Banyan Revision

Heating fuel is ...

• income elastic

• income inelastic

Entertainment (such as movies, concerts) is ...

• income elastic

• income inelastic

If Product A's YED is 0.7, it is a ...

• normal good

• inferior good

If Product B's YED is -0.75, it is ...

• inelastic and an normal good

• elastic and an inferior good

• inelastic and an inferior good

• elastic and an normal good

Select 3 of marketing objectives.

• increase productivity

• increase market share

• increase revenue

• building a brand

'Sales will eventually decline. This is usually due to changing consumer tastes, new technology or the introduction of new products.' - which stage of the product life cycle is this?

• decline

• development

• introduction

• growth

'The product is getting more and more established and consumers are aware of it, sales may begin to grow rapidly, new customers buy the product and there are repeat purchases.' - which stage of the product life cycle is this?

• introduction

• growth

• maturity

• development

'The product has become established with a stable market share at this point. Sales will have reached their highest point and competitors will have entered the market to take advantage of profits.' - which stage of product life cycle?

• introduction

• growth

• maturity

• decline

In the car industry, firms are keen to bring out updated versions of their successful models. What type of extension strategy is this?

• product adjustment

• promotion

Crisp manufacturers bringing out new flavours. What kind of extension strategy is this?

• product adjustment

• promotion