What does SMART goals stand for?

Specific, Measurable, Achievable, Realistic, Timely

In the context of our consumer assignment, interpretation is...

simply the action of explaining themeaning of something

What are the 4Ps of the Marketing Mix

Price, place, product, promotion

What is missing from this demand curve?

Title, axis labels, 'D' at the end of the demand curve

Why is it important for companies to innovate?

To create value, increase efficiencies, and be more competitive

In the context of our consumer assignment, a conclusion...

summarises the results from the questionnaire

Select the important aspects of a good questionnaire:

allow “don’t know” and “not applicable”responses where appropriate, provide confidentiality and anonymity

What does the law of demand involve?

The relationship between price and demand

What is the main aim of innovation?

To improve efficiency, effectiveness or competitive advantage of a business

What are the risks if businesses fail to innovate? (there is more than one answer)

Loss of market share, Product going obselete

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Y10 Bus - Innovation and Consumer Behaviour

21 termsStudBud Administration17 plays

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Questions 21

Answers

1
What industry was Mr. Lim working in before teaching?
Land transport
Airline
Travel
Shipping
2
For our consumer assignment - what is the minimum number of questions we need on our questionnaire?
12
10
20
15
3
For our consumer assignment - what is the minimum number of quality responses required?
10
20
25
15
4
When is the consumer assignment due?
End of week 5
End of week 7
End of week 8
End of week 6
5
Secondary research is conducted by yourself and gathers information directly from the source
True
False
6
What does SMART goals stand for?
Super, Mario, Always, Regrets, Tests
Specific, Measurable, Achievable, Realistic, Trying
Specific, Measurable, Achievable, Realistic, Timely
Specific, Measurable, Affordable, Realistic, Timely
7
The purpose of research is to gather information about customer needs
False
True
8
Coca cola's "Share a coke" campaign is an example of...
Channel and brand innovation
Brand and profit model innovation
Channel and structure innovation
Product and structure innovation
9
In the context of our consumer assignment, interpretation is...
to translate between languages
to design and deliver
simply the action of explaining themeaning of something
distinguish between fact and fiction
10
How do businesses get insights into what customers think about their products or services?
Experimenting with different marketing channels
Surveys
All of these
Tracking client activities
11
What are the 4Ps of the Marketing Mix
Price, place, product, promotion
Price, place, product, point of sale
Price, production, promotion, place
Price, promotion, pace, product
12
What is missing from this demand curve?
The x axis label, the y axis label, a supply curve
Title, axis labels, 'D' at the end of the demand curve
The equilibrium point
Title, axis labels, vertical gridlines
13
Primary research is a research method that involves using already existing or published data
True
False
14
Why is it important for companies to innovate?
To ensure there is an equal distribution of revenue with their competitors
To contribute to academic research
To provide product insights to their competitors
To create value, increase efficiencies, and be more competitive
15
In the context of our consumer assignment, a conclusion...
provides a summary of what our product is and why we chose to research it
Signals the end of our working module
redefines the results from the questionnaire
summarises the results from the questionnaire
16
Select the things to avoid when designing a questionnaire:
All of these
use many abbreviations, acronyms, orjargon
ask leading questions
ask “double-barreled questions”
17
Select the important aspects of a good questionnaire:
use of hypothetical questions
allow “don’t know” and “not applicable”responses where appropriate
All of these
provide confidentiality and anonymity
18
What does the law of demand involve?
The relationship between price and demand
Demands on expansionary monetary policies
Demands on societal wants and needs
The relationship between price and supply
19
Why is it important for businesses to understand their customer preferences?
To understand the expectations of their customer
All of the these
To understand what influences their customer's decision making
To understand the preferences of the customer
20
What is the main aim of innovation?
To ensure a company stays true to their original product ideas and concepts
To maintain an organisational social status
To improve efficiency, effectiveness or competitive advantage of a business
To upskill staff so they are better able to find employment elsewhere
21
What are the risks if businesses fail to innovate? (there is more than one answer)
All of the above
Loss of market share
Improvements in product design
Product going obselete

Y10 Bus - Innovation and Consumer Behaviour Flashcards | StudBud