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Marketing & Enterprise concepts R064 (LO1&2) Flashcards | StudBud
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Marketing & Enterprise concepts R064 (LO1&2)
Market research is
What is a variable cost
Marketing & Enterprise concepts R064 (LO1&2)
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#Enterprise and Marketing#R064#Outcomes 1 and 2
Flashcards
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Answers
1
What is a variable cost
The money a business spends
A cost that varies with output
A cost that doesn't vary with output
A cost tat moves
2
Market research is
Finding out what customers want
All of the above
Finding out about the market
Finding out what the competition is doing
3
What is secondary research
Research that you do second
Research you do yourself
Research that already exists
Research that only one person does
4
Which of the following is a variable cost?
Rent
Salaries
Advertising
Raw Materials
5
Why is market research important to a business?
Gives them something to do
Aids decision making
To go in the business plan
Lets them meet people
6
What is primary research?
Research you undertake yourself
Research you do first
Research only one person does
Research that already exists
7
How do you calculate TC?
TC = FC + VC
TC = FC - VC
TC = VC - FC
TC = FC/VC
8
At what point does breakeven happen
TR < TC
TR = TC
TR - TC
TR > TC
9
Segmentation ensures customers needs can be better matched.
False
True
10
What is profit?
The money a business spends
The money a business borrows
The money a business has left after bills
The money a business receives
11
Market Segmentation is...
Splitting the business into different departments.
The different businesses in a market
The different pieces of an orange
Splitting the market into similar groups
12
Which of the following is a type of secondary research
Competitors data
Consumer trials
questionnaire
Focus Group
13
How do you calculate revenue?
TR = FC + Price
TR = Price X Quantity
TR - Price - TC
TR = Price - FC
14
What is breakeven?
When a business makes a profit
When neither a profit or loss is made
When a business makes a loss
When a business pays its bills
15
Which of the following is NOT a way to segment the market
Name
Gender
Age
Location
16
What is a fixed cost?
A cost that stays where it is
A cost which varies with the amount produced.
Money spent by the business
A cost which doesn't vary with the amount produced.
17
Which of the following is a method of primary research?
Questionnaires
Sales Report
Internet
Government publications
18
Which of the following is a fixed cost?
Raw Materials
Rent
wage
packaging
19
How can businesses get feedback from their customers?
They don't need feedback
From other businesses
From a friend or family member
Surveys
20
What is revenue?
The money generated from sales
The money a business starts with.
Money borrowed by a business
The money spent by a business
21
How do you calculate breakeven?
FC/Contribution
TR - TC
Contribution/FC
TR - Selling Price
