Business Studies Unit 3.1 Questions

HideShow resource information
What are the benefits of Market Research?
To find out what customers want/need/expect, Reduces the risk of failure, Developing successful products that will be more likely to sell and answers why sales were falling and how this can be sold
1 of 42
Which one of the following would most likely be considered and example of marketing a product? A) Hiring a new worker B) Repairing a machine C) Surveying customers D) Sending an invoice to a customer
C) Surveying Customers
2 of 42
What are the disadvantages of Market Research?
Expencive, Time Consuming, Research could have errors
3 of 42
Name the 6 areas of Product Trialing
Advertising, Free Publicity, Free Samples, User Testing, Low Trial Prices, Targeting Trade Buyers
4 of 42
What are the 4 P's of the Marketing Mix?
Price, Promotion, Place, Product
5 of 42
Name stages from the Product Life Cycle
Development, Launch, Growth, Maturity, Saturation, Decline, Withdrawl, Extention Strategy
6 of 42
What part of the Boston Matrix has a high marget growth rate but a low market share?
Problem Child
7 of 42
Name the 4 parts of the Boston Matrix
Stars, Cash Cows, Dogs, Problem Children
8 of 42
Why is Branding important?
For customers to identify the business (image/colour/logo) To show what the business is, To differentiate from other businesses, To create an exclusive image that only represents the business
9 of 42
Name 4 ways of differentiating a product
Design, Formulation and Function, Name, Packaging, Differentiating across the value chain
10 of 42
What are some advantages of Branding?
Can charge premium prices with a strong branding image, Greater consumer awareness, Increased sales and market share
11 of 42
Why is it important to have a good Place for the business?
More customers (more traffic), available to customers who would buy it, sold in the most convenient way for customers
12 of 42
What are the 3 areas of the Design Mix?
Function, Cost and Appearance
13 of 42
Function in the Design Mix is about how.... A) Good a product looks B) Much it costs to produce C) Good is the brand image of tge product D) Well a product works
D) Well a product works
14 of 42
What does R&D mean?
Research & Development
15 of 42
What is Just In Time (JIT)?
A stock management system where stocks are only delivered when they are needed by the production system, and s no stocks are kept by a business
16 of 42
Why is it important to have a Minimum Stock Level?
You always have spare in case more is sold than anticipated and there are some spare to wait for the next delivery
17 of 42
A company does not keep stocks. Its suppliers deliver material and components as and when they are needed. This system of stock management is called... A) Just In Time B) Just In Case C) Just When Needed D) Just In Stock
A) Just In Time (JIT)
18 of 42
What is the difference between Quality Control and Quality Assurance?
Quality Control is ensuring that a product/service meets minimum standards whereas Quality Assurance is ensuring that quality is produced and delivery at every stage of the production process (every worker)
19 of 42
What does 'Kaizen' mean?
Continuous Improvement - To achieve the highest possible quality standards
20 of 42
Why is gaining a quality standard such as ISO 9001 beneficial?
International standard which would show customers that it is able to deliver high quality products. Will be able to sell more
21 of 42
How is Productivity calculated?
Total Output ÷ Number of Workers
22 of 42
Name 4 ways of reducing costs
Find cheaper suppliers, Cut staff/wages, Stop investments, Stop marketing, Improved Purchasing, Relocation, Better Design, Cutting Overhead Costs
23 of 42
Name 10 ways a Business can offer good Customer Service
Meeting the needs of customers, Quality, On Time Service, Innovation, Collaboration, Spotting Problems, Listen To Customers, Dealing with Complaints, Staff Training, Going beyond what is expected
24 of 42
Name 3 ways a business has to commply with The Sale of Goods Act
Match the Description, Merchantable Quality, Fit for Purpose
25 of 42
Name 3 ways a business could be fined for
Giving False Information, Failing to give Important Information, Acting Aggressively
26 of 42
How can a business change their Cash Inflows?
Increasing Sales Revenues, De-stocking, Improving Cash Flow from Customers, Loans, New Shares, Sell Assets
27 of 42
How can a business change their Cash Outflows?
Orders for new materials and stocks, Delaying paying invoices, leasing rather than buying
28 of 42
How is Revenue calculated?
Revenue = Number of Products Sold x Average Price
29 of 42
How is the Break-Even Point calculated?
Break Even Point = Fixed Costs ÷ (Variable Costs per unit ÷ Selling price per unit)
30 of 42
How is the Margin of Safety calculated?
Margin of Safety = Actual Sales - Break Even Sales
31 of 42
Name some examples of Internal Sources of Finance
Retained Profit, Asset Sales
32 of 42
Name some examples of External Sources of Finance
Share Capital, Bank Loans, Overdraft, Trade Credit, Bonds
33 of 42
Who is the Line Manager responsible for?
Overseeing the work of others further down the hierarchy of an organisation
34 of 42
What is a Subordinate?
Workers in the hierarchy who work under the control of a more senior worker
35 of 42
What are the 5 layers in Maslows's hierarchy of needs?
Physiological, Safety, Love and Belonging, Self-Esteem, Self-Actualisation
36 of 42
Why is it important to have good communication?
Avoid dissatisfied customers, problems with suppliers, misunderstanding amongst staff, motivation
37 of 42
Name 3 Fringe Benefits?
Use of company facilities, Company Car, Pension Benefits
38 of 42
Emma is paid in piece rates. Her employer is most likely to do this to... A) Motivate her to work hard B) Save the company paying tax C) Increase the sales of the company D) Minimise the salary they pay her
A) Motivate her to work hard
39 of 42
How can a business be ethical?
Production (dispose of waste), Pay and Chose Suppliers Ethically, Treat Workers Ethically, Be honest to Customers, Be courteous of Competitors, Ethical Product, Impact on Environment, Ethical to Local Communities
40 of 42
The UK is most likely to be... A) Low Income Country B) Poor Country C) Developed Country D) Developing Country
C) Developed Country
41 of 42
Name 4 Health & Safety Regulations
How long employees can be made to work without a break, The storage of dangerous chemicals, The level of heating in a workplace, The amount of ventilation in a factory
42 of 42

Other cards in this set

Card 2

Front

Which one of the following would most likely be considered and example of marketing a product? A) Hiring a new worker B) Repairing a machine C) Surveying customers D) Sending an invoice to a customer

Back

C) Surveying Customers

Card 3

Front

What are the disadvantages of Market Research?

Back

Preview of the front of card 3

Card 4

Front

Name the 6 areas of Product Trialing

Back

Preview of the front of card 4

Card 5

Front

What are the 4 P's of the Marketing Mix?

Back

Preview of the front of card 5
View more cards

Comments

davidsalter

This is a large set of questions and answers covering much more than just finance. Useful for testing yourself and other students to make a change from just reading.

pripri

thank you so much! really helped with my revision!

paulisrevising

great

The almighty pickle of pickleston

dog milk

5Tratton

nice...

Similar Business Studies resources:

See all Business Studies resources »See all Finance resources »