Entrepreneurship and marketing

What is Marketing

• A description of how four P's are going to meet the needs of customers

• A description of how the four P's are going to be used to advertise a product or a service

• A promotional plan

Which of the following is an example of digital media

• Flyer

• Merchandise

• interactive online advertisements

What is premium pricing?

• Setting a price higher than the competitors to suggest quality

• Setting a price lower than competitors to increase sales

• Setting a high price for a limited time period and then reducing it

Which of these products would not be suitable for digital distribution?

• computer software

• music

• laptop

An ice-cream shop allows customers to try a flavour free of charge. Which point of sale promotion is being used?

• competition

• free sample

• loss leader

What is the marketing term place concerned with?

• how goods and services reach the consumer

• how high street shops are run

• The design of E-commerce website

During which stage of the product life cycle would you expect sales to be at their lowest

• Decline

• introduction

• Maturity

What is price skimming?

• Charging a low price initially and keeping it low to gain additional sales.

• Initially setting the price of a product low and raising it after a period of time.

• Setting a high selling price for a product and slowly lowering it over a period of time

What is invention?

• It is creating something that did not exist before

• Changing existing processes or creating new, more effective processes, products and ideas

• It is the act of inventing something that has been made or used before

What is innovation?

• It is the act of inventing something that has never been made or used before

• It is the successful commercialization of an invention, or the adaptation of a product and its features.

• When businesses do not spend large amounts of money on research and development in order to develop their products