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GCSE Business Studies UNIT 3 - the full monty Flashcards | StudBud
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GCSE Business Studies UNIT 3 - the full monty
GCSE Business Studies UNIT 3 - the full monty
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A list of all the key terms needed to be successful in the GCSE Business Studies Unit 3 exam
Flashcards
72 cards
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Answers
1
The difference between the total revenues of a business and its total costs
Variable costs
Break-even
Margin of safety
Profit
2
An employee who is responsible for the work of others further down the organisation's heirachy
Line manager
Sub-ordinate
Co-manager
Respondent
3
In work, the desire to complete a task
Discussion
Delegation
Communication
Motivation
4
The path down which orders (or commands) are passed.
Chain of command
Internal communication
Horizontal communication
External communication
5
Investigating and evaluating the range of products sold by a business
Design mix
Product portfolio analysis
Market map
Marketing mix
6
A product sold under the name of a supermarket rather than the name of the manufacturer
Own Brand
Commodity
Generic Brand
Premium price brand
7
Process of gathering data about competitors and customers through primary and secondary methods
Market research
Market gap
Marketing mix
Market segment
8
People that provide data for a survey by answering questions
Customers
Respondents
Suppliers
Interviewer
9
The proportion of a product's selling price per unit that contributes towards fixed costs
Profit
Total revenue
Contribution per unit
Variable costs
10
The combination of factors a business must consder in it's marketing
Market gap
Market segment
Market research
Marketing mix
11
Which of these is NOT a phase in the product lifecycle?
Decline
Boom
Introduction
Maturity
12
A method used to increase the life of a product and prevent it from entering decline
Customer advocacy
Delayering
De-stocking
Extension strategy
13
Quality is delivered through the production process and is the responsibility of all employees
Repeat purchase
Quality assurance
Quality control
Buffer stock
14
The process of transforming inventions into products that can be sold to customer.
Designing
Invention
Research
Innovation
15
Removing layers of workers from a heirachy so there are fewer links in the chain of command
De-centralising
Delegation
De-layering
De-stocking
16
A business where most decisions are made at the centre of the organisation and passed down
De-centralised
Large span of control
Regional offices
Centralised
17
A type of business where most decisions are pushed down the heirachy and away from the centre
Tall hierarchy
Flat hierarchy
De-centralised
Centralised
18
They decide what products to stock for retailers or wholesalers to sell on to the consumer
Customers
Wholesalers
Retailers
Trade buyers
19
A named product which consumers see as being different from others and they can identify with
Product portfolio
Copyright
Patent
Brand
20
A group of consumers within a market who share similar buying habits
Marketing mix
Market segment
Market gap
Market research
21
Promotion of a good business image by giving information to the public, businesses or the press
Public relations
Product portfolio
Customer advocacy
Marketing mix
22
A diagram which shows the internal structure of an organisation
Market map
Organisation chart
Cash flow forecast
Product portfolio
23
The experience a customer gets when dealing with a business before, during and after a purchase
Customer service
Customer advocacy
Customer loyalty
Customer retention
24
Which of these is an advantage of secondary over primary research?
It is specific to the needs of the business
It is quicker and easier to complete
No competitors can see the same research
25
The ability of a firm to offer products/services at the right level of quality and price
Market share
Competitiveness
Added value
Marketing strategy
26
The stages through which a product passes from development until it's decline and withdrawal.
Design mix
Marketing mix
Product lifecycle
Business cycle
27
Which of these is NOT an internal source of finance?
Trade credit
Retained profit
Selling assets
Personal savings
28
When a customer is willing to recommend your product or service to others
Customer advocacy
Customer loyalty
Customer service
Repeat purchase
29
Messages passed between a sender and receiver through a medium
Flat Hierarchy
Span of control
Communication
Tall Hierarchy
30
Which of these is NOT a phase in the product lifecycle?
Growth
Recession
Introduction
Maturity
31
The full range of products offered by a business
Inventory
Stock
Assets
Product portfolio
32
The level of output required by a business in order to neither make a profit or a loss
Total revenue
Total costs
Margin of safety
Break-even point
33
The number of people who report directly to another worker in the organisation
Subordinate
Hierarchy
Span of control
Line manager
34
The willingness of consumers to make repeat purchases of a product
Customer service
Repeat purchase
Customer loyalty
Customer advocacy
35
Getting individuals to spread a message about a product through social networking sites
Focus group
Viral marketing
Penetration pricing
Discounts
36
A model that assesses a product in terms of its level of market share and market growth
Product portfolio
Increased market share
Product life cycle
Boston Matrix
37
The lowest amount of stock to be kept by a business
Maximum stock level
Lead time
Buffer stock
Re-order level
38
Which of these is NOT a benefit of having a strong brand?
