30 Questions
Why is retargeting considered effective?
It often takes multiple brand exposures before someone buys
What is the primary benefit of segmenting an audience based on behavior?
To send timely, tailored marketing messages to each segment
What is one of the advantages of prospect targeting in behavioral targeting?
Targeting prospects who have demonstrated an interest in a product or service
How can behavioral targeting help marketers with their resources?
By making better decisions about how and where they’re directing their resources
What is one of the benefits of behavioral targeting in terms of customer experience?
It creates a more interesting and engaging experience for visitors
What does behavioral targeting teach companies about their brand?
How their target customers perceive their brand and interact with their assets
What is the main goal of a cost-plus pricing strategy?
To determine the price of a product based on its production cost
Which pricing strategy takes into account the psychological impact of prices on customers?
Psychological pricing
What is the purpose of a bundle pricing strategy?
To sell multiple products together at a single price
Which pricing strategy involves setting different prices for the same product based on the location of the buyer?
Geographic pricing
What is the main difference between a premium product and a basic product in an optional product pricing strategy?
The features and benefits of the product
Which pricing strategy sets a price based on the customer's perceived value of the product?
Value-based pricing
What is the primary goal of trading?
To make a profit
What type of business involves buying and selling products at a markup?
Buying and selling
What is the primary function of marketing?
To provide information about a product and the company
What type of service business focuses on providing financial services to customers?
Finance
What determines the type of business organization?
The nature or purpose of the business
What is a characteristic of a service business?
It provides an intangible valuable offering
Which type of cost is directly related to producing a good or service?
Direct Cost
What type of labor is considered a product cost?
Direct labor
Which of the following is an example of a period cost?
Marketing expenses
What is included in the Manufacturing Overhead Cost?
All the indirect costs incurred during manufacturing
What is the main difference between Direct Cost and Indirect Cost?
Direct Cost is related to producing a good or service while Indirect Cost is not
What are the three main components of Manufacturing Costs?
Direct Materials, Direct Labor, and Manufacturing Overhead
What is the primary goal of a premium pricing strategy?
To create a perception of high-value products
What is the main difference between a skimming pricing strategy and a competition-based pricing strategy?
The price of the product is higher at the start and then decreased
What is the primary objective of a freemium pricing strategy?
To offer a basic version of a product and hope users will upgrade
What is the result of using a competition-based pricing strategy?
A better position to win a customer's business
What is product line pricing also known as?
Price lining
What is the primary focus of a skimming pricing strategy?
The highest possible price for a new product
Test your knowledge of fundamental business concepts, including trading, buying and selling, marketing, and aids to trade. Learn about different business models and strategies. Identify the key components of a successful business.
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