Can we use the concept of price elasticity to identify a brand's competitors? How would that work?
Need to know info about discussion question:
You need to distinguish between elastic (very price responsive) from inelastic (unresponsive to price changes). Economists use the term ceteris paribus when defining elasticity, which means holding everything else constant. How do you hold everything constant in the real world?
What is the impact of brand loyalty on price sensitivity?