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RO64 Enterprise and Marketing Concepts LO4 Revision Quiz Flashcards | StudBud
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RO64 Enterprise and Marketing Concepts LO4 Revision Quiz
RO64 Enterprise and Marketing Concepts LO4 Revision Quiz
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Answers
1
A price is the cost a business charges to customers for a product or service
True
False
2
What is meant by cost of production?
How much a business pays to market their products
How much a business pays to make their products
How much a business pays to display their products
How much a business pays to advertise their products
3
How can a business keep its cost of production low?
Find cheaper forms of distribution
Find cheaper forms of advertising
Find cheaper staff
Find cheaper raw materials
4
Which of the following is a disadvantage of offering discounts to customers?
Customers may not be interested and not apply
The business can be seen as cheap and this damages their reputation
People may have already purchased what they planned to
The business loses revenue on each unit sold
5
Which of the following is not a sales promotion technique?
Point of sale
Competitions
Discounts
Television advertising
6
Which of the following is not a factor to consider when pricing a product?
Income levels of target customers
Cost of salaries and wages
Cost of production
Price of competitor products
7
Emailing a customer with additional product information is an example of a post sale service?
False
True
8
Which of the following is not a pricing strategy?
Competitive pricing
Price penetration
Price skimming
Profit pricing
9
What is meant by the term post sales service?
How a business looks after its customer before the purchase has been made
How a business looks after its customers once a purchase has been made
How business looks after its customer whilst the purchase is being made
10
Which of the following characteristics does an employee not need to conduct good customer service?
A good understanding of local area
Good listening skills
Patience to understand customer needs
Good product knowledge
11
"Setting a price that appears attractive to a customer i.e £9.99." Which pricing strategy is this?
Price penetration
Psychological pricing
Price skimming
Competitive pricing
12
"When a business introduces product at a lower price then increases over time." Which pricing strategy is this?
Competitive pricing
Price penetration
Price skimming
Psychological pricing
13
Which of the following is not an advertising method?
Social media
Word of mouth
Leaflets
Newspapers
14
Which of the following is a disadvantage of psychological pricing?
Some customers will be lost due to the high price
Profit margins are likely to be low
Customers are beocming increasingly aware of this tactic
While setting the product at a lower price, revenue is lost
15
Which of the following is not a disadvantage of radio advertising?
They increase the risk of negative reviews
Often used as background noise, so they advertisement may be missed
Prime time slots when people are mainly driving are very expensive
The listener needs to take all the information in at once
16
What is the difference between a customer and a consumer
There is no difference
A customer uses the product, a consumer buys the product
A customer buys the product, a consumer sells the product
A customer buys the product, a consumer uses the product
17
What is a customer?
A person who sells a product or service
A person who recruits employees for a business
A person who buys a product or service
A person who puts a product or service to market
18
Point of sale promotions can be found outside a shop where the product is sold
False
True
19
Which of the following is an advantage of advertising in newspapers
The speech and music can attract attention
Can be used to update customers on current offers
Cost of advertising in free and local versions are very low
Less effective when targeting younger people
20
Which of the following is an advantage of price skimming?
Attracts customers as the product is percieved as a good deal
Businesses will make higher profits whilst the price is high
Attracts customers as the price is same as other retailers
Attracts customers to a product whilst the price is low
