LO1 & LO2 - Cam Nat Business - Quiz #1

Spot the odd one out!

• Age

• Gender

• Wage

• Lifestyle

• Occupation

What are the benefits of identifying a target market and using segmentation techniques?

• Meeting the needs of specific customers.

• Can increase the market size as a result.

• Encourages customer loyalty.

• Can potentially increase profits.

• Marketing can be specifically targeted.

Define what market share is.

• Market share is the percent of regional sales in an industry generated by a particular company.​

• Market share is the percent of total sales in a given region generated by a particular company.​

• Market share is the percent of total sales in an industry generated by a particular company.​

• Market share is the percent of total sales in an industry generated by all companies.​

• Market share is the percent of regional sales in an industry generated by a particular brand.​

Name the two key factors a given business needs to consider before commissioning primary research.

• Schedules

• Materials

• Cost

• Agendas

• Time

What are the disadvantages of secondary research?

• Information may not meet the needs of the business.

• Most of the hard work has been done.

• Data that is out of date.

• It can expand the range of your research.

• Information taken out of context.

Define sampling method.

• The overall process by which a business will use to gain information about a customers' needs and wants.

• A method that a business uses in order to review information that they have collected.

• A group of potential customers with similar interests that a business is targeting.

• A way in which a business selects people to gain opinions for market research purposes.

• A method of research where a business uses information that has already been gathered.

A sampling method that involves a group of people who have at least one thing in common.

• Random Sampling

• Quota Sampling

• Cluster Sampling

• Group Sampling

• Convenience Sampling

