Answer:
Note that goods that are considered in general have a broad demand and goods with broad demand are inelastic as there are no substitutes for them. Goods that are specific by nature have narrow demand and have elastic demand because consumers can switch to others if the price is increased slightly.
Hence, Mayonnaise in general, Washing machines and beer have inelastic demand as there are no close substitutes. The remaining three, namely, specific brand of mayonnaise, Chevrolet automobiles and Tesla automobiles have elastic demand as there are substitutes and consumers/users will switch to others if the price is no more favorable.
The vital component of marketing is promotion.
Promotion in marketing refers to any sort of marketing communication that is used to enlighten target audiences about the relative qualities of a product, service, brand, or problem, and is usually persuasive in nature. It assists marketers in creating a distinct space in the minds of their customers, which can be either cognitive or emotional.
Marketing relies heavily on promotion. Marketing promotion is described as a method of communication between buyer and seller in which the buyer persuades his or her audience to purchase his or her items.
Advertising, sales promotion, public relations, and direct marketing are the four primary promotional strategies.
Hence, the blank will be filled by promotion.
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You mow your neighbor's yard and he pays you $25. Which function of money does this BEST represent?
Medium of exchange. The function of money, medium of exchange, is the exchange of money for a good or service. They are facilitating the transaction by paying the neighbor for the lawn cutting service.
