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Cambridge Nationals Enterprise and Marketing Flashcards | StudBud
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Cambridge Nationals Enterprise and Marketing
Cambridge Nationals Enterprise and Marketing
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Recap and revise #cambridgenationalsenterpriseandmarketing
Flashcards
36 cards
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Questions
36
Answers
1
What is price skimming?
Setting prices to make them feel lower, e.g. 99p
Setting the starting price low
Setting your price high then lowering as competitors launch
Setting your price in relation to others prices
2
Which of these is not a benefit of market segmentation?
Helps your business retain customers
Tells you where your customers live
Allows you to match your customer needs
Helps to gain market share
3
Which of these is a feature of the HR function?
Legal Policies
Stock Control
Marketing
Finance
4
How do you calculate total costs?
Variable costs / Fixed costs
Fixed + Variable costs
Variable x Fixed costs
Fixed - Variable costs
5
What is the definition of fixed costs?
Costs that do not cary
Costs that do not change
Costs that do not change with outcome
Costs that vary with outcome
6
How can customer service attract and retain customers?
Product knowledge makes customers feel confident buying
Providing no after sales services makes prices cheaper
Staring at customers makes them spend more money
Being rude helps customers feel valued
7
What is this cycle called? Growth, Peak, Recession, Depression, Recovery.
Economic Cycle
Recession Cycle
Trading Cycle
Business Cycle
8
How can loyalty cards help sales?
Businesses know detail about how customers are shopping
They may require storage of personal information
Customers come back for more
They can be expensive to maintain
9
Which of these is a feature of the Marketing function?
Health and Safety
Understanding the placement of products
Legal Policies
Finance
10
What is the purpose of a business plan?
People like them
Makes goals clear and sets out your plans
Helps you to get finance
Gets everything written down
11
What is a Private Limited Company?
A company that is legally separate from the individual
A type of business ownership where you are self employed
A type of business where you share responsibility
12
What is the formula for calculating Total Revenue?
Sales / Quantity sold
Sales x Quantity sold
Sales - Quantity sold
Sales + Quantity sold
13
Which of these types of financing does not require paperwork?
Bank Loan
Family Loan
Business Grant
Business Angel
14
Which of these does not describe break even?
The point at which sales are covering all costs
The point at which costs and income are equal
The point at which no money is being made or lost
The point at which the business is making money
15
What is price penetration?
Setting your price high then lowering as competitors launch
Setting your price in relation to others prices
Setting prices to make them feel lower, e.g. 99p
Setting the starting price low
16
What is the purpose of a SWOT analysis?
Gives other people an understanding of the business
Analyses your business plan
Plans strengths, weaknesses, opportunities and threats
17
What is shown on the x axis of this chart?
Quantity sold
Money
Number of Units
Income from sales
18
Which of these is not a factor to consider when pricing a product?
Knowing your customers
Competitors
The colour
Profit margin
19
How do you calculate profit level?
Cost price + Selling price
Cost price x selling price
Cost price / Selling price
Cost price - Selling price
20
Which of these is not a recognised market segment?
Flavour
Income
Occupation
Gender
21
What is an advantage of secondary market research?
It is cheap
It is focused on your own needs
The whole market has access to the same data
Your competitors don't have the same data
22
Which of these is a quick form of gaining funding?
Crowdfunding
Business Angel
Business Grant
Family loan
23
Which of these is not a type of primary market research?
Questionnaires
Consumer Trials
Government publications
Surveys
24
Which of these is a feature of the Operations function?
Finance
Marketing
Recruitment
Legal Policies
25
What is an advantage of primary market research?
It is cheap
Your competitors don't have the same data
It can be accessed on the internet
It is desk based
26
What is a partnership?
A type of business where you share responsibility
A company that is legally separate from the individual
A type of business ownership where you are self employed
27
Which of these is not a method for creating product differentiation?
Offer something better than rivals
Product function
Product features
Offer the same thing as your rivals
28
What is a sole trader?
A type of business where you share responsibility
A company that is legally separate from the individual
A type of business ownership where you are self employed
29
Which of these is not a feature of the Operations function?
Profit and Loss Accounting
Staff Development
Balance Sheets
Production Planning
30
Which of these are not extension strategies?
Exploring New Markets
Creating a new product
Adding Value
Price Reduction
31
What is competitive pricing?
Setting prices to make them feel lower, e.g. 99p
Setting your price high then lowering as competitors launch
Setting your price in relation to others prices
Setting the starting price low
32
What does USP stand for?
Unique Selling Point
Unique Solo Project
Universal Sold Paper
Unit Sales Position
33
What was the sales promotion technique BOGOF stand for?
But One Gets One Forever
Buy One Get One Free
Buy Oranges Growing One Farm
But Only Girls Own Faxes
34
What is psychological pricing?
Setting prices to make them feel lower, e.g. 99p
Setting the starting price low
Setting your price high then lowering as competitors launch
Setting your price in relation to others prices
35
Which of these is not included in a business plan?
Marketing Strategy
Competitor Analysis
Shoe size
Market Research
36
Which of these is not a type of secondary market research?
Books
Competitors data
Industry publications
Consumer Trials
