What is a mass market?

Very large market, products with mass appeal are targeted.

What is internal recruitment?

Recruiting someone from within the business

What is a niche market?

A smaller market, usually within a large market or industry

the amount of product that suppliers make available

What is Quantitative research?

the collection of data that can be quantified

What is discretionary expenditure?

non-essential spending or spending that is not automatic

An intermediary that brings together sellers and buyers

Removing layers of management from the org hierarchy

What is a market map?

Diagram showing two characteristics of a brand and rivals.

Study of how people interact with their environment

People wanting to buy and can afford to buy products

What is a flexible workforce?

A workforce that can respond in quantity and type to changes

What is breaking bulk?

Dividing a large quantity of goods received from a supplier

What is the term for the price where supply and demand are equal?

Equilibrium Price, Market Clearing Price

What is a consumer durable?

Goods that can be used repeatedly over a period of time

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A-level Edexcel Business Theme 1

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Theme 1 Alevel Business

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Questions 30

Answers

1
If Cadbury makes a chocolate bar £1.99, which pricing strategy are they using?
Cost plus pricing
Psychological pricing
Physiological pricing
Skimming
2
What is a mass market?
Very large market, products with mass appeal are targeted.
A smaller market usually within a large market or industry
Chesterfield Market
The proportion of total sales in a particular market
3
The extra features that may be offered by a business when selling a product.
Features
Unique selling point
Added value
Market positioning
4
What is Income elasticity of demand shortened?
YED
IED
ID
IE
5
What are goods that are purchased together because they are consumed together?
Similar products
Normal Goods
Inferior goods
Complementary goods
6
If the price of toothpaste goes up by 60%, but demand only decreases by 1%, is it...
Price elastic
Unitary demand
PED
Price inelastic
7
Which of the following are in the design mix?
Aesthetics
Materials used
Price
Cost
8
What is internal recruitment?
Recruiting someone the manager knows
Promoting someone who is already doing the job
Recruiting someone from outside the business
Recruiting someone from within the business
9
What is a niche market?
A small market
A not very big business
large market in which products with mass appeal are targeted
A smaller market, usually within a large market or industry
10
What is supply?
the amount of product that suppliers make available
a line on a graph that shows how much of a good sells
Customers wanting to buy products
a grant given to producers, usually to encourage production
11
What is Quantitative research?
the collection of data that can be quantified
where a number of customers are invited to a discussion
a part of a whole market
the collection of data about attitudes and beliefs
12
Boston matrix: a product with a high market share, but likely to have weak growth is called?
Question Mark
Dog
Cash Cow
Star
13
What is discretionary expenditure?
When people use gift cards or vouchers
The same as disposable income
When people spend in private
non-essential spending or spending that is not automatic
14
What are goods for which demand will fall if income rises or rise if income falls?
Inferior goods
Normal Goods
Superior goods
Completmentary goods
15
What is an agent?
007
Person who increases the number of people going into a shop.
An intermediary that brings together sellers and buyers
A middle man to help with advertising
16
Which brand had to respond to a viral campaign?
Fairy
Persil
Tide
Ecover
17
What is delayering?
Decision making is pushed down the chain of command
Removing layers of management from the org hierarchy
Taking off your jumper because you're a bit warm
Authority to pass down from superior to subordinate
18
What is a market map?
Shows the product lifecycle of each product
Diagram showing cash cows, starts, question markets etc.
Diagram showing two characteristics of a brand and rivals.
Changes the view consumers have about a product by altering.
19
What is ergonomics?
Looking at the design mix of a product
Study of how people interact with their environment
How eco friendly a product is
Deciding on the colour of a product
20
Which one is not a real pricing strategy?
Skimming
Creaming
Milking
21
What is demand?
People wanting normal goods
Farmers wanting to produce
People wanting to buy and can afford to buy products
People wanting to buy products
22
What is a flexible workforce?
A workforce that do gymnastics in their spare time
A workforce that can are really motivated
A workforce that can respond in quantity and type to changes
A workforce that are good at multitasking
23
What does PED stand for?
Change in price results in a greater change in demand
Change in price results in a proportionately smaller change
Products that are Environmentally Damaging
Price Elasticity of Demand
24
What is breaking bulk?
Making smaller products
Accidentally breaking a pallet of products
Bringing together smaller suppliers to provide large orders
Dividing a large quantity of goods received from a supplier
25
What is the term for the price where supply and demand are equal?
Mid-point analysis
Equilibrium Price
Supply-Demand intersection
Market Clearing Price
26
Boston matrix: A product likely to be profitable, in a growing market
Question Marks
Stars
Problem Child
Dogs
27
Which of the following are above the line promotion examples?
Sponsorship
TV adverts
Focus groups
Product placement
28
What are goods for which demand will rise if income rises or fall if income falls?
Volatile goods
Inferior Goods
Subsitute goods
Normal Goods
29
What is a consumer durable?
An eco friendly product
Goods that can be used repeatedly over a period of time
Something made from plastic
A product that is designed to break at a particular time
30
What term could describe why there are empty shelves in a supermarket?
Excess demand
Fixed supply
Excess Supply
Equilibrium price

A-level Edexcel Business Theme 1 Flashcards | StudBud