the amount of product that suppliers make available

What is a market map?

Diagram showing two characteristics of a brand and rivals.

What is the term for the price where supply and demand are equal?

Equilibrium Price, Market Clearing Price

What is a flexible workforce?

A workforce that can respond in quantity and type to changes

What is discretionary expenditure?

non-essential spending or spending that is not automatic

Removing layers of management from the org hierarchy

What is internal recruitment?

Recruiting someone from within the business

An intermediary that brings together sellers and buyers

People wanting to buy and can afford to buy products

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A-level Edexcel Business Theme 1 Revision 2021

18 termsStudBud Administration374 plays

Theme 1 Alevel Business

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Questions 18

Answers

1
What are goods that are purchased together because they are consumed together?
Normal Goods
Similar products
Complementary goods
Inferior goods
2
Boston matrix: a product with a high market share, but likely to have weak growth is called?
Question Mark
Star
Dog
Cash Cow
3
If the price of toothpaste goes up by 60%, but demand only decreases by 1%, is it...
PED
Unitary demand
Price elastic
Price inelastic
4
What is supply?
a line on a graph that shows how much of a good sells
the amount of product that suppliers make available
a grant given to producers, usually to encourage production
Customers wanting to buy products
5
What are goods for which demand will rise if income rises or fall if income falls?
Normal Goods
Inferior Goods
Subsitute goods
Volatile goods
6
What is a market map?
Diagram showing two characteristics of a brand and rivals.
Changes the view consumers have about a product by altering.
Shows the product lifecycle of each product
Diagram showing cash cows, starts, question markets etc.
7
What is the term for the price where supply and demand are equal?
Equilibrium Price
Supply-Demand intersection
Mid-point analysis
Market Clearing Price
8
What are goods for which demand will fall if income rises or rise if income falls?
Inferior goods
Normal Goods
Superior goods
Completmentary goods
9
What is a flexible workforce?
A workforce that can are really motivated
A workforce that do gymnastics in their spare time
A workforce that can respond in quantity and type to changes
A workforce that are good at multitasking
10
What is discretionary expenditure?
When people spend in private
non-essential spending or spending that is not automatic
When people use gift cards or vouchers
The same as disposable income
11
What is delayering?
Decision making is pushed down the chain of command
Taking off your jumper because you're a bit warm
Authority to pass down from superior to subordinate
Removing layers of management from the org hierarchy
12
Which of the following are in the design mix?
Cost
Price
Aesthetics
Materials used
13
What is internal recruitment?
Promoting someone who is already doing the job
Recruiting someone from within the business
Recruiting someone from outside the business
Recruiting someone the manager knows
14
If Cadbury makes a chocolate bar £1.99, which pricing strategy are they using?
Cost plus pricing
Skimming
Psychological pricing
Physiological pricing
15
What term could describe why there are empty shelves in a supermarket?
Equilibrium price
Excess demand
Fixed supply
Excess Supply
16
What is an agent?
An intermediary that brings together sellers and buyers
007
Person who increases the number of people going into a shop.
A middle man to help with advertising
17
Boston matrix: A product likely to be profitable, in a growing market
Question Marks
Problem Child
Stars
Dogs
18
What is demand?
People wanting to buy products
People wanting to buy and can afford to buy products
Farmers wanting to produce
People wanting normal goods

A-level Edexcel Business Theme 1 Revision 2021 Flashcards | StudBud