Business Mocks 3 0.0 / 5 ? Business StudiesAll BusinessGCSEEdexcel Created by: Lilyk30Created on: 05-02-18 19:25 What is meant by the term extension strategy? Methods used by businesses to increase the life of a product to prevent it falling into decline by maintain its sales 1 of 22 What is marketing? Satisfying customers needs profitably 2 of 22 What is the Boston matrix? A product portfolio analysis tool used to plan the development of products 3 of 22 What is a star in the Boston matrix? A very successful product but growth has to be funded to keep up with demand and cash flow may be a problem 4 of 22 What is a cash cow in the Boston matrix? Little growth but an established and profitable product that can support others 5 of 22 What is a question in the Boston matrix? Presents a problem 6 of 22 What is a dog in the Boston matrix? Has few prospects but should the business continue to sell it if it is profitable 7 of 22 What is meant by the term product portfolio? The range or combination of goods and services that a business sells to its customers 8 of 22 What are the variables of the design mix? Function, cost, appearance 9 of 22 What is just in time stock control? Stock management system where stocks are delivered only when they are needed 10 of 22 What is quality? The minimum standard of product or process which must be achieved in producing or providing a good service that meets customer needs 11 of 22 What does the sales of goods act declare? All products must be of merchantable quality, match their description and be fit for their purpose 12 of 22 What does the trade descriptions act declare? All businesses must not give false information, fail to get important information or act aggressively 13 of 22 What is profit? The financial reward to a business that results when its revenues are greater than its costs 14 of 22 When does a business break even? Total revenue = total costs 15 of 22 What is span of control? The number of people who report to a superior 16 of 22 What is a hierarchy in a business? The structure of different levels of authority in the organisation 17 of 22 What is motivation? The drive or desire to complete a task or to achieve something 18 of 22 What is a tariff? A tax put on a product imported into a country which makes a product more expensive 19 of 22 What are quotas? Put a limit on the number of imports 20 of 22 What is an export subsidy? Will reduce the price of exports and encourage exporting firms 21 of 22 What are the taxes that affect UK businesses? Value Added Tax, Corporation Tax, Income Tax, National Insurance 22 of 22
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