IGCSE Business Studies - Price

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This question is based on Paper 1, Unit 3. It considered whether the business should increase prices. Possible questions could include:
1) Describe what is meant by price elasticity
2) Describe what is meany by market share
3) Explain the important of brand loyalty to Gayle.
  1. Biz-omics
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Thanks for the videos, it helped
Wish you could upload more if these n talk or explain about more questions

salehiandro
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Please correct me if I am wrong; I thought it was price inelastic because despite the entry of new competitors the market share of the company is stable meaning the customers continued to buy the product regardless of the new choices and variety of products and the possible promotional offers offered by other competitors which imply that the customers like the products sold by this company more than the other companies. If the price increase justifies the worth of the product customers will still continue to buy the product.

aadharshram