UB & Marketing - N5 Business Management

Question 1

Focusing a product on a specific group of people

Accepted Answer

Market Segmentation

Question 2

Private sector businesses have the aim of making a ...

Accepted Answer

Profit

Question 3

The organisation in a particular market that have the most customers

Accepted Answer

Market Leader

Question 4

A disadvantage of desk research is ...

Accepted Answer

Data may be out-of-date

Question 5

What is a target market?

Accepted Answer

The group of customers a product is aimed at

Question 6

Stage of the product life cycle when demand for the product falls. Sales and profit also fall.

Accepted Answer

Decline

Question 7

The purpose of market research is ...

Accepted Answer

To find out what customers want

Question 8

Increasing the number of customers buying from the business

Accepted Answer

Market Growth

Question 9

BOGOF is an example of ...

Accepted Answer

Promotion

Question 10

Which pricing strategy? Taking the cost of production and materials then adding a percentage on

Accepted Answer

Cost-Plus

Question 11

Owners taking too much money out of the business can result in poor cash flow

Accepted Answer

True

Question 12

Cash flow can be improved by ...

Accepted Answer

Looking for a cheaper supplier, selling assets no longer needed

Question 13

The proportion of customers an organisation has from the whole market

Accepted Answer

Market Share

Question 14

Revenue - Total Costs =

Accepted Answer

Profit

Question 15

A disadvantage of desk research is ...

Accepted Answer

Data may be bias

Question 16

Wages, Electricity, Rent and Stationery are examples of ...

Accepted Answer

Expenses

Question 17

A disadvantage of field research is ...

Accepted Answer

Data can be expensive to gather

Question 18

Costs that change dependent on output

Accepted Answer

Variable Costs

Question 19

A sum of money borrowed to purchase land or property, repaid with interest

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Mortgage

Question 20

A cash budget will show ...

Accepted Answer

Surplus/Deficit Expected

Question 21

A sum of money borrowed for a fixed period of time, repaid with interest

Accepted Answer

Bank Loan

Question 22

Giving customers long credit terms can result in poor cash flow

Accepted Answer

True

Question 23

Money made from selling a product or service to the customer

Accepted Answer

Revenue

Question 24

Celebrity endorsement is an example of ...

Accepted Answer

Promotion

Question 25

The following diagram shows the stages in ...

Accepted Answer

Product Life Cycle

Question 26

Logo, name or symbol that makes an organisation or product instantly recognisable

Accepted Answer

Brand

Question 27

An advantage of field research is ...

Accepted Answer

Data is specific to your needs, Data is up-to-date

Question 28

Stage of the product life cycle when customer awareness and profits are at their highest.

Accepted Answer

Maturity

Question 29

Fixed Costs + Variable Costs

Accepted Answer

Total Costs

Question 30

Which pricing strategy? Charging £9.99 instead of £10

Accepted Answer

Pyschological

Question 31

Stage of the product life cycle when businesses heavily promotes the product to encourage sales

Accepted Answer

Introduction

Question 32

Taking more money out of a bank account than is available

Accepted Answer

Overdraft

Question 33

Income Statement: Gross Profit - Expenses =

Accepted Answer

Profit for Year

Question 34

An advantage of desk research is ...

Accepted Answer

Data is less expensive to gather

Question 35

Marketing is important to an organisation because ...

Accepted Answer

Can attract new customers, Can increase profits, All of the above, Allows businesses to enter new markets

Question 36

Government statistics are an example of ...

Accepted Answer

Desk Research

Question 37

Which pricing strategy? charging similar prices to other organisations selling similar products

Accepted Answer

Competitive

Question 38

Hall testing is an example of ...

Accepted Answer

Field Research

Question 39

Raw materials are an example of ...

Accepted Answer

Cost of Sales

Question 40

Income Statement: Sales - Cost of Sales =

Accepted Answer

Gross Profit

Question 41

The stage of the product life cycle when customer awareness and sales are increasing.

Accepted Answer

Growth

Question 42

A sum of money that is given for a specific purpose, does not need to be repaid

Accepted Answer

Grant

Question 43

The point at which total revenue is the same as total costs

Accepted Answer

Break Even Point

Question 44

Costs that do not change, regardless of output

Accepted Answer

Fixed Costs

Question 45

Distribution methods an organisation may use are ...

Accepted Answer

Land, Air, Sea, Rail

Question 46

The 4 elements of the marketing mix are ...

Accepted Answer

Product, Promotion, Place, Price

Question 47

Cost-plus is an example of ...

Accepted Answer

Price

Question 48

A model of the product an organisation wants to manufacture

Accepted Answer

Prototype

Question 49

A survey is an example of ...

Accepted Answer

Field Research

Question 50

Cash Budget: (Opening Balance + Total Receipts) - Total Payments =

Accepted Answer

Closing Balance

UB & Marketing - N5 Business Management

Questions 50

UB & Marketing - N5 Business Management

Questions 50