What are some of the environmental factors?

Laws on pollution, 'green' issues, weather, climate change, sustainability.

What are some of the political issues?

tax, brexit, government policy, trade policies.

Asking a high price at the launch of a new product.

What is competitive pricing?

Using a similar price to competitors.

What are some of the technological issues?

Level of innovation, cybersecurity, internet availability/speed.

What is penetration pricing?

Asking a low price at the launch of the product to interest people.

What are some of the social issues?

Changing lifestyles, attitudes and spending habits, decreasing birth rate.

What is price taking?

Using exactly the same price as competitors.

What are the disadvantages of maintaining a broad portfolio?

Costs money, space need for storage, some products may not be profitable.

What are some of the legal factors?

Employment laws, discrimination laws, consumer safety, health & safety

How does marketing help businesses?

Increases market share, brand recognition, customer loyalty, boost sales...

What factors affect a businesses location?

transport, communications, access to suppliers, competitors & customers.

What is a market-orientated business?

Businesses identify the needs of the customer and then make the product.

What are the benefits of maintaining a broad portfolio?

Reduces risk, increases revenue, all products have the same USP.

What is the correct meaning for Market Share?

It's the % of the toal sales of a product accounted for by one company.

The stages of the product life cycle are...

Introduction, Growth, Maturity & Decline.

What is the correct definition for capital goods?

They are machines and tools used by industry during production.

What is a product-orientated business?

These businesses focus on their areas of expertise to produce new items.

What is the correct definition for consumer goods?

They are items bought in shops or online by customers.

What are some of the economic issues?

Unemployment, tax increases, interest rates, inflation rates.

studbud

Exam Prep for Unit 9

36 termsStudBud Administration14 plays

Imported from external platform

Flashcards36 cardsFPractice quizPHost liveL

Questions 36

Answers

1
Guerrilla advertising - These are unconventional tactics used to promote a brand/idea such as graffiti.
False
True
2
Promotional channels include: personal selling, emarketing, direct marketing, advertising and public relations.
True
False
3
Ebusiness means the business buys/sells goods over the internet.
True
False
4
What are some of the environmental factors?
tax, brexit, government policy, trade policies.
Level of innovation, cybersecurity, internet availability/speed.
Laws on pollution, 'green' issues, weather, climate change, sustainability.
Changing lifestyles, attitudes and spending habits, decreasing birth rate.
5
What are some of the political issues?
inflation rate, economic growth, unemployment, tax increases.
employment laws, discrimination laws, health and safety.
lifestyle attitudes, spending habits, decreasing birth rate.
tax, brexit, government policy, trade policies.
6
What is Skimming?
Asking a high price for a luxury product.
Asking a high price at the launch of a new product.
Asking a low price at the launch of the product to interest people.
Using a similar price to competitors.
7
What is competitive pricing?
Asking a low price at the launch of the product to interest people.
Using a similar price to competitors.
Using exactly the same price as competitors.
Asking a high price at the launch of the product.
8
What are some of the technological issues?
Level of innovation, cybersecurity, internet availability/speed.
Changing lifestyles, attitudes and spending habits, decreasing birth rate.
tax, brexit, government policy, trade policies.
employment laws, discrimination laws, health and safety.
9
What is penetration pricing?
Asking a low price at the launch of the product to interest people.
Asking a high price at the launch of a new product.
Using a similar price to competitors.
Asking a high price for a luxury product.
10
Demand normally increases when prices fall. It decreases when prices rise.
True
False
11
What are some of the social issues?
Unemployment, tax increases, interest rates, inflation rates.
Changing lifestyles, attitudes and spending habits, decreasing birth rate.
tax, brexit, government policy, trade policies.
employment laws, discrimination laws, health and safety.
12
Above the line promotions are paid-for promotions such as TV, radio, cinema and etc.
False
True
13
Ecommerce means that many of the business' operations are linked by technology.
True
False
14
What is price taking?
Asking a high price at the launch of the product.
Using exactly the same price as competitors.
Using a similar price to competitors.
Asking a low price at the launch of the product to interest people.
15
What are the disadvantages of maintaining a broad portfolio?
Costs money, space need for storage, some products may not be profitable.
Increases risk, reduces revenue, products are profitable.
Reduces risk, increases revenue, all products have the same USP.
Lots of profit can be made, shares are increased, stock is exchanged.
16
What are some of the legal factors?
Changing lifestyles, attitudes and spending habits, decreasing birth rate.
Employment laws, discrimination laws, consumer safety, health & safety
Level of innovation, cybersecurity, internet availability/speed.
tax, brexit, government policy, trade policies.
17
Benchmarking means checking how the business is performing and comparing with other businesses.
False
True
18
Secondary data is data that is original, sources include: interviews, questionnaires, analysing sales records, etc.
True
False
19
How does marketing help businesses?
Allows stakeholders to buy shares in the market.
Helps customers calculate how much they need to spend for the month.
Involves understanding customers needs and wants.
Increases market share, brand recognition, customer loyalty, boost sales...
20
Situational analysis is also known as PESTLE and SWOT analysis.
False
True
21
Viral Marketing - spreading information for free on platforms such as Instagram and Facebook.
True
False
22
What factors affect a businesses location?
transport, communications, access to suppliers, competitors & customers.
percentage of market share, advertising, location.
indirect and direct distribution channel.
price of product, costs of travel, costs of production.
23
What is a market-orientated business?
Businesses identify the needs of the customer and then make the product.
They produce the same product.
These type of businesses focus on making money.
Businesses focus on their areas of expertise to produce new items.
24
What are the benefits of maintaining a broad portfolio?
Lots of profit can be made, shares are increased, stock is exchanged.
Able to withdraw products that can be sold at cheaper prices.
Increases risk, reduces revenue, products are profitable.
Reduces risk, increases revenue, all products have the same USP.
25
What is the correct meaning for Market Share?
It is the profit they lose.
It's the % of businesses they own.
It's the % of the toal sales of a product accounted for by one company.
It is shares in the market owned by a business.
26
The 4P's stand for: Product, Price, Place & Promotion.
True
False
27
Primary data is data that already exists and is also known as desk research.
False
True
28
Quantitative data are data represented numerically, including anything that can be counted, measured, etc.
True
False
29
The stages of the product life cycle are...
Innovation, Maturity, Growth and Decline.
Interest, Market, Profit and Decline.
Introduction, Growth, Maturity & Decline.
Growth, Innovation, Maturity and Decline.
30
Below the line includes all other types of promotion such as sales promotions, email newsletters and personal selling.
True
False
31
What is the correct definition for capital goods?
They are items bought in shops or online by customers.
It is the largest market possible of a product.
They are machines and tools used by industry during production.
It is a small market that aims to meet specific user needs.
32
A distribution channel is the method used to get the product from consumer to the producer.
True
False
33
What is a product-orientated business?
These businesses focus on their areas of expertise to produce new items.
Businesses that focus on pricing strategies.
A business that uses different business models.
A business that focuses on identifying the needs of their consumers.
34
What is the correct definition for consumer goods?
They are goods that are consumed by the consumer.
They are machines and tools used by industry during production.
They are items bought in shops or online by customers.
It is concerned with products and services.
35
What are some of the economic issues?
lifestyle attitudes, spending habits, decreasing birth rate.
Unemployment, tax increases, interest rates, inflation rates.
tax, brexit, government policy, trade policies.
employment laws, discrimination laws, health and safety.
36
Qualitative data are data representing information and concepts that are not represented by numbers.
True
False

Exam Prep for Unit 9 Flashcards | StudBud