease in price may lead to an increase in demand for an online downloadable product if the demand is elastic, it is important for businesses to consider a holistic approach to pricing strategies. By analyzing market dynamics, consumer behavior, competitive landscape, and product differentiation, businesses can effectively leverage price elasticity of demand to optimize pricing decisions, attract more customers, and drive sales growth for online downloadable products.

2. Marginal Utility

Marginal utility refers to the additional satisfaction or benefit that a consumer derives from consuming one more unit of a product. In the context of an online downloadable product, the marginal utility of the product can help determine how much value consumers place on each additional unit they download. As consumers download more units of the product, the marginal utility may diminish, leading to a decrease in willingness to pay for additional downloads. This concept can inform pricing strategies to maximize revenue and consumer satisfaction.

By considering the concept of marginal utility in pricing strategies for online downloadable products, businesses can optimize their pricing models to align with consumer preferences and behaviors. For instance, offering discounts or bundling options for multiple downloads can entice consumers to purchase more units by increasing their perceived value. Understanding how marginal utility impacts consumer behavior can also help businesses set dynamic pricing strategies that cater to different segments of their customer base. By continuously monitoring and adjusting pricing strategies based on changes in marginal utility and consumer demand, businesses can effectively drive sales, increase customer satisfaction, and maximize profitability in the digital marketplace.

When considering the price elasticity and marginal utility of an online downloadable product, businesses can use the following strategies to optimize pricing and sales:

  • Conduct pricing experiments: Test different price points for the downloadable product to assess how changes in price affect demand and revenue. Analyze the price elasticity of demand to identify the optimal pricing strategy that maximizes profitability while satisfying consumer demand.

  • Bundle pricing: Offer bundled packages or discounts for multiple downloads of the product to increase the perceived value for consumers and potentially increase sales. By understanding the marginal utility of the product, businesses can design bundled offerings that align with consumer preferences and price sensitivity.

  • Dynamic pricing: Implement dynamic pricing strategies that adjust prices based on factors such as demand, competitor pricing, and consumer behavior. By leveraging data analytics and pricing algorithms, businesses can optimize pricing decisions in real-time to capitalize on fluctuations in demand and maximize revenue.

  • Personalized pricing: Utilize customer data and segmentation to offer personalized pricing options tailored to individual preferences and purchasing behavior. By understanding the price sensitivity and marginal utility of different consumer segments, businesses can deliver targeted pricing strategies that drive conversion and customer loyalty.

Can the marginal utility of an online downloadable product increase, if so how?

The concept of marginal utility refers to the additional satisfaction or benefit that a consumer derives from consuming one more unit of a product. In the case of an online downloadable product, the marginal utility can indeed increase under certain circumstances. Here's how the marginal utility of an online downloadable product can increase:

1. Perceived Value:

  • Product Upgrades: Introducing new features, enhancements, or updates to an online downloadable product can increase its perceived value and utility for consumers. For example, adding additional content, improving functionality, or enhancing user experience can boost the product's marginal utility.

How product upgrades can impede marginal utility 

Product upgrades can potentially impede marginal utility if they do not align with customer preferences, needs, or expectations. In some cases, frequent or unnecessary upgrades that add complexity without delivering significant additional value can lead to diminishing returns in terms of customer satisfaction and utility. If upgrades are not communicated effectively or if customers perceive them as disruptive or inconvenient, they may view the changes as a hindrance rather than an enhancement to the product. Additionally, if upgrades result in increased costs or technical issues that outweigh the benefits they provide, customers may experience a decrease in marginal utility as the perceived value of the product diminishes. Therefore, it is essential for businesses to carefully assess the impact of product upgrades on customer satisfaction, usability, and overall utility to ensure that they contribute positively to the customer experience and do not impede marginal utility.

2. Personalization:

  • Customization Options: Allowing customers to personalize or customize the online downloadable product to better suit their preferences or needs can enhance its utility. Tailoring the product to individual user requirements can increase the perceived value and satisfaction derived from each unit.

How customisation can differ in perceived value and satisfaction 

Customization in products can vary in perceived value and satisfaction based on how well it aligns with individual preferences and needs. When customization options are thoughtfully designed and allow customers to tailor the product to their specific requirements, it can enhance perceived value and satisfaction by providing a personalized and unique experience. Customers may feel a sense of ownership and connection to the product, leading to higher satisfaction and loyalty. However, if customization options are limited, complex, or do not effectively meet customer expectations, they can result in frustration, confusion, or a perception of added complexity without significant benefits, potentially diminishing the perceived value and satisfaction derived from the product. Therefore, businesses must carefully consider the design and implementation of customization features to ensure they enhance customer experience and positively impact perceived value and satisfaction.

