Author Question: When the major component of an item experiences a price increase, the demand for the item may become ... (Read 120 times)

FButt · **on:** Jun 29, 2018

When the major component of an item experiences a price increase, the demand for the item may become more elastic.

Indicate whether the statement is true or false

Question 2

Trapper's Lake Lodge is rustic hotel situated on a large lake in the Flat Tops Wilderness Area. The lodge offers a relaxing getaway as well as guided fishing, hunting, bicycling, and cross-country skiing trips from its remote location 250 miles away from a major airport. Guests must travel the last 40 miles on a rough dirt road during the summer months or ride a special snow car during the snow season. Trapper's Lake Lodge management has found that guests almost always have a wonderful experience during their stay and swear they will visit again. Nonetheless, the biggest problem is getting people to visit in the first place, probably due to the difficult travel involved. So the lodge management has decided to mount an aggressive direct marketing campaign to increase first-time guest visits as well as to nurture loyal frequent visitors. Guests at the lodge have always filled out a brief form with their name, address, phone number, and email address. They will now be asked to complete a questionnaire that collects this information plus moretheir age, gender, education level, and occupation, plus their outdoor interests, recreational preferences, other hobbies, and comments about their stay at Trapper's Lake Lodge. This combination of new ____ and ____ will be used to help build a marketing database for the lodge.
a. demographic data; psychographic data
b. personal data; consumer behavioral data
c. behavioral data; psychological data
d. demographic; geo-demographic data