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 promotional method relies on a post "going viral"?
- Sponsorship
- Advertising
- Social media
- Public relations
Which of the following is not a definition of a "market size"?
- The number of potential customers
- The number of sellers of a particular product or service
- The total value of products in a market
- The profit a business will make by selling its products or services
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
A games company introduces a new console. They initially sell it at an inflated price. What is this pricing strategy called?
- Price skimming
- Cost plus
- Penetration pricing
- Competitive pricing
What is the potential advantage of effective market segmentation for a business?
- Increased competition
- Higher production costs
- Better targeting of marketing
- Limiting customer diversity
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 is an advantage of primary research?
- Data is specific to the business's needs
- Research has already been undertaken by someone else
- Data is always up to date
- Data is always accurate
A company targeting a specific age group, such as teenagers, is an example of:
- Demographic segmentation
- Geographic segmentation
- Behavioral segmentation
- Behavioural segmentation
Which of the following is primary research?
- Reading information published in a technical journal
- Analysing tracking cookies on your website
- Analysing a report from the Office for National Statistics
- Analysing an article published in a trade newspaper
