How does the price elasticity of a product affect the marketing strategy?

When you have a flexible prices that will target more and more consumers, And sure that will affect the marketing strategy.
You may need to make more than one marketing campaign to reach to most customers you want.

Price elasticity makes high impact on pricing and further, based on pricing, the target audience can be very narrow or very broad, so price elasticity can influence the reach and penetration.
And further, it is clear that it can influence all other segments relevant to marketing strategy: target audiences, market share goals, media mix, distribution channels etc.

as we khow that demand and supply is inter related so when demand will be high then supply will be down and vise versa .
for an example that a jwelllary comapny planed marketing stategy in dipawali time in india but the price of gold is alternate every day and atlast gold price is unexpected so how a campany can fix the marketing stategy........

First it is important to understand that price forms part of the marketing mix .
So pricing objectives will depend on the marketing mix strategy .O f course , the price elasticity of a product will affect the marketing strategy .for example , if you set the price of a product high , then you're targeting only one particular part social class , n your demand as a whole will decrease , in other words your marketing strategy was meant for the " elite " group of the society .On the other hand a low price means increase demand and the marketing strategy was meant for the whole population .
Now if your price has a tendency to fluctuate , such as gold or cement , then your marketing strategy will be flexible too.

At the core of marketing is predicting how consumers will respond to different forms of stimulus.
How much will getting Ryan Gosling (or Patrick's hero Hal Varian) to endorse the product raise sales? How would consumers feel about a teddy bear in the marketing email or on the package? Although businesses can never be 100% sure of the way customers will react, the purpose of every marketing and product teamd is to increase conversion, usage, and positive brand outlook.
priceelasticity resized 600 Pricing, and more specifically your company's pricing strategy, is the one area applicable to marketing and product that still contains a considerable amount of guesswork.
Phenomenal marketing and product development can lead to an increase in your prices while maintaing the same level of conversion.
The two areas of your business can also tank your conversion if done incorrectly.
Yet, setting a price and communicating value shouldn’t be a blind man’s game.
Similarly, price optimization and changes shouldn’t be a shot in the dark.
Fortunately, there is a way to guide that process.
One of the cornerstones of pricing strategy, microeconomics, and a great marketing/product foundation is the theory of price elasticity of demand, also known more simply as price elasticity.
Let's lay out the basics of price elasticity and how you can increase demand by making your product offering more inelastic through marketing and product development.

It affects it by narrowing down what kind of strategy you want to use, who to target and how to target.
Also, it affects what types of marketing campaigns will be launched and how repetitive/intensive/visible they are.

Thank you all for your very enlightening views.
I also do believe that PED (Price Elasticity of Demand) does affect the marketing strategies as elasticity has an effect on the demand and hence the marketing strategy (esp.
the first P - The pricing strategy) A product which has no substitute and is an extremely essential product (e.g.
A life saving drug) - that is when the price elasticity of demand for a good is perfectly inelastic (Ed = 0), changes in the price will not affect the quantity demanded for the product ; therefore increase in prices will always cause total revenue to increase.
When the price elasticity of demand for a good is relatively inelastic (-1 < Ed < 0), the percentage change in quantity demanded is smaller than that in price.
Hence, when the price is raised, the total revenue rises, and vice versa.
When the price elasticity of demand for a good is unit (or unitary) elastic (Ed = -1), the percentage change in quantity is equal to that in price, so a change in price will not affect total revenue.
When the price elasticity of demand for a good is relatively elastic ( -∞ < Ed < -1), the percentage change in quantity demanded is greater than that in price.
Hence, when the price is raised, the total revenue falls, and vice versa.
When the price elasticity of demand for a good is perfectly elastic (Ed is − ∞), any increase in the price, no matter how small, will cause demand for the good to drop to zero.
Hence, when the price is raised, the total revenue falls to zero.
Therefore I believe that marketing strategies have to be different for an essential commodity, a rare commodity, non essential commodity...
( References : Wikipedia).