BTEC - Recap quiz

The wants and desires of buyers of a product =???

• Market segment

• Market research

• Customer needs

• Product range

Occurs when no business is currently serving the needs of customers for a particular product =???

• Crater in the market

• Void in the market

• Space in the market

• Gap in the market

The idea/ impression/ image that customers have in their minds about the brand = ???

• Brand image

• Brand picture

• Brand mirage

• Brand point

A person who owns and runs their own business and takes risks = ???

• Entrée

• Entrepreneur

• Enterprise

• Ensuite

An advantage a business has that enable it to perform better than its rivals in the market and which is both distinctive and defensible = ???

• Consistent advantage

• Constant advantage

• Complete advantage

• Competitive advantage

Right of ownership of an invention or process when it is registered with the government. = ???

• Patent

• Marketing

• Innovation

• Risk

Total Revenue = ???

• Price per unit / amount of units sold

• Price per unit X amount of units sold

• Price per unit + amount of units sold

• Price per unit - amount of units sold

The number of items or products or services sold by a business over a period of time = ???

• Sales volume

• Sales price

• Gross profit

• Cost of sales

All the costs of a business; it is equal to fixed costs plus variable costs = ????

• Running costs

• Total costs

• Direct costs

• Overheads

Occurs when the revenues of a business are greater than its costs over a period of time = ???

• Raw materials

• Loss

• Break even

• Profit