Theme 1 Test 8

Market Positioning is where a ................. is placed in the ............. relative to its competitors

• business/market

• product/market

• business/environment

• product/shop

Michael Porters Strategy states that a firm can enjoy a competitive advantage if it is either: Lowest cost or Highest differentiated?

• True

• False

Cost leadership means being able to offer your .......... or service at the .................. cost possible

• business/highest

• product/lowest

• business/lowest

• product/highest

A product is targeted at a wide range of people and the market is not segmented are both features of a mass market

• True

• False

Risk cannot be measured and quantified

• True

• False

When a new idea or invention is launched onto the ...................normally with a view to ..................... gains is innovation

• market/financial

• market/market

• internet/market

• market/increase

Separates the population into segments e.g. income groups.A sample is then taken from that segment.

• Random Sampling

• Quota Sampling

• Stratified Random Sampling

• Snowball Sampling

Apple sees its customer to be king and develops all its phones based on customers' specification.

• Market Orientation

• Product Orientation

Occurs when the interviewers select people within the population who meet set criteria e.g. 300 males aged between 24 –26.

• Random Sampling

• Quota Sampling

• Stratified Random Sampling

• Snowball Sampling

Water has seen an increase in demand 8% this summer, while the price has decreased 12%

• 1.5 inelastic

• 1.5 elastic

• .67 inelastic

• .67 elastic