What is cost-plus pricing?
Estimating how many of the product will be produced, then calculating the total cost or producing this output and finally adding a percentage mark-up for profit.
Used when trying to enter a new market.
When the product is usually a new invention, or a new development of an old product, and therefore it can be sold on the market at a high price and people will pay this high price because of the novelty factor.
Market share is the ratio of money a company has compared to its competitors in a market.
Which of these are different types of promotion?
Gifts
Television
Competitons
Billboards
Price reductions
At what point does market saturation occur?
At the point the curve starts to rise.
At the point where the curve is leveled out.
At the point where the curve starts to decline.
It doesn't.
"SWOT" stands for Strengths, Weakness, Output, Threats.
Which of these are products?
Clothes
Food
Public park
Company insurance
What is marketing?
Advertising, promotion, and selling.
Identifying consumer wants, anticipates their future wants and then goes about satisfying them profitably.
To find the total cost of production and then calculate the cost per unit to make that cost per unit plus a percentage the price of the unit.
A steep demand curve of a product means that the product has an inelastic demand curve.
A market that is a small, usually specialised, segment of a much larger market is called a...
Mass market.
Niche market.
Money market.
What are the four "P"s of the marketing mix?
Price
Packaging
Promotion
Place
Product
Production