Why is it important for managers to understand how consumers respond to changes in price for a product?
A) Because if pricing is relatively inelastic, they can use price as a competitive tactic.
B) Prices may change frequently in response to changing costs, competition, or other factors.
C) Because if pricing is relative elastic, profits may be increased by increasing price.
D) Because price is always the most important element of the marketing mix.

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The Answer of Why is it important for managers to understand how consumers respond to changes in price for a product?
A) Because if pricing is relatively inelastic, they can use price as a competitive tactic.
B) Prices may change frequently in response to changing costs, competition, or other factors.
C) Because if pricing is relative elastic, profits may be increased by increasing price.
D) Because price is always the most important element of the marketing mix.

Why Is It Important for Managers to Understand How Consumers