unit 1 revision edexcel business a level

formula for % change =

• difference / original

• original / difference x 100

• difference / original x 100

A firm has sales of £6m per year in a market worth £12m per year

• market share = 200%

• market share = 20%

• market share = 2%

• market share = 50%

Which market is likely to be the most dynamic ?

• baked beans

• pasties

• technology gadgets

• bread

Competition has one of the following effects on a market :

• less innovation

• less choice of products

• lower prices

• less choice of product providers

Find out what customers want, then make a product to suit their needs =

• product orientation

• market orientation

• product-led marketing

Market research that obtains opinions, beliefs, attitudes :

• qualitative research

• large scale surveys with closed questions

• quantitative research

Primary market research :

• government data

• competitors' websites

• desk research

• confidential

Divide the market into identifiable groups of customers :

• sequencing

• segmentation

• augmentation

• cementation

A product costs £3.50 to make and supply to customer. Its selling price = £6.00

Therefore the added value = £

• 3.50

• 6.00

• 8.50

• 2.50

The I in TICS (factors affecting demand) =

• individualism

• income of consumers

• interest rates

• investment