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