marketing and economic approaches
All else held constant is a major problem facing all methods of estimating the demand for business products. Compare and contrast how the marketing and economic approaches deal with this problem. Please use examples.
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According to Arnold, (2010, all else held constant is a phrase used in economics referring to a situation whereby only one of the marketing or economic variable is considered to affect an economic or marketing situation while all other variables are held constant. For instance, when discussing the law of demand and supply, one may put it that if the demand for a given product is more than the supply, all other factors held constant, prices of that product is bound to increase. However, it is important to note that the demand of a product is affected by many other variables….
APA
289 words
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