What are the advantages of market segmentation?

Helps business get to know customers & increase market share

What are the 3 main methods used for Primary Research?

Experiments/Observations, focus groups, surveys

What are two disadvantages of Secondary market research?

Information may be dated, unknown accuracy+reliability

What are the downsides to qualitative market research?

Very expensive, small scale, can be biased

What is the transportation process/production process?

Goods and services are made by resources

Why do entrepreneurs engage in entrepreneurial activities?

To gain freedom, provide jobs for local community and money

What is Primary market research?

It is found first hand for a specific purpose

What is the correct formula to calculate the level of added value?

sales revenue-the cost of materials-components-services

What are two disadvantages for Primary research?

May not reveal why customers behave, expensive

Legal protection for authors, composers and artists

What is qualitative market research?

Subjective factors - opinions and reasons - lots of words

What is secondary market research?

Information found by someone else - already published, Desk research

What may be pitfalls when running a franchise?

Costs higher tha expected, bad reputations, follow the rules

What are three ways you can protect a business idea?

Copyright, Patent and Trademark

What are the disadvantages of market segmentation?

Not knowing how to reach segment or recognizing changes

What are the benefits of quantitative market research?

Respondents more likely to participate, brand awareness

What 3 skills determine enterprise capability?

Innovation, Risk Taking, Creativity

What are 3 examples of Secondary market research?

Government publications, newspapers, competitor materials

What are the downsides to quantitative market research?

It only shows 'what', can lack reliability

A groups opinions/behaviour which is representative

What are the benefits of qualitative market research?

Detailed, better idea of how to appeal to customers

A business plan for a business start up is a report describing what?

The marketing strategy, operational issues & implications

How does the transportation/production process affect various inputs differently?

Land - Resources can be used up

How do you improve the efficiency of factors of production which can help add value?

Train staff, encourage entrepreneurs, risk taking

What is opportunity cost?

The next best alternative forgone

Official document - only user/producer for specified time

What are two advantages of Primary Research?

Observing customer behaviour, giving out self made resources

What are the characteristics of an entrepreneur?

Passion, Determination, Motivation to Succeed

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Business WJEC AS / A Level - Unit 1 Revision