3. Bundling and Complementary Products:

  • Product Bundling: Offering bundled packages that include multiple downloadable products or related services can increase the overall utility for customers. By providing complementary products together, the combined utility of the bundle may be greater than the sum of individual products.

How product bundling can decrease in value if bundling is contradictory 

Product bundling, when done effectively, can offer customers added value and convenience by combining complementary products or services at a discounted price. However, if product bundling is contradictory, meaning that the bundled products do not align well with each other or fail to meet the needs of the customer, it can decrease the overall perceived value and utility of the bundle. Customers may feel confused or uncertain about the relevance of the bundled items, leading to a lack of interest or dissatisfaction with the offering. Additionally, if the bundled products are not cohesive or if the pricing strategy does not reflect genuine savings or benefits for the customer, the perceived value of the bundle may diminish, resulting in reduced attractiveness and potential negative impact on customer satisfaction and purchase intent. Therefore, businesses must carefully curate bundled offerings that are coherent, relevant, and compelling to ensure that product bundling enhances rather than detracts from the overall value proposition for customers.

4. Limited Time Offers and Exclusivity:

  • Scarcity and Exclusivity: Creating a sense of scarcity or exclusivity around the online downloadable product through limited-time offers, exclusive access, or special promotions can increase its perceived value and desirability. Customers may assign higher utility to a product that is rare or exclusive.

5. Customer Engagement and Interactivity:

  • Interactive Elements: Incorporating interactive elements, gamification, or user engagement features into the online downloadable product can enhance its utility by providing a more engaging and immersive experience for users.

  • Feedback and Iteration: Gathering feedback from customers and continuously iterating on the product based on user input can improve its utility and responsiveness to customer needs over time.

How adding additional features inside of a downloadable product increases product value 

Adding additional features inside a downloadable product can significantly enhance its value by providing users with increased functionality, improved user experience, and unique benefits. These extra features can address specific user needs, offer customization options, or introduce innovative tools that differentiate the product from competitors. By adding value-added services, personalization features, or enhanced capabilities, businesses can create a more compelling value proposition that resonates with customers, increases satisfaction, and fosters loyalty. The inclusion of additional features not only enriches the product's utility and relevance but also showcases the business's commitment to innovation, quality, and meeting customer expectations, ultimately driving increased perceived value and competitiveness in the market.

6. Educational Content and Skill Development:

  • Learning Opportunities: Offering educational content, tutorials, or resources that help customers develop new skills, knowledge, or capabilities can increase the utility of the online downloadable product. Customers may derive additional satisfaction from products that contribute to their personal or professional growth.

7. Value-Added Services:

  • Customer Support: Providing exceptional customer support, technical assistance, or value-added services alongside the online downloadable product can enhance its utility by ensuring a seamless user experience and addressing customer needs effectively.

By focusing on enhancing the perceived value, customization options, bundling strategies, scarcity tactics, interactive elements, educational content, and value-added services associated with an online downloadable product, businesses can increase its marginal utility and appeal to customers. Understanding customer preferences, gathering feedback, and continuously innovating to meet evolving demands are key to maximizing the utility and satisfaction derived from online downloadable products.

The Concept of Marginal Utility

The concept of marginal utility refers to the additional satisfaction or benefit that a consumer derives from consuming one more unit of a product or service. In the context of an online downloadable product, the marginal utility can vary based on factors such as the consumer's preferences, needs, and the specific characteristics of the product. 

While the marginal utility of a product typically diminishes as a consumer consumes more units of the same product, there are scenarios where the marginal utility of an online downloadable product can increase:

  • New Content or Features: If an online downloadable product is updated with new content, features, or enhancements that offer added value or functionality to the consumer, the marginal utility of the product may increase. Consumers may perceive the updated product as more valuable and derive greater satisfaction from using it.

  • Personalization: Personalized content or customized experiences tailored to the individual preferences of the consumer can enhance the perceived value and utility of an online downloadable product. By providing personalized recommendations, content suggestions, or interactive features, the product can offer a unique and engaging experience that increases the consumer's marginal utility.

  • Enhanced User Experience: Improvements in user interface, navigation, accessibility, or overall user experience can positively impact the marginal utility of an online downloadable product. A seamless and user-friendly design can make it easier for consumers to access and enjoy the product, leading to a higher level of satisfaction and utility.

