What term is used to describe trying to extend the lifecycle of a product?

• Cash cow
• Decline
• Extension strategy
• Discount strategy

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

• Question mark
• Star
• Dog
• Cash cow

What is the potential advantage of effective market segmentation for a business?

• Increased competition
• Higher production costs
• Better targeting of marketing
• Limiting customer diversity

Which is a correct definition of a customer?

• A person who makes an enquiry about a product
• A person who recommends a product or service
• A person who purchases a product or service
• A person who uses a product or service

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

If a company sells 500,000 units of a product at £20 each, what is the market size in terms of revenue?

• £10 million
• £1 million
• £5 million
• £20 million

Which promotional method uses short-term discounts to encourage customers to purchase a product?

• Public relations
• Sales promotions
• Advertising
• Sponsorship

Why might a business choose to keep its selling prices low?

• There is lots of competition in the market
• To create a premium brand
• The product is in the maturity phase of its lifecycle
• Its fixed costs increase

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

What is the first stage in a product's lifecycle?

• Growth
• Development
• Introduction
• Maturity