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Page 1

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1. ANSWERS ­ Adding value


1. price ... unique ... differentiated ... cost ... internal ... investment



2.1. a) and e)

2.2 b) and d)

2.3 c) and f)




3.1 £3.38

3.2 £3,380,000

3.3 Tailor-make the smoothies to individuals' tastes ­ that'll keep them returning.



4.1 b) d) e)

4.2…

Page 2

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2. ANSWERS ­ Branding and differentiation

1. identity ... brand ... selling ... buying ... repeat



2. Spot the brand:

2.1 Innocent

2.2 Marmite

2.3 Lynx

2.4 Egg



3. Branding and differentiation ­ matching definitions

1. f)

2. e)

3. g)

4. b)

5. a)



4. Branding and differentiation ­…

Page 3

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3. ANSWERS ­ Break-even analysis

1. Missing words
revenue ... loss ... profit ... plan ... prices ... fixed


2. Finding break-even point ­ true or false?
2.1 TRUE
2.2 FALSE
2.3 FALSE
2.4 TRUE



3. Multiple choice questions

3.1 c) £24

3.2 a) £6

3.3 b) 50,000 units

3.4…

Page 4

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4. ANSWERS ­ Break even charts

1. horizontal ... vertical ... profit ... below ... loss


2.1 £60,000

2.2 £10,000

2.3 200 units

2.4 If the business sold 800 units a month it would make £20,000 profit. Yet the boss is planning to spend £15,000 in
order to achieve this,…

Page 5

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5. ANSWERS ­ Business cycles

1. unemployment ... stable ... falling ... rising ... negative


2.1 FALSE ­ Why ­ a recession is defined as two successive quarters of falling output

2.2 TRUE - Small firms are less likely to have access to the finance needed to survive a period…

Page 6

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6. ANSWERS ­ Business objectives: financial

1. target ... profit ... flow ... measure



2.1 b) d)

2.2 a) d) e)



1. f)

2. g)

3. h)

4. c)

5. e)



4.1 TRUE

4.2 TRUE

4.3 TRUE

4.4 FALSE




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Page 7

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7. ANSWERS ­ Business objectives: non-financial

1. profit ... job ... objectives ... not-for-profit



2.1. d)

2.2. a)

2.3. b)

2.4. c)



3.1 FALSE

3.2 TRUE

3.3 FALSE

3.4 TRUE

3.5 FALSE



4.1 c) f)
4.2 b) c) (NB e) is a very plausible answer, but not to a question…

Page 8

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8. ANSWERS ­ Business plan

1. plan ...objectives ... forecast ... finance ... investors


2.1. e)
2.2. h)
2.3. d)
2.4. b)
2.5. c)


3. Business plan - multiple choice questions:
3.1 b) e) f)


4. Give two answers for each of the following:
4.1 Possible answers include ­ to…

Page 9

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9. ANSWERS ­ Building the marketing mix

1. price ... place ... needs ... fail ...rival


2.
1. h)
2. d)
3. e)
4. a)
5. c)


3.
1. Place
2. Product
3. Promotion
4. Price


4.1 b) e)
4.2 c)




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Page 10

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10. ANSWERS ­ Calculated risk

1. years ... innovative ... rewards ... favourable


2. Calculated risk ­ matching activity
2.1. c) ii)
2.2 a) iii)
2.3. b) i)


3. Calculated risk ­ true or false?
3.1 FALSE
3.2 TRUE
3.3 TRUE
3.4 FALSE




4. Calculated risk ­ multiple choice questions…

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