Price elasticity depends upon the magnitude and direction of the contemplated price change.

When Ketan went to college he had a burning desire to join a social fraternity; for Ketan, the fraternity would be a dissociative group.

Services represent the fastest-growing sector of the global economy and account for two-thirds of global output.

Pricing cues such as sale signs and prices that end in 9 are more influential when consumers are experienced in the category.

Companies prefer customers who are less price sensitive.

Business buyers often select suppliers who also buy from them.

The World Trade Organization, consisting of 158 countries, works to erect entry barriers or regulations that limit free trade.

The demand for business goods is ultimately derived from the demand for raw materials.

Commoditization strengthens customer loyalty.

Social class is the fundamental determinant of a person’s wants and behavior.