Understanding price sensitivity can influence several marketing techniques. For instance, it can help in setting optimal prices for products, which can maximize profits and sales volume. It can also guide the implementation of promotional strategies like discounts and special offers, which can stimulate demand and increase customer loyalty. Moreover, it can assist in segmenting the market and targeting customers more effectively based on their price sensitivity. Lastly, it can inform the development of value-added services or product bundles to justify higher prices for less price-sensitive customers.
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