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Marketing & Enterprise concepts R064 (LO1&2) Flashcards | StudBud
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Marketing & Enterprise concepts R064 (LO1&2)
Marketing & Enterprise concepts R064 (LO1&2)
26 terms
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StudBud Administration
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29 plays
#Enterprise and Marketing#R064#Outcomes 1 and 2
Flashcards
26 cards
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Practice quiz
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Questions
26
Answers
1
Segmentation ensures customers needs can be better matched.
False
True
2
How do you calculate breakeven?
FC/Contribution
TR - TC
TR - Selling Price
Contribution/FC
3
How can businesses get feedback from their customers?
From other businesses
From a friend or family member
Surveys
They don't need feedback
4
What is primary research?
Research you undertake yourself
Research that already exists
Research you do first
Research only one person does
5
Market research is
Finding out about the market
All of the above
Finding out what the competition is doing
Finding out what customers want
6
Which of the following is a method of primary research?
Internet
Government publications
Sales Report
Questionnaires
7
Profit = cost - revenue
True
False
8
Which of the following is NOT a way to segment the market
Location
Age
Name
Gender
9
What is a fixed cost?
A cost that stays where it is
A cost which varies with the amount produced.
Money spent by the business
A cost which doesn't vary with the amount produced.
10
Which of the following is a variable cost?
Salaries
Raw Materials
Advertising
Rent
11
Which of the following is a fixed cost?
wage
packaging
Raw Materials
Rent
12
Cory spends £500 on rent, £200 on electricity, £250 on insurance and £100 on raw materials. What is his fixed costs?
£950
£750
£1050
£1000
13
At what point does breakeven happen
TR - TC
TR < TC
TR > TC
TR = TC
14
Why is market research important to a business?
Lets them meet people
To go in the business plan
Aids decision making
Gives them something to do
15
What is breakeven?
When a business makes a loss
When a business pays its bills
When a business makes a profit
When neither a profit or loss is made
16
Which line shows the total cost?
green
red
17
How do you calculate TC?
TC = FC + VC
TC = VC - FC
TC = FC - VC
TC = FC/VC
18
Which of the following is a variable cost:
stock
salaries/wages
loan repayments
water
19
Which of the following is a type of secondary research
Consumer trials
Focus Group
Competitors data
questionnaire
20
Jane sells 20 water bottles for £5 each. What is her revenue?
£250
£100
£50
£25
21
How do you calculate revenue?
TR = FC + Price
TR = Price X Quantity
TR = Price - FC
TR - Price - TC
22
What is revenue?
The money spent by a business
The money a business starts with.
The money generated from sales
Money borrowed by a business
23
What is secondary research
Research you do yourself
Research that only one person does
Research that you do second
Research that already exists
24
What is profit?
The money a business receives
The money a business spends
The money a business borrows
The money a business has left after bills
25
What is a variable cost
A cost that doesn't vary with output
A cost that varies with output
A cost tat moves
The money a business spends
26
Market Segmentation is...
Splitting the market into similar groups
The different businesses in a market
The different pieces of an orange
Splitting the business into different departments.
