Cambridge IGCSE Business Studies practice

Paper 1 structured question: Marketing mix

Try the question first, then check the answer and practise the same topic again.

At a glance

Paper

Marks

Topic

Marketing mix

Exam-style question

Try this first

Paper 1Short Answer and Data Response2 marks

A business is analyzing the demand for its product based on price changes.

Description

The business has noticed that when they increase the price of their product, the quantity sold decreases significantly.

a
Explain what this indicates about the price elasticity of demand for their product.
Your answer
Aim for approximately 2 distinct marking points.
[2]

0 of 1 part answered

Answer every part before opening the mark scheme.

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Flashcard 1 of 6

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Paper 1Short Answer and Data Response1 marks

Description

The company has developed a new gadget and is evaluating how to price it. They want to maximize profits while also attracting customers.

a
State one pricing strategy the company could use.
Your answer
Aim for approximately 1 distinct marking point.
[1]