Markets and Theories

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1. Which one of the following will a business not use branding for?

  • Charge a premium price for their product
  • To target consumers
  • Differentiate their product from other brands
  • Create consumer loyalty
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2. What is a mass market?

  • An unsegmented market with no choice
  • A segmented market where one business contributes their product to sell
  • An unsegmented market where lots of businesses contribute their products to market in the same way
  • A segmented market with lots of choice

3. As people get wealthier, they demand goods such as; Holidays, Cars and Electronic goods. Which type of growth is this?

  • Economic
  • Social
  • Legislative
  • Innovation

4. Ban for advertising tobacco may reduce market size for cigarettes. Which type of Market Growth is this?

  • Legislation
  • Economic
  • Innovation
  • Social

5. What is a disadvantage of a Niche Market?

  • Very small and unable to support competing firms
  • A large sector of the market and firms challenge them
  • They cater for the needs of specific individuals
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