General Marketing Quiz

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1. What should be done if a product is price elastic?

  • None of the following
  • Reduce the price; demand will increase more than the % change in price
  • Maintain the price; demand and prices are proportionate
  • Increase the price; demand will be less affected with a change in price
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2. Which of the following can one become confused with meaning repeat purchases?

  • Passive purchasing
  • When consumers come back for more of the product
  • Loyalty card usage
  • Consistent use of same supplier

3. What is a benefit of phycological pricing?

  • Ethical brand image will entail
  • High profit margin levels can be attained
  • Improve the chances of consumer loyalty
  • Profit increase is guaranteed

4. True or False: the definition of market myopia is the futuristic theory of market failure?

  • False
  • True

5. What is a risk of adding value?

  • Profit margins can fall as a result
  • The cost of the good can go over the price
  • Decisive measures i.e. pumping air can be unethical and sued for
  • Competition may follow suit


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