Which of the following is not a definition of a "market size"?
- The number of potential customers
- The number of sellers of a particular product or service
- The total value of products in a market
- The profit a business will make by selling its products or services
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
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
Which type of data can be easily measured?
- SMART target
- Quantitative
- Qualitative
- Summative
On the Boston Matrix, which term usually refers to a product in the decline phase of its lifecycle?
- 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
A ______________ is when a business has a range of different products to sell.
- Boston Matrix
- Cash Cow
- Extension strategy
- Product Portfolio
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 and a low market share?
- Question mark
- Star
- Dog
- Cash cow
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- Data could be out of date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
