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Cambridge IGCSE Business Studies practice

Paper 1 structured question: Marketing mix

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Attempt questionMarketing mix revisionRevise the key idea

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Marketing mix

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Paper 1Short Answer and Data Response1 marks

A company is considering different pricing strategies for a new product.

Description

Pricing Strategy Consideration

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

  1. a

    State one pricing strategy the company could use.

    Aim for approximately 1 distinct marking point.

    [1]

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Paper 1 structured question: Marketing mix

Paper 1Short Answer and Data Response2 marks

Description

Demand Analysis

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

  1. a

    Explain what this indicates about the price elasticity of demand for their product.

    Aim for approximately 2 distinct marking points.

    [2]