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