A manufacturer of electric vehicles has priced their new model of cars at a very high level in order to maximise revenue from those consumers who are prepared to pay a high price. This is an example of which pricing strategy?

Chris is a butcher, and sells a range of meat products directly to consumers in a local retail shopping centre. Rather than dispose of waste meat off-cuts in the rubbish, Chris sells them at very cheap prices as pet food. This is an example of which pricing strategy?

Which of the following is true for a product with an elastic demand curve?

A demand curve graphically shows that...

According to the diffusion of innovations model, the first group of consumers to adopt new products is the...

A product that is purchased infrequently, has no close substitutes or alternatives, and is available in a limited number of outlets is also known as...

A car retailer entices customers to buy from them by offering an extended warranty on all new cars. The normal manufacturer's warranty is 3 years, but the retailer extends this at no extra cost to 5 years. This feature of the product is most likely to be part of which level of the "total product concept"?

For the past 20 years, Alex has always owned and driven Toyota cars. When asked why, Alex answered "I really like them because they are so reliable, so I will always choose Toyota rather than any other brand." In that statement, Alex is expressing...

Which of the following statements about services is TRUE?

Segmenting a consumer market based on the level of loyalty customers show towards a brand (e.g. "highly loyal customers" versus "brand switchers") is an example of which segmentation variable?