How useful is knowledge of elasticity for a business？

To my understanding, theoretically, the knowledge of elasticity can help in the revenue of the firm. However, it can be limited in practical terms as many other factors can affect revenue for the firm. In theory, if we are considering elasticity, what we are considering is the price of the good. You might need a graph to better understand the concepts of elasticity and revenue. Lets say the good has an elastic demand curve. This means that the demand curve is relatively flat, and the goods have a wide variety of substitutes. If this is the case, a good strategy will be to decrease the price of the good. If the price is decreased, and if the demand curve is elastic, theoretically the revenue of the firm will increase. From my interpretation, if the good has got a lot of substitutes, the firm can increase it's revenue by decreasing the price of it's good. This is because consumers are very sensitive to price changes, this means a small decrease in price, will mean a lot of customers will come and purchase the good. This can increase the revenue for the firm. On the other hand, if the demand curve is inelastic, an increase in the price of the good will increase the revenue for the firm. A demand curve that is inelastic is rather steep, and have few substitutes for the consumers. This means that consumers have little choice over product variety. An increase in the price of the product by the firm, will have few customers respond to it. What this means essentially is that the current customers will not repsond to changes in the price, hence they will not reduce the quantity demanded a lot, and they will not mind paying the high price. This can thus increase the revenue for the firm. In summary, if the product that a firm faces is elastic it's wise to decrease the price, as it will increase the revenue for the firm. On the other hand, if the product that a firm faces is inelastic, it's wise to increase the price of the good, as it will increase the revenue for the firm.