A level - Knowledge test - 1.3

A level - Knowledge test - 1.3

12th Grade

25 Qs

quiz-placeholder

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A level - Knowledge test - 1.3

A level - Knowledge test - 1.3

Assessment

Quiz

Business

12th Grade

Practice Problem

Easy

Created by

Clera De Souza

Used 1+ times

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25 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

What are the elements of the design mix:

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Answer explanation

The elements of the design mix include function, aesthetics, and cost. Function refers to how well the product performs, aesthetics to its visual appeal, and cost to the financial aspect of production and pricing.

2.

OPEN ENDED QUESTION

3 mins • 1 pt

List two social trends that can impact the elements of the design mix

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Answer explanation

Two social trends that can impact the design mix are sustainability, leading to eco-friendly materials, and digitalization, influencing product design and marketing strategies.

3.

OPEN ENDED QUESTION

3 mins • 1 pt

In order, list the stages of the product lifecycle

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Answer explanation

The stages of the product lifecycle are: Introduction, Growth, Maturity, and Decline. Each stage represents a different phase in the product's market presence and sales performance.

4.

OPEN ENDED QUESTION

3 mins • 1 pt

Name two promotional methods suitable for the mass market

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Answer explanation

Two effective promotional methods for the mass market are television advertising and social media campaigns. These methods reach a wide audience quickly and can create significant brand awareness.

5.

OPEN ENDED QUESTION

3 mins • 1 pt

Name the pricing strategy used by Poundland

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Answer explanation

Poundland uses a 'single price' strategy, where all items are sold at a fixed low price, typically £1. This approach simplifies shopping and appeals to budget-conscious consumers.

6.

OPEN ENDED QUESTION

3 mins • 1 pt

Name the pricing strategy that uses pricing products at £4.99/£8.99

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Answer explanation

The pricing strategy that uses prices like £4.99 or £8.99 is known as 'psychological pricing'. This approach aims to make prices appear lower than they actually are, influencing consumer perception and buying behavior.

7.

OPEN ENDED QUESTION

3 mins • 1 pt

List 3 factors that determine the pricing strategy of a business

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Answer explanation

Three key factors that determine a business's pricing strategy are cost of production, market demand, and competition. These elements help businesses set prices that maximize profit while remaining attractive to customers.

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