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Questions 72

Answers

1
What are the advantages of market segmentation?
Helps get to know customers & what marketing approach 2 take
Increases market share & what marketing approach to take
Helps business get to know customers & increase market share
2
'Both the physical and mental effort involved in production' is what?
Enterprise
Land
Capital
Labour
3
What are the 3 main methods used for Primary Research?
Focus groups, government initiatives, surverys
Questionnaires, internet, government initiatives
Experiments/Observations, focus groups, surveys
Surveys, questionnaires, interview
4
The Prince's Trust (under 30's), PRIME (over 50's) and Business link (The government) are what?
Initiatives
Guidance and advice
Information and advice
Information and guidance
5
'Bringing together all factors of production to create goods and services' is what?
Labour
Enterprise
Land
Capital
6
What are two disadvantages of Secondary market research?
Unknown date, may not be suited
May be unreliable and hard to read
Information may be dated, unknown accuracy+reliability
7
How do you add value?
Modify goods / services
Modify transportation process
Calculate all costs
Multiply and divide costs
8
Percentage of proportion of the total sales in a product/service achieved by firm or product
Market Share
Market Size
Market Growth
9
What are the downsides to qualitative market research?
Very expensive, small scale, can be biased
Can be biased as too many people are selected
Hard to figure out why customers do certain things
10
What is the transportation process/production process?
Goods are produced in multiples
Goods and services are made by resources
Business's hire staff and order machines to produce goods
Business's hire staff to transport goods
11
What does the Secondary Industry consist of?
Services
Manufactured goods
Natural resources
12
What are 3 types of sampling?
Stratified, Unknown and Snowball
Snowball, Random and Word of mouth
Stratifies, Quota and Random
Word of mouth, quota and random
13
The process when new business' are formed & new products are created & brought to market is a/n
Landlord
Enterprise
Entrepreneur
Business
14
Why do entrepreneurs engage in entrepreneurial activities?
It lowers their taxes, freedom and an excuse not to work
It is fun, freedom and money
Gain money, sustain an ongoing concern and why not?
To gain freedom, provide jobs for local community and money
15
What is Primary market research?
It is found at second hand
It is found first hand for a specific purpose
It is found by someone else
It is found doing desk research
16
The owner of a business grants a licence to another person or to use their business idea is..
A franchiser
A franchisee
Franchising
A franchise
17
What is the correct formula to calculate the level of added value?
the cost of materials-components-services
sales revenue-the cost of materials-components-services
sales revenue-cost of components-services
services-components-labour
18
How are outputs classified?
Primary, Secondary, Voluntary
Primary, Secondary, Scholar
Secondary, Tertiary, Nursery
Primary, Secondary, Tertiary
19
What are two disadvantages for Primary research?
May not reveal why customers behave, expensive
It is not valid or reliable
It can be easily copied and stolen
It is expensive and unreliable
20
What is 'copyright'?
Where you are not aloud to copy ideas from local businesses
Legal protection for painters, builders and wood makers
Where you have the right to copy ideas
Legal protection for authors, composers and artists
21
What is qualitative market research?
Subjective factors - opinions and reasons - lots of words
Information on the market based on numbers
22
What is secondary market research?
Information found by someone else - already published
First hand research
Desk research
Done at home
23
What may be pitfalls when running a franchise?
Bad reputations, high costs and not enough staff
Nobody will like it, bad location, not enough staff
Costs higher tha expected, bad reputations, follow the rules
No training, no support, no control
24
It has a limited geographical area and close to where customers live, what is it?
Non-physical Market
Local Market
National Market
Physical Market
25
What are three ways you can protect a business idea?
Copyright, Patent and Trademark
Copyright, Patent, Court Case
Copyright, Trademark and Solicitor
Trademark, have your name on it, written document
26
Lack of finance, poor infrastructure, shortage of skill and 'red tape' causes what?
Improved Economy
Business Success
Business Start-Up Failure
Improved Cashflow
27
The classification of customers or potential customers into groups or subgroups is..
Markets
Market Segmentation
Marketing
Market Research
28
The volume of sales of a product is what?
Market Size
Market Growth
Market Share
29
The UK is becoming more entrepreneurial, why?
Easier
Lower job opportunities
Long-term low interest rates
Increasing taxes
30
What are the disadvantages of market segmentation?
Not recognizing changes, not knowing enough
Not knowing how to reach chosen segment, not knowing enough
Not knowing how to reach segment or recognizing changes
31
What are the benefits of quantitative market research?
Not expensive, can be easily mounted
It is easier than qualitative MR
Respondents more likely to participate, brand awareness
32
What 3 skills determine enterprise capability?
Innovation, Risk Taking, Creativity
Creativity, Mindfulness, Acceptance
Innovation, Being Nice, Brainy
Risk Taking, A can-do-attitude, Helpful
33
Individuals who have an idea that they are developing by setting up a new business is what?
A Supplier
A Franchiser
A Salesman
An Entrepreneur
34
There is an actual place where buyers and sellers meet, what is it?
National Market
Non-physical Market
Physical Market
Local Market
35
What are 3 examples of Secondary market research?
Government publications, magazines, abroad
Government publications, newspapers, competitor materials
Interviews, internet, desk
Competitor materials, interviews, internet
36
What are the downsides to quantitative market research?
It only shows 'why', lack validity
It only shows 'what', can lack reliability
It only shows 'why', lacks reliability
It only shows 'what', lacks validity
37
What is sampling?
It is sampling products
It where customers come to your business and ask or sampels
