Price Elasticity of Demand is

responsiveness of quantity demanded to a change in price

adding a margin to the base cost of production

Economies of scale are when

the business can enjoy lower costs because of their size

the share of the total market that a business enjoys

An incorporated business is one that has a

seperate legal identity from the business

an organisation which provides goods and services

market segmentation is

groups of consumers with similar needs, interests, profiles

Product, Price, Place, Promotion

below the line promotions are

promotions that don't involve advertising

model to analyse the categories a product falls into

Specific Measurable Achieveable Realistic Time specific

Marketing is all about

developing strategies to meet the needs of customers

the product life cycle is

a model illustrating the different stages a product has

Labour intensive production means

using relatively more labour than capital in production

The tertiary sector is the one where

the provision of services happens, teaching is a profession

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IGCSE Business Review

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Questions 18

Answers

1
A public sector business is one that
is run by the government
is run by a sole trader
is traded on the stockmarket
is run by Donald Trump
2
Price Elasticity of Demand is
responsiveness of quantity demanded to a change in price
responsiveness of Misha to a change in price
responsiveness of price to a change in quantity demanded
responsiveness of quantity supplied to a change in price
3
Mark up pricing is
increasing prices to gather more revenue
adding a margin to the base cost of production
when you subtract base cost from the sales price
increasing the prices to meet competition
4
Economies of scale are when
the business can enjoy lower costs because of their size
the business can enjoy lower taxes because of their size
the business can enjoy higher costs because of their size
the business has higher taxes because of their size
5
Market share is
when a market is divided up equally amongst businesses
the share of the total market that a business enjoys
shares in the ownership of a business
What Yahoo desperately wants
6
An incorporated business is one that has a
Not a public sector business
seperate legal identity from the business
no legal difference between the owner and the business
listed on the stock market
7
A business is
an organisation which provides goods and services
an organisation which provides goods
an organisation which provides services
an organisation which runs the government
8
market segmentation is
groups of consumers with similar needs, interests, profiles
groups of consumers who dont like your product
groups of consumers with needs, interests, profiles
groups of consumers who have like your product
9
The 4 Ps are
Product, Price, People, Promotion
Product, Price, Place, Promotion
Product, Presentation, Place, Promotion
Product, Price, Place, Processes
10
below the line promotions are
promotions that are positive
promotions that are negative
promotions only at Regents
promotions that don't involve advertising
11
the Boston matrix is
model to analyse how successful a product is
model to analyse the categories a product has as features
model to analyse the categories a product falls into
model to analyse the categories a product should be in
12
market oriented products are
led by the market
where the business is concerned about quality
developing a product in line with company goals
created by Donald Trump
13
SMART objectives are
Specific Measurable Achieveable Realistic Time specific
Specific Measurable Accentuated Realistic Time specific
Specific Memorable Achieveable Realistic Time specific
Super Measurable Achieveable Realistic Time specific
14
Mass marketing is
marketing to a maths class
marketing to all consumers
marketing to a small market segment
marketing to Roman Catholics
15
Marketing is all about
selling goods around the world
developing strategies to meet the needs of customers
learning complicated models and terms
selling more products than another business
16
the product life cycle is
a model illustrating the 2 stages a product has
a model illustrating the different stages a product has
a model illustrating the 3 stages a product has
a model illustrating features a product has
17
Labour intensive production means
using relatively more labour than capital in production
Dividing up a large task into smaller tasks
Playing lots of Golf in the weekend
using relatively more capital than labour in production
18
The tertiary sector is the one where
raw materials are processed into finished goods
raw materials are extracted from the earth
the provision of services happens
teaching is a profession

IGCSE Business Review Flashcards | StudBud