What does elasticity mean? If the demand for a product is inelastic, what are the implications?

Elasticity means the percentage change in quantity demanded due to percentage change of price.Elasticity can be >1(elastic),=1 unit, or inelastic <1. In the case of inelastic, the percentage change in price will be more than the percentage change in quantity demanded.That implies, an increase in price will cause less quantity to decrease. It implies also that if the price is raised,revenue will increase.