a c Good X per month Gasoline per month Write a short paragraph explaining what

Question

a c Good X per month Gasoline per month Write a short paragraph explaining what has happened in the market and how it impacts your firm Then show a demand and supply diagram for Good X. B. Your company has many rival firms that make close substitutes for your product. Your company is considering increasing the price of your product. The marketing manager is adamant that an campaign must be undertaken before the price is raised. Explain how the marketing manager believes an advertising campaign would change the price elasticity of demand and the impact this would have on the firm's ability to raise its price. advertising

Explanation / Answer

Advertising is an important component for selling a product or marketing it because it helps in building brand recognition in order to create long-term profitability. The marketing manager wants an advertising campaign because in order to build a brand/product awareness amongst the consumers, the visibility of the product is very important. Before displaying the product directly to its audience, the manager wants to come up with an integrated plan to show case the product with an increase in price. The campaign will incorporate the promotional plans, strategies and directives in order to justify the price rise for a product in a perfect competitive market.

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