1. Common product policy includes
(a) Product orientation and sales orientation only
(b) Product orientation, sales orientation, customer orientation, strategic market orientation, societal orientation
(c) None of these
(d) Customer orientation and societal orientation only
2. Normal goods have
(a) Positive income elasticity of demand
(b) Negative income elasticity of demand(c) All of these
(d) None of these
3. Necessities have an income elasticity of demand between
(a) 1 and +1 (b) 2 and 3 (c) 3 and 4 (d) 0 and +1
4. Luxuries are said to have an income elasticity of demand
(a) > + 1 (b) < +=”” 1=”” (c)=”” 0=”” +=”” 1=”” (d)=”” 0=”” +=””>
5. Inferior goods have a
(a) Positive income elasticity of demand
(b) Negative income elasticity of demand
(c) All of these
(d) None of these
6. A company may exercise considerable pricing discretion by using which of the following strategies?
(a) Skimming strategy (b) Penetration strategy
(c) Cost plus strategy (d) All of these
7. State true or false:
(a) Interior goods have a negative income elasticity of demand.
(b) DELL, computer company, is known for its online ordering proposition, internationally.
(c) Products of some countries tend to have a higher quality image than those from other countries.
(d) Consumers in developing countries do no necessarily follow the same pattern as consumers in higher income countries.
