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1 of 15

Which of the following pricing strategies involves setting a low initial price for a new product to attract customers and gain market share quickly?

Price skimming

Penetration pricing

Premium pricing

Psychological pricing

2 of 15

An agent must not make any secret profit in the performance of his duties but can be rewarded by his principal through

A. remuneration and indemnity

B. payments of commision and salary

C. granting of business concessions

D. forwarding of business links

3 of 15

Which of the following makes other functions of business its appendages?

A. production

B. marketing

C. finance

D. personnel

4 of 15

The second tier security market is

A. an appendage to the Nigeria stock exchange

B. a member of the Nigeria stock exchange

C. meant for the shares of quoted private companies

D. a regulating arm of the Nigerian stock exchange

5 of 15

Spot market goods are those which are available for

A. immidiate delivery

B. short-term delivery

C. long-term delivery

D. end of the delivery

6 of 15

Social responsibility of business requires enterprises to

A. hold annual social parties for the public

B. draw their workers only from the immediate environment

C. address themselves to issues relating to the society

D. set up social welfare centers in their areas of operation

7 of 15

Which of the following production strategies focuses on producing goods in large quantities to achieve economies of scale?

Custom manufacturing

Job production

Mass production

Batch production

8 of 15

Which of the following strategies is most effective in enhancing customer loyalty in a retail business?

Offering the lowest prices in the market

Providing personalized customer experiences

Increasing the number of product lines

Reducing advertising expenses

9 of 15

Which of the following strategies is most effective in enhancing customer loyalty within a retail business?

Offering frequent discounts and promotions

Implementing a personalized customer experience

Increasing the number of product lines available

Extending store hours

10 of 15

The marketing approach by which a firm carries out detailed analysis of itself, the consumers and its competitors is known as?

A. market analysis

B. marketing mix analysis

C. marketing opportunities analysis

D. market survey

11 of 15

Which of the following is not a veritable source of funds to a public limited liability company?

A. advances and loans from bank

B. internally generated funds

C. government financial grants

D. funds from the sale of shares

12 of 15

Which of the following is a primary benefit of e-commerce for businesses compared to traditional retail?

Increased physical store locations

Lower operational costs and global reach

Limited customer interaction

Higher inventory costs

13 of 15

Which of the following is a key advantage of e-commerce over traditional retailing?

Limited geographical reach

Higher operational costs

24/7 availability for customers

Requirement for physical storefronts

14 of 15

Which of the following advertising strategies focuses on creating a strong emotional connection with consumers to influence their purchasing decisions?

Informative Advertising

Persuasive Advertising

Reminder Advertising

Comparative Advertising

15 of 15

A key advantage of delegation is that

A. workers are prepared for hgher responsibilites

B. the manager has less work to do

C. the manager spends less time on planning

D. the organization grows larger in size

Commerce Past Questions Practice

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There are 15 questions in total