Mock Kirp

Question 1

Market mapping

Answer 1

Visually analysing the position of a product or brand within a specific market
- Price (low to high)
- Quality (low to high)
- Style (traditional to modern)
- Performance (basic to advanced)

Question 2

Market mapping advantages

Answer 2

• Identifies market gaps
• Offers insights to customer preferences

Question 3

Market mapping limitations

Answer 3

• Just a snapshot
• Simplistic view of what dictates performance (there are more factors at play)

Question 4

Marketing Mix

Answer 4

• product
• price
• place
• promotion

Question 5

Pricing strategies

Answer 5

• Competitive pricing
• Price skimming
• Penetration pricing
• Cost plus pricing
• Psychological pricing
• Predatory

Question 6

Laissez-fair leadership

Answer 6

Leaders provide minimal guidance and minimal supervision, giving employees significant autonomy

Question 7

Exchange rate

Answer 7

The value of one currency in terms of another

Affected by - inflation, interest rates
- SPICED AND WPIDEC

Question 8

Benefits of joint ventures

Answer 8

• shared expertise
• shared resources

Question 9

Ways to increase market share

Answer 9

• Use pricing strategies (predatory pricing to drive out competition)
• Merge with a competitor