Markets and Theories

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1. What is Value?

  • Total amount spent by the customers buying products
  • How much a product is worth before tax
  • How much a product is sold for
  • Price - Raw material costs
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Other questions in this quiz

2. What is a disadvantage of a Niche Market?

  • They cater for the needs of specific individuals
  • Very small and unable to support competing firms
  • A large sector of the market and firms challenge them

3. Which one of the following will a business not use branding for?

  • To target consumers
  • Create consumer loyalty
  • Differentiate their product from other brands
  • Charge a premium price for their product

4. What is the formula for market share?

  • Sales of business/ Total sales x 100
  • Sales of whole market/Sales of business
  • Sales of whole market/Sales of business x 100
  • Quantity produced/Sales of whole market x 100

5. Who believed that people dislike work and need close supervision?

  • Herzberg
  • Maslow
  • Taylor
  • Mayo

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