What is the correct definition for consumer goods?

They are items bought in shops or online by customers.

What are some of the environmental factors?

Laws on pollution, 'green' issues, weather, climate change, sustainability.

The stages of the product life cycle are...

Introduction, Growth, Maturity & Decline.

How does marketing help businesses?

Increases market share, brand recognition, customer loyalty, boost sales...

What are some of the economic issues?

Unemployment, tax increases, interest rates, inflation rates.

What are some of the technological issues?

Level of innovation, cybersecurity, internet availability/speed.

What is penetration pricing?

Asking a low price at the launch of the product to interest people.

What is a market-orientated business?

Businesses identify the needs of the customer and then make the product.

What is competitive pricing?

Using a similar price to competitors.

What is the correct meaning for Market Share?

It's the % of the toal sales of a product accounted for by one company.

What are some of the social issues?

Changing lifestyles, attitudes and spending habits, decreasing birth rate.

Asking a high price at the launch of a new product.

What is price taking?

Using exactly the same price as competitors.

What are the disadvantages of maintaining a broad portfolio?

Costs money, space need for storage, some products may not be profitable.

What are the benefits of maintaining a broad portfolio?

Reduces risk, increases revenue, all products have the same USP.

What is the correct definition for capital goods?

They are machines and tools used by industry during production.

What are some of the legal factors?

Employment laws, discrimination laws, consumer safety, health & safety

What is a product-orientated business?

These businesses focus on their areas of expertise to produce new items.

What factors affect a businesses location?

transport, communications, access to suppliers, competitors & customers.

What are some of the political issues?

tax, brexit, government policy, trade policies.

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Exam Prep for Unit 9

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Questions 36

Answers

1
What is the correct definition for consumer goods?
It is concerned with products and services.
They are machines and tools used by industry during production.
They are items bought in shops or online by customers.
They are goods that are consumed by the consumer.
2
Benchmarking means checking how the business is performing and comparing with other businesses.
False
True
3
What are some of the environmental factors?
Changing lifestyles, attitudes and spending habits, decreasing birth rate.
Level of innovation, cybersecurity, internet availability/speed.
tax, brexit, government policy, trade policies.
Laws on pollution, 'green' issues, weather, climate change, sustainability.
4
The stages of the product life cycle are...
Growth, Innovation, Maturity and Decline.
Introduction, Growth, Maturity & Decline.
Innovation, Maturity, Growth and Decline.
Interest, Market, Profit and Decline.
5
Promotional channels include: personal selling, emarketing, direct marketing, advertising and public relations.
True
False
6
How does marketing help businesses?
Allows stakeholders to buy shares in the market.
Involves understanding customers needs and wants.
Increases market share, brand recognition, customer loyalty, boost sales...
Helps customers calculate how much they need to spend for the month.
7
What are some of the economic issues?
tax, brexit, government policy, trade policies.
lifestyle attitudes, spending habits, decreasing birth rate.
employment laws, discrimination laws, health and safety.
Unemployment, tax increases, interest rates, inflation rates.
8
Ebusiness means the business buys/sells goods over the internet.
False
True
9
The 4P's stand for: Product, Price, Place & Promotion.
True
False
10
Situational analysis is also known as PESTLE and SWOT analysis.
False
True
11
What are some of the technological issues?
employment laws, discrimination laws, health and safety.
Level of innovation, cybersecurity, internet availability/speed.
tax, brexit, government policy, trade policies.
Changing lifestyles, attitudes and spending habits, decreasing birth rate.
12
Above the line promotions are paid-for promotions such as TV, radio, cinema and etc.
False
True
13
What is penetration pricing?
Asking a high price for a luxury product.
Using a similar price to competitors.
Asking a low price at the launch of the product to interest people.
Asking a high price at the launch of a new product.
14
What is a market-orientated business?
They produce the same product.
Businesses identify the needs of the customer and then make the product.
Businesses focus on their areas of expertise to produce new items.
These type of businesses focus on making money.
15
Demand normally increases when prices fall. It decreases when prices rise.
False
True
16
Primary data is data that already exists and is also known as desk research.
False
True
17
A distribution channel is the method used to get the product from consumer to the producer.
False
True
18
Secondary data is data that is original, sources include: interviews, questionnaires, analysing sales records, etc.
False
True
19
What is competitive pricing?
Using exactly the same price as competitors.
Asking a low price at the launch of the product to interest people.
Using a similar price to competitors.
Asking a high price at the launch of the product.
20
Ecommerce means that many of the business' operations are linked by technology.
True
False
21
What is the correct meaning for Market Share?
It's the % of the toal sales of a product accounted for by one company.
It is the profit they lose.
It's the % of businesses they own.
It is shares in the market owned by a business.
22
What are some of the social issues?
employment laws, discrimination laws, health and safety.
Unemployment, tax increases, interest rates, inflation rates.
Changing lifestyles, attitudes and spending habits, decreasing birth rate.
tax, brexit, government policy, trade policies.
23
What is Skimming?
Asking a high price at the launch of a new product.
Asking a high price for a luxury product.
Asking a low price at the launch of the product to interest people.
Using a similar price to competitors.
24
Qualitative data are data representing information and concepts that are not represented by numbers.
True
False
25
What is price taking?
Using exactly the same price as competitors.
Asking a high price at the launch of the product.
Asking a low price at the launch of the product to interest people.
Using a similar price to competitors.
26
What are the disadvantages of maintaining a broad portfolio?
Lots of profit can be made, shares are increased, stock is exchanged.
Increases risk, reduces revenue, products are profitable.
Reduces risk, increases revenue, all products have the same USP.
Costs money, space need for storage, some products may not be profitable.
27
Guerrilla advertising - These are unconventional tactics used to promote a brand/idea such as graffiti.
False
True
28
What are the benefits of maintaining a broad portfolio?
Reduces risk, increases revenue, all products have the same USP.
Increases risk, reduces revenue, products are profitable.
Lots of profit can be made, shares are increased, stock is exchanged.
Able to withdraw products that can be sold at cheaper prices.
29
What is the correct definition for capital goods?
They are items bought in shops or online by customers.
It is a small market that aims to meet specific user needs.
They are machines and tools used by industry during production.
It is the largest market possible of a product.
30
Below the line includes all other types of promotion such as sales promotions, email newsletters and personal selling.
True
False
31
What are some of the legal factors?
Employment laws, discrimination laws, consumer safety, health & safety
Level of innovation, cybersecurity, internet availability/speed.
tax, brexit, government policy, trade policies.
Changing lifestyles, attitudes and spending habits, decreasing birth rate.
32
Viral Marketing - spreading information for free on platforms such as Instagram and Facebook.
True
False
33
What is a product-orientated business?
These businesses focus on their areas of expertise to produce new items.
Businesses that focus on pricing strategies.
A business that focuses on identifying the needs of their consumers.
A business that uses different business models.
34
Quantitative data are data represented numerically, including anything that can be counted, measured, etc.
True
False
35
What factors affect a businesses location?
transport, communications, access to suppliers, competitors & customers.
price of product, costs of travel, costs of production.
indirect and direct distribution channel.
percentage of market share, advertising, location.
36
What are some of the political issues?
inflation rate, economic growth, unemployment, tax increases.
lifestyle attitudes, spending habits, decreasing birth rate.
tax, brexit, government policy, trade policies.
employment laws, discrimination laws, health and safety.

Exam Prep for Unit 9 Flashcards | StudBud