Other companies may try to copy your ideas
Can charge more from your product
More likely to get repeat purchases
Customers are more likely to choose you in a product trial
39
The level of output of each individual worker over a period of time
Retention
Productivity
Piece rate
Motivation
40
Which of these is an advantage of primary over secondary research?
All your competitors can see the same research
It is specific to the needs of the business
It is quicker
It is cheaper
41
A product made by many businesses, in which customers see very little difference between them.
Mid-range brand
Own brand
Generic product
Premium price brand
42
Passing down of authority for work to another worker further down the organisational heirachy
De-centralising
De-layering
De-stocking
Delegation
43
The highest amount of stock to be kept by a business.
Lead time
Maximum stock level
Buffer stock
Re-order level
44
Also known as the 4 Ps - Price, Product, Place, Promotion
Marketing mix
Market research
Market segment
Market gap
45
The time between an order being made and the products being delivered
Just-in-time
Buffer stock
Margin of safety
Lead time
46
Making a product stand out through design, features, quality, packaging or advertising.
Market segment
Product differentiation
Product portfolio
Marketing mix
47
Achieving a minimum standard for a product or service which meets customer expectations
Promotion
Premium
Quality
Product
48
Setting an initial low price to make a new product attractive to potential buyers.
Discount
Penetration pricing
Premium price
Multi-buy offer
49
Structure of different levels of authority within an organisation, one on top of the other
Hierarchy
De-layering
Span of control
De-centralisation
50
Money raised by offering investors 'shares' in the company's ownership in return for cash
Trade credit
Bank loan
Share capital
Grant
51
Which if these is not a category of product in the Boston Matrix
Problem child
Dead Duck
Dog
Cash cow
52
Give more responsibility to workers further down the chain of command
Chain of command
Delegation
Span of control
Empowerment
53
Which of these is NOT an extension strategy?
De-stocking
Offering the product in new pack sizes
Offering the product in new flavours/varieties
Offering a discount
54
The amount of stock held by a business when an order for a new stock is placed with suppliers
Buffer stock
Maximum stock level
Re-order level
Minimum stock level
55
The process of reducing stock levels within a business often in order to improve cash flow
De-stocking
De-layering
Delegation
De-centralising
56
When a business seeks to employ fewer workers to produce the same amount (more productivity)
De-stocking
De-centralising
Downsizing
De-layering
57
When consumers buy the product for the first time and assess if they want to buy it again
Penetration pricing
Product lifecycle
Discount
Product trial
58
Businesses which sell goods in small quantities to an end consumer
Wholesalers
Shareholders
Suppliers
Retailers
59
'Stock' does NOT include...
Finished products
Raw materials
Returned damaged products
Unfinished products
60
Materials that a business holds including raw materials, works in progress and finished goods
Product portfolio
Stock
Assets
Products
61
The level by which output can fall before a business faces a loss as it cannot cover its costs
Break-even point
Zone of loss
Margin of safety
Buffer stock level
62
Which of these is NOT a part of the Design Mix?
Function
Economic manufacture
Aesthetics
Selling price
63
The level of output needed in order for total revenues and total costs to be equal
Total costs
Break-even point
Total revenue
Margin of safety
64
Which of these is NOT an external source of finance?
Trade credit
Retained profit
Bank loan
Overdraft
65
A small group from total population selected to take a survey
Suppliers
Market segment
Customers
Sample
66
The process responsible for anticipating, identifying and satisfying customer needs profitably.
Marketing
Market research
Market segment
Market gap
67
A management system where stock is only delivered when needed by the production system
De-stocking
Just-in-time (JIT)
Lead time
Buffer stock
68
Ensuring that a product meets minimum standards through testing sample products once finished
Quality control
Repeat purchase
Quality assurance
Buffer stock
69
Which of these is a disadvantage of Just-in-time stock control?
Less security costs
Less heating/lighting costs
Not able to access bulk discounts
Less rent costs
70
Workers in the heirachy under the control of a more senior employee
Subordinate
Line manager
Shareholder
Owner
71
Businesses which buy goods in bulk and then sell the goods in smaller quantities to retailers
Wholesalers
Retailers
Suppliers
Shareholders
72
The range of variables that contribute to the successful design of a product.
Marketing mix
Product life cycle
Design mix
Business cycle
