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

• Public relations
• Sales promotions
• Advertising
• Sponsorship

Which of the "four Ps" of the marketing refers to sales promotions?

• 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 is an disadvantage of primary research?

• Data may not always be specific to the business's needs
• Data could be out of date
• Data is expensive to collect and analyse
• Competitors may also have access to the data

What is market size?

• The physical size of a market
• The number of competitors in a market
• The total value or volume of a market

Which promotional method involves donating to an organisation in exchange for them displaying the name of the business?

• Sponsorship
• Public relations
• Social media
• Sales promotions

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 the purpose of calculating market size for a business?

• To determine the number of employees needed
• To assess the feasibility of entering a market
• To set advertising budgets
• To identify competitors' weaknesses

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

• Cash cow
• Decline
• Extension strategy
• Discount strategy

Which of the "four Ps" of the marketing mix is incorrect?

• Product
• Price
• Person
• Place