R064 Enterprise & Marketing

Question 1

3.4 Which is statement is FALSE with regards to using an automated production line

Accepted Answer

Set up costs are low

Question 2

2.1 Total Costs is calculated by

Accepted Answer

Fixed Costs + Variable Costs

Question 3

2.4 The calculation for Profit is

Accepted Answer

Revenue - Total Costs

Question 4

5.1 How many people own a Sole Trader

Accepted Answer

1

Question 5

5.1 Incorporated means..

Accepted Answer

In law there is a difference between the owner and the business

Question 6

3.3 The Design Mix is made up of three factors, which ones are they

Accepted Answer

Aesthetics, Function, Economic

Question 7

4.4 Sales Promotion means

Accepted Answer

The use of incentives to persuade a customer to purchase

Question 8

4.2 A company would use Price Skimming

Accepted Answer

To enter a market with a large amount of competition

Question 9

3.2 Is changing the price a way of extending the life of a product?

Accepted Answer

True

Question 10

4.2 Pricing a good cheap to enter the market then raising the price is called

Accepted Answer

Price Penetration

Question 11

3.1 What is the order of the Product Lifecycle

Accepted Answer

Intro, Growth, Maturity, Decline

Question 12

4.5 Which answer is the NOT the affect of poor customer service

Accepted Answer

Break Even Point happening earlier

Question 13

1.2 Which is the odd one out when carrying out market segmentation?

Accepted Answer

Customer Segmentation

Question 14

6.1 Which department is responsible for keeping a record of all income generated through sales

Accepted Answer

Finance

Question 15

1.7 Opinions gathered directly from the customers about their level of satisfaction is called

Accepted Answer

Customer Feedback

Question 16

4.4 What is customer service?

Accepted Answer

Any help, advice and support given to the businesses customers

Question 17

3.3 How many factors make up the Design Mix

Accepted Answer

3

Question 18

5.1 A partnership is owned by how many people

Accepted Answer

2+

Question 19

4.1 How often will customers make a purchase will affect the pricing of a product

Accepted Answer

True

Question 20

2.3 The calculation for Break Even is

Accepted Answer

Fixed Costs ÷ (Selling Price - Variable Cost)

Question 21

6.2 Which department is responsible for Quality Control

Accepted Answer

Production

Question 22

1.3 Which of these is a benefit of segmenting the market

Accepted Answer

Customer Loyalty

Question 23

2.2 Revenue means

Accepted Answer

Income

Question 24

2.1 Which are the costs that all businesses have

Accepted Answer

Fixed and Variable Costs

Question 25

2.3 Break Even Point is when

Accepted Answer

Total Sales and Total Costs are the same

Question 26

5.2 What is an advantage of a business grant

Accepted Answer

The money does not have to be repaid

Question 27

5.1 Limited Liability means

Accepted Answer

Personal possessions CAN'T be taken if the company fails

Question 28

1.2 Demographic Segmentation is breaking the customer down by their

Accepted Answer

Age and Gender

Question 29

3.3 A way of making a product stand out and be different to competing products is called

Accepted Answer

Product Differentiation

Question 30

5.2 Which is NOT a source of finance for a start up business

Accepted Answer

Credit Card

Question 31

1.4 Information that is collected by someone else is called

Accepted Answer

Secondary Market Research

Question 32

5.3 Why do new businesses create a business plan

Accepted Answer

because it is needed to obtain finance from financial institutions

Question 33

6.2 Which department is responsible for training new staff

Accepted Answer

HR

Question 34

4.4 Not being able to deliver what the business promises is an example of poor customer service

Accepted Answer

True

Question 35

2.2 The calculation for Revenue is

Accepted Answer

Total Sales - Total Costs

Question 36

1.5 Market reports are a type of secondary market research

Accepted Answer

True

Question 37

1.4 Quantitative data is

Accepted Answer

Statistical data

Question 38

1.1 To be successful a business needs to know its customers. This is called

Accepted Answer

Customer Segmentation

Question 39

3.4 Robots used on a production line is called

Accepted Answer

Automation

Question 40

5.1 What is NOT an advantage of a Franchise

Accepted Answer

Have to pay royalties to the Franchisor

Question 41

5.1 Which is NOT included in a deed of partnership

Accepted Answer

Who can go on holiday when

R064 Enterprise & Marketing

Questions 41

R064 Enterprise & Marketing

Questions 41