Your business gives out samples to target group
A groups opinions/behaviour which is representative
38
What are the benefits of qualitative market research?
Detailed, better idea of how to appeal to customers
Easy to round up figures
39
A business plan for a business start up is a report describing what?
Labour, sales, SMART
The marketing strategy, operational issues & implications
Operational issues, sales, labour
The marketing strategy, SMART, sales
40
How does the transportation/production process affect various inputs differently?
Capital - Cannot use it
Land - Resources can be used up
Labour and Enterprise - Staff get worn out
41
What does Tertiary Goods consist of?
Manufactured goods
Natural resources
Services
42
How do you improve the efficiency of factors of production which can help add value?
Train staff, encourage entrepreneurs, risk taking
Encourage entrepreneurs, support staff, staff meals
Train staff, staff meals, liquidity
Risk taking, increase level of investment, move staff around
43
Reducing business taxes, encouraging business s;/u in deprived areas & financial support are...
Helpful
Helpful
Government Measures
Council Measures
44
What is opportunity cost?
The next best opportunity in life
The next thing in line
The next thing you want to do
The next best alternative forgone
45
What is a 'patent'?
New products cannot be revealed
Official document - only user/producer for specified time
New products can only be sold by selection
The official document that nobody can copy a new product
46
In order to produce goods and services a business needs what?
Inputs
Staff
Outputs
Machines
47
The percentage change in sales over a period is what?
Market Size
Market Share
Market Growth
48
'All natural resources that can be used in production, i.e land, animals' is what?
Enterprise
Land
Labour
Capital
49
What are two advantages of Primary Research?
Observing customer behaviour, giving out self made resources
Observes customer behavior, gives you a purpose
Helps statistics, quantitative
Valid and Reliable
50
What are the two main types of research methods?
Tertiary and Scholar
Primary and Secondary
Primary and Tertiary
Secondary and Tertiary
51
What are the characteristics of an entrepreneur?
Passion, Determination, Motivation to Succeed
Innovation, Creativity and Helpful
To Spot the Gap in the Market, Helpful, Determination
Funny, Kind, Helpful
52
What are two advantages of Secondary market research?
It is easier to present, cheaper
It will be easier to understand, cheaper
It is not expensive, already done for you
Cheaper than any source, it can be sent across easier
53
An accurate and realistic plan can identify the business's weakness' & possible threats ...
So it is good
..
As well as strengths and opportunities
As well as what happens after
54
The amount of a product or service that consumers are willing to buy at any given price is what
Demand
Taste and Preferences
Income and Wealth
Marketing
55
Many industrial & primary products are sold on a national scale - available for non/physical ?
National Markets
Physical Markets
Non-physical Markets
Local Markets
56
"It is the systematic and objective collection, analysis and evaluation of information" is what
The definition of data collectivism
The definition of collecting information
The definition of marketing
The definition of market research
57
What is quantitative market research?
Subjective factors - opinions and reasons - lots of words
Information on the market based on numbers
58
What are 3 sources of business ideas?
Scientific approach, walking outside, lying on your bed
Going to school, looking online, gap in market
spotting trends on tv, questionnaires, observing
Spotting trends, copying ideas from abroad, gap in market
59
"The process of anticipating and satisfying customers' wants - delights organisation too.
The definition of marketing
The definition of asking customers what they want
The definition of a market
The definition of market research
60
What is a market?
A place where you buy goods
The amount of a product or service that consumers will buy
A place where you sell goods
A place where buyers and sellers interact
61
Telephone sales & internet are now often used to bring buyers and sellers together, what is it
National Markets
Physical Markets
Non-physical Markets
Local Markets
62
What are the factors of production?
CELL - Call, Engines, Late, Landlord
CELL - Capital, Enterprise, Land, Labour
CELL - Capital, Entrepreneurs, Labour, Liquidity
CELL - Carbon, Enterprise, Land, Labour
63
What are 4 market segments?
Age, Gender, Social Class, Geographic
Well-being, Lifestyle, Gender, Age
Usage, Seasonal, Price, Well-being
Age, Gender, Geographic, Price
64
What does the Primary Industry consist of?
Manufactured Goods
Services
Natural Resources
65
How do you calculate market share?
previous market share ÷ market size x 100
sales of 1 product ÷ total sales in the market x 100
66
Name 4 contents of a business plan.
Staff, materials, costs, meals
Production and marketing plan, SWOT analysis, inputs
SMART targets, marketing and production plan, SWOT analysis
SWOT analysis, sales, price, meals
67
A benefit of a business plan is what?
It is just a document
It allows owners to see what is wrong in the business
It enables owners to know what needs to be done - objectives
If something goes wrong you can seek help
68
'Goods are produced in order to make other goods/services' is what?
Land
Capital
Enterprise
Labour
69
What are benefits of operating as a franchise?
Least risk for business s/u, established brand name, support
Low costs, easy, don't have to think for yourself
Training, less cost, easy
To have more money, to be a manager, easy
70
Which 4 factors influence demand?
Demographic Factors, Gender, Age, Income
Price, Income, Tastes and Fashion, Seasonal Factors
Social Class, Lifestyle, Usage, Price
Price, Income, Size, Place
71
How can markets be classified?
Online, in town, at home, in the city
Retail, Builders, Electronic, Government
Internet, Corner shop, Grocery shop, supermarket
Local markets, National markets, non/physical markets
72
What is a 'trademark'?
Logo, Colour, Name, Music, for a bran
Name, Location, Colours, Music, Sign for a brand
Colours, Name, Words, Signature, Staff for a brand
Sign, Logo, Symbol, Words, Sounds, Music for a brand

Business WJEC AS / A Level - Unit 1 Revision Flashcards | StudBud