  • Exclusive Content or Access: Offering exclusive content, limited-time promotions, or special access to premium features can increase the perceived value and desirability of an online downloadable product. Consumers may be willing to pay a premium for unique content or benefits that enhance their experience and elevate the marginal utility of the product.

  • Value-added Services: Bundling additional services, such as customer support, training resources, or complimentary products, with the online downloadable product can enhance the overall value proposition and increase the marginal utility for consumers. Value-added services can differentiate the product in the market and attract more customers seeking comprehensive solutions.

While the marginal utility of an online downloadable product typically diminishes with each additional unit consumed, businesses can strategically implement enhancements, personalization, exclusive features, and value-added services to increase the perceived value and utility of the product. By continuously evolving and optimizing the product offerings to meet the changing needs and preferences of consumers, businesses can enhance the overall customer experience, drive engagement, and maximize the marginal utility of their online downloadable products.

This can be achieved through regular customer feedback, market research, and analysis of consumer behavior. By understanding what customers truly value and desire in a downloadable product, online businesses can tailor their offerings to meet those needs effectively. Additionally, by staying ahead of trends and competition, businesses can differentiate themselves and maintain a competitive edge in the market. Ultimately, by maximizing the marginal utility of their online downloadable products, businesses can not only increase sales and profitability but also build long-lasting relationships with satisfied customers.

How maintaining a competitive edge with marginal utility allows diversification 

Maintaining a competitive edge with marginal utility allows businesses to differentiate their products or services in the market by offering unique value propositions that resonate with customers. By continuously enhancing the marginal utility of their offerings through product improvements, customization options, value-added services, or innovative features, businesses can stay ahead of competitors and attract and retain customers. This focus on maximizing marginal utility creates a strong value proposition that sets the business apart from competitors and positions it as a leader in the industry. Furthermore, by diversifying their product offerings based on customer feedback, market trends, and emerging opportunities, businesses can expand their reach, target new customer segments, and adapt to changing consumer preferences, ultimately strengthening their competitive position and driving growth in a dynamic and competitive marketplace.

This proactive approach to maintaining a competitive edge through marginal utility also allows businesses to stay relevant and responsive to the ever-evolving needs and demands of their target market. By continuously seeking ways to add value and improve the overall customer experience, businesses can build loyalty and trust with their customers, fostering long-term relationships that can lead to repeat business and referrals.

In addition, by leveraging data analytics and market research to identify opportunities for product innovation and improvement, businesses can stay agile and adaptable in a fast-paced and competitive environment. This strategic focus on maximizing marginal utility not only helps businesses differentiate themselves in the market but also positions them for long-term success and sustainability.

Ultimately, by prioritizing the enhancement of marginal utility in their offerings, businesses can create a sustainable competitive advantage that drives growth, profitability, and success in an increasingly competitive marketplace. Through continuous innovation, customer-centricity, and a commitment to delivering exceptional value, businesses can thrive and prosper in an ever-changing business landscape.

Conclusion 

By incorporating price elasticity and marginal utility considerations into pricing strategies for online downloadable products, businesses can make informed decisions that balance profitability, consumer demand, and value perception. By continuously monitoring consumer behavior, market dynamics, and pricing performance, businesses can refine their pricing strategies to achieve optimal results and enhance the overall success of their online downloadable product offerings.

This data-driven approach to pricing can help businesses to understand how changes in price affect consumer demand, allowing them to maximize revenue without sacrificing customer satisfaction. By analyzing the relationship between price elasticity and consumer behavior, businesses can identify the optimal price point that maximizes profitability while still appealing to a wide range of customers. Additionally, by taking into account marginal utility considerations, businesses can ensure that their pricing strategies are aligned with the perceived value of their products, leading to higher levels of customer satisfaction and loyalty.

Furthermore, by continuously monitoring market dynamics and pricing performance, businesses can quickly identify and respond to changes in consumer preferences, competitive pressures, and other external factors that may impact pricing decisions. This proactive approach to pricing allows businesses to stay ahead of the competition and adapt their strategies in real-time, ensuring that they are always delivering the right value to their customers at the right price.

By incorporating price elasticity and marginal utility considerations into their pricing strategies, businesses can achieve optimal results and enhance the overall success of their online downloadable product offerings. Through continuous monitoring and refinement of pricing strategies, businesses can stay competitive, maximize revenue, and deliver value to their customers, ultimately driving long-term success in the digital marketplace.

 

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