Why does a business create a unique selling point for a product?
To make it look nicer
To make it worth a higher price
To gain a competitive advantage
What happens to a product when it reaches the maturity stage of the product life cycle?
Sales revenue grows over time
Sales revenue is constant over time
Sales revenue declines over time
What is the main business use of an extension strategy?
To launch a product
To brand a product
To increase sales of a product
The best place to sell a product is
street corner
shop
garage
Which of the following best describes 'price'?
The cost of selling items
The amount customers are charged for items
The revenue earned from selling items
When is price skimming used?
To gain market share
To make as large a profit as possible
To cover costs and breakeven
What is the best pricing method for a well known firm selling a new hi-tech, high quality mobile phone model most likely to be?
Penetration pricing
Price skimming
Cost plus pricing
In the marketing mix, what does the term 'place' refer to?
Retail outlets such as shops
Online shops
Anywhere products are made available to customers
Which of the following most accurately describes promotion activity?
Using advertising to sell products
Using advertising and other methods to sell products
Products being made available to customers
Which of the following is NOT part of the promotional mix?
Advertising
Personal selling
Price
