ENTREPRENEURSHIP FINAL EXAMINATIONS Q2

A company sets a low initial price to quickly attract customers and gain market share, then plans to increase the price later. Which pricing strategy is this?

• Skimming pricing

• Penetration pricing

• Bundle pricing

• Competitive pricing

A new product is introduced at a premium price and then reduced to reach a broader market segment. This best illustrates:

• Penetration pricing

• Skimming pricing

• Cost-plus pricing

• Value-based pricing

A small store decides to combine two or more products at a lower total price to increase sales volume. This strategy is:

• Cost-based pricing

• Bundle pricing

• Competitive pricing

• Penetration pricing

A bakery uses its own eco-friendly and colorful box design to communicate its brand’s personality. This best demonstrates the function of:

• Promotion

• Branding

• Packaging

• People

A coffee shop designs its interior to speed up the ordering process and minimize waiting time. Which element of the marketing mix is being improved?

• People

• Product

• Place

• Process

A business decides to sell online to reach more customers outside its local area. Which “P” of the marketing mix is applied?

• Place

• People

• Price

• Promotion

An entrepreneur observes that competitors have similar prices and sets their price in line with them to remain competitive. This is called:

• Competitive pricing

• Skimming pricing

• Penetration pricing

• Cost-based pricing

A gadget shop calculates product cost and adds a fixed percentage to determine the selling price. This is an example of:

• Cost-plus pricing

• Competitive pricing

• Penetration pricing

• Skimming pricing

A restaurant trains its staff to provide exceptional service to differentiate itself from competitors. This element belongs to:

• Product

• People

• Process

• Promotion

An entrepreneur invests in innovative packaging to attract eco-conscious consumers. This reflects a strategic decision in:

• Product

• Packaging

• Promotion

• Price