What term is used to describe finding out about a particular market?

• Market research
• Questionnaire
• Tracking cookies
• Word-of-mouth

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

What is always the first point in a distribution chain?

• The distributer
• The producer
• The customer
• The wholesaler

Which of the "four Ps" of the marketing refers to whether a customer feels a product is value for money?

• Product
• Price
• Promotion
• Place

What is the main goal of market segmentation?

• To increase overall market size
• To target the entire market with a standardised product
• To identify and meet the unique needs of different customer groups
• To reduce competition in the market

In a market where the total units sold decrease from 1 million to 800,000, what is the percentage decrease in market size?

• 10%
• 20%
• 25%
• 30%

A supermarket decides to match the prices of a rival store. What is this known as?

• Penetration pricing
• Cost plus
• Loss leader
• Competitive pricing

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

On the Boston Matrix, which term refers to a product which has low growth but a high market share?

• Question mark
• Star
• Dog
• Cash cow

A ______________ is when a business has a range of different products to sell.

• Boston Matrix
• Cash Cow
• Extension strategy
• Product Portfolio