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RO64 Enterprise and Marketing Concepts LO3 Revision Quiz Flashcards | StudBud
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RO64 Enterprise and Marketing Concepts LO3 Revision Quiz
RO64 Enterprise and Marketing Concepts LO3 Revision Quiz
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Questions
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Answers
1
Which of the following best describes a boom period in the business cycle?
Customers have very little money to spend
Businesses suffer from a decrease in sales
Customers have more money to spend
Customer spending is at its highest
2
Which of the following is a disadvantage of exploring new markets?
May need new staff to possess new skills i.e. different language
Packaging design can be expensive
Re-launching an existing product can be costly
An increase in price may lose customers
3
Aesthetics means what people's opinion of the product is
True
False
4
Which of the following is not a stage in the product lifecycle?
Introduction
Exit
Decline
Growth
5
What is meant by economic manufacture
How cost effective a product or service is
How good the product is for the overall economy of a country
6
What is meant by the term copyright?
Provides legal ownership to original pieces of creative work
Provides legal ownership over certain products
Provides legal ownership of a new invention
Provides legal ownership of certain customers
7
"Customers are now familiar with the product and sales are increasing." Which stage of the product lifecycle is this?
Introduction
Decline
Growth
Maturity
8
Which of the following is not an example of an extension strategy?
Launch a brand new product
Launch the product in a new market
Reduce the price of the existing product
Launch a new advertising campaign
9
What is meant by product differentiation?
Making the product stand out from competition selling similar products
Selling a range of different products
Selling lots of the same product
Providing your products at a range of different prices
10
Which of the following is not an example of a technological development
A recession
4K ready TVs
Mobile phones and tablets
The use of the internet
11
Which of the following is not a method of product differentiation?
Improved offering
Monitoring what competitors sell
Establishing a strong brand image
Having a clear USP
12
Which of the following is an advantage to a business having a clear unique selling point?
The business name is enough to sell its goods or services
The product will stand out from its rivals so can increase its customers
It can be realtive easy and cheap to implement
Increasing selling price increases revenue
13
At which stage of the product lifecycle can you use an extenstion strategy?
Introduction
Decline
Maturity
Development
14
"I love the smell of Gregg's baked goods." In a design mix, this is an example of;
Market research
Aesthetics
Economic manufacture
Function
15
Which of the following is an advantage of launching a new advertising campaign?
An alternative is availiable once the eixsting market declines
An effective way of attracting new customers and retaining existing ones
Improved packaging may be precieved as improved quality
By adding value, customers can be charged more for the product
16
What does USP stand for?
Understanding selling points
Utilising selling proposition
Unique sequential point
Unique selling point
17
What is a product?
A result gained from experiencing something
The result of one or more multiplications
Any item or service you sell to serve a customer's need or want
The location where a business' employees work
18
Which of the following is not an element within the design mix?
Purpose
Economic manufacture
Aesthetics
Function
19
What is meant function?
What a product does and how it is used by customers
The market research a business conducts
How a Wproduct looks and feels
How financially viable a product or service is
20
Which of the following is not a stage within the business cycle
Slump
Growth
Boom
Bust
