Units 11-15

What is the meaning of brand recognition?

• The sales of a company expressed as a percentage of total sales in a given market

• Consumers who buy various competing products rather than being loyal to a particular brand

• Places of business for selling goods to customers

• The extent to which consumers are aware of a brand, and know its name

Which word matches the following definition: All the different products, brands and items that a company sells.

• product mix

• logo

• outlets

• packaging

What is the correct meaning of market share?

• Consumers who buy various competing products rather than being loyal to a particular brand

• Wrappers and containers used to enclose and protect a product

• The sales of a company expressed as a percentage of total sales in a given market

• A graphic image or symbol specially created to identify a company or a product

What is the meaning of sampling?

• A specific segment of consumers within a broader market that share similar characteristics

• The consumer is given a product free of cost so they can try it before buying it

• The act of a consumer changing from one brand to another

• A retailer or business that sells goods to the public in relatively small quantities for use or consumption

Which of the following definitions is the correct meaning for the word wholesaler?

• An intermediary that stocks manufacturers’ goods or merchandise, and sells it to retailers and professional buyers

• All the companies or individuals (‘middlemen’) involved in moving goods or services from producers to consumers

• Someone who contacts existing and potential customers, and tries to persuade them to buy goods or services

• Possibilities of filling unsatisfied needs in sectors in which a company can profitably produce goods or services

Which of the following definitions is the correct meaning for market skimming?

• Making a product (appear to be) different from similar products offered by other sellers, by product differences, advertising, packaging, etc.

• The strategy of setting a low price to try to sell a large volume and increase market share

• Dividing a market into distinct groups of buyers who have different requirements or buying habits

• Setting a high price for a new product, to make maximum revenue before competing products appear on the market

At what stage of the product life cycle does a product's sales begin to go down?

• Introduction

• Growth

• Maturity

• Decline

At what stage of the product life cycle are a product's costs the highest?

• Introduction

• Growth

• Maturity

• Decline

At what stage of the product life cycle does a business need to defend their market share?

• Introduction

• Growth

• Maturity

• Decline

At what stage of the product life cycle is promotion aimed at building awareness and educating consumers about the product?

• Introduction

• Growth

• Maturity

• Decline