Which is a correct definition of a "want"?
- Something a person desires
- Something a person cannot do without
- Something which is good value
- Something which is a product
Which is a correct definition of a "need"?
- Something a person desires
- Something a person cannot do without
- Something which is good value
- Something which is a product
Why does a business need to understand its customers?
- To offer a product or service which people want
- To pay a dividend to shareholders
- To comply with UK tax laws
- To comply with the Health & Safety at Work Act (1974)
What is market segmentation?
- Combining different markets into one
- Dividing the market into distinct groups with similar needs and characteristics
- The process of setting prices in the market
- Analysing the overall market demand
On the Boston Matrix, which term usually refers to a product in the growth phase of its lifecycle?
- Question mark
- Star
- Dog
- Cash cow
Which of the following factors is not typically considered in market size calculations?
- Consumer income levels
- Competitor pricing strategies
- Population demographics
- Number of employees in a company
Which of the "four Ps" of the marketing refers to where a product is sold?
- Product
- Price
- Promotion
- Place
When a business calculates the selling price of a product by adding a percentage to its cost, it is called…
- Loss leader
- Price skimming
- Competitive pricing
- Cost plus
Which of the following would be classed as a need?
- The latest Apple iPhone
- An expensive pair of trainers
- A place to sleep
- An annual holiday
Demographic segmentation involves dividing the market based on:
- Personality traits
- Age, gender, income, and other demographic factors
- Buying behaviour
- Geographic location
