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Prescriptive strategy 

The three core areas of 

strategic analysis, strategic development and strategy 

implementation are linked together sequentially.

Price elasticity of demand 

Measure of consumer 

behaviour that indicates the change in demand for a 

product or service in response to changes in price.  

Price elasticity of demand is used to assess the extent 

to which a change in price will influence demand for a 

product.

Price variable 

The element of the marketing mix that 

involves defining product prices and pricing models.

Pricing models 

Describe the form of payment such as 

outright purchase, auction, rental, volume purchase and 

credit terms.

Primary key 

The field that uniquely identifies each 

record in a table. See Database.