What you’ll learn3 learning objectivesChoose one objective for a focused lesson, or study the complete topic.8.1.1Elasticity• Elasticity- the concept of elasticity of demand: price, income and promotional- calculation of price, income and promotional elasticity of demand- interpretation of elasticity results- the impact of elasticity measures on business decisions- the limitations of the concept of elasticity in its various formsSyllabus objective8.1.2Product development• Product development- the process of product development- sources of new ideas for product development- the importance of Research and Development (R&D)Syllabus objective8.1.3Sales forecasting• Sales forecasting- the need to forecast sales- time series analysis: calculation and use of four period centred moving average method to forecast sales- qualitative sales forecasting- the impact of sales forecasting on business decisionsSyllabus objective