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Multiple Choice (Practice Paper)
Multiple Choice (Practice Paper)
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16 multiple choice questions from the practice OCR Enterprise and Marketing Concepts Exam
Flashcards
16 cards
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Answers
1
Which of the following is an example of a method to "add value" to a product?
Run a consumer trial
Improve the specification of the product
Advertise the product
Increase the price of the product
2
Which source of capital usually involves individuals contributing finance by buying equity in the business?
Small business grant
Overdraft
Crowdfunding
Bank loan
3
Which of the following is an example of a fixed cost for a shoe retailer?
Shoe boxes
Insurance for the shop premises
Ink cartridges for the cash till
Carrier bags
4
Dividing a market by age, occupation or income is a technique known as:
Market segmentation
Customer service
Marketing
Market research
5
If total revenue is equal to total cost, the business will:
Break-even
Make a profit
Make a loss
Increase prices
6
Which of the following is NOT a stage of the product life-cycle?
Growth
Introduction
Recession
Development
7
Which of the following is an example of a technological development which may affect product development?
New product safety standards
Launch of new production machinery
Booming economy
Recession in the economy
8
A hairdresser forecasts it will have 60 customers a month. Average price: £45. Calculate the sales revenue.
£2700
£27,000
£2900
£270
9
Which of the following is a reason why a business needs to segment its market?
To benefit from limited liability
To benefit from unlimited liability
Its customers require different benefits from a product
Its customers all live in London
10
A business aims to break even during its first year. Which section of the business plan will include this information?
Resources plan
Marketing plan
Business objectives
Banking
11
What is the name given to a pricing strategy which usually involves all prices ending in 99p?
Psychological pricing
Price penetration
Competitive pricing
Price skimming
12
Which of the following activities is MOST likely to be carried out by the marketing function of a clothes shop?
Recruit new staff to work in the shop
Stock control
Set the price of a product
Deliver induction training
13
Limited liability means that:
Profits must be shared equally between all owners
Owner cannot sell its share in the business without permission of others
Owners are liable for all debts of the business
Owners don't risk losing personal possessions tp repay debts of the busines
14
Which functional area of a business would be responsible for developing new products to meet customer needs?
Operations
Human resources (HR)
Finance
Marketing
15
Which of the following is a DISADVANTAGE for someone buying a franchise of a well known coffee chain?
The menu will include well known drinks
Royalty payments have to be made to the franchisor
Customers will know the brand name
Head office will offer business support
16
Which of the following is a method which a customer may use to give feedback to a business?
After sales service
Loyalty scheme
Customer comment card
Purchase shares in the business
