What is a fixed cost?

A cost which doesn't vary with the amount produced.

Market Segmentation is...

Splitting the market into similar groups

What is primary research?

Research you undertake yourself

When neither a profit or loss is made

The money a business has left after bills

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Marketing & Enterprise concepts R064 (LO1&2)

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#Enterprise and Marketing#R064#Outcomes 1 and 2

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Questions 21

Answers

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

Marketing & Enterprise concepts R064 (LO1&2) Flashcards | StudBud