Question

4. Pam sets up her business; selling a unique product known as the "Forever Pen." She prices her product at a price lower than her competitors and provides good customer service for her customers. How many forms of pricing strategy is is/are identified in the scenario? A. None B. 1 D3 5. What are the activities that form the marketing mix for the entertainer? A. Product price, production, place B. Packaging, point, price, place C. Product, price, promotion, place 6. Briggy's lyrics were tailored to different segments of the market. What is a market segment? A. When a market group is split into teams B. When a market is broken down into smaller groups! C. When a market is split for everyone to share! 7. If Briggy's method of research was to gain information by administering questionnaires to the Natives on the streets and in dance hall settings, what method of research did he use? A Primary B. Secondary C. None of the above 8. What are the processes of a product life cycle of the music produced by Briggy? A. Introduction, downfall uplift, decline B. Introduction, growth, maturity, decline C. Starter, growth, maturity, decline D. Launch, downfall, maturity, decline 9. What best identifies a brand of a product? A. its logo B. its location

Answer 1

(Q 4.) Answer: B (1)

Rationale: Since Pam prices her products at a lower price than its competitors, it is called penetration pricing strategy. And only this strategy is being given in the question.

(Q 5.) Answer: C (Product, Price, Promotion, Place)

Rationale: Marketing mix consists of various focus areas as a part of a comprehensive marketing plan. The 4 P's of marketing are Product, Place, Promotion and Price.

(Q 6.) Answer: B (When a market is broken down into smaller groups)

Rationale: Market segmentation is a process of dividing a broad business or customer market into smaller group of customers based on similar characteristics.

(Q 7.) Answer: A (Primary)

Rationale: Primary research is the firsthand data gathered by the researcher through questionnaires, surveys, interviews etc whereas secondary data is the data which is already available which was collected by someone else.

(Q 8.) Answer : B (Introduction, Growth, Maturity, Decline)

Rationale: A product life cycle is a process a product has to go through when it is first launched in the market until it either declines or is removed from the market. The stages of life cycle of any product include introduction, growth, maturity and decline.

(Q 9.) Answer : A (Its logo)

Rationale: Logo of a company is a crucial element of any brand because it grabs the attention of the customers and helps them identify a particular brand.