Business Economics Quiz: Demand, Pricing Strategies, and Marketing
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Questions and Answers

What type of demand does the text indicate Maxim coffee has?

  • inelastic (correct)
  • symmetrical
  • asymmetrical
  • elastic
  • What type of pricing strategy is Bullhound using to put the rival Redhound out of business?

  • price-fixing
  • market penetration
  • predatory pricing (correct)
  • skimming pricing
  • Which type of marketing is the use of commercial marketing concepts and tools to influence individuals' behavior to improve their well-being and that of society?

  • Customized
  • Mass
  • Societal
  • Social (correct)
  • Which of the following is not a typical stage of the New Product Development (NPD) process?

    <p>repositioning</p> Signup and view all the answers

    What does marketing research use to identify and define marketing opportunities and problems, generate, refine, and evaluate marketing actions, monitor marketing performance, and improve understanding of marketing as a process?

    <p>information</p> Signup and view all the answers

    How do marketing researchers usually draw conclusions about large groups of consumers (population)?

    <p>sample</p> Signup and view all the answers

    Which pricing strategy involves offering multiple services combined at a reduced price?

    <p>Bundle pricing</p> Signup and view all the answers

    What pricing strategy involves introducing products at a high price initially and then offering discounts later?

    <p>Reference pricing</p> Signup and view all the answers

    What type of marketing is exemplified by Oreo's 'you can still dunk in the dark' tweet during the Super Bowl power outage?

    <p>Real-time marketing</p> Signup and view all the answers

    Which marketing channel raises environmental concerns?

    <p>Catalog marketing</p> Signup and view all the answers

    What is the main purpose of causal research?

    <p>Test hypotheses about cause-and-effect relationships</p> Signup and view all the answers

    Which method incorrectly views sales as the basis of advertising and not the outcome?

    <p>Percentage of sales method</p> Signup and view all the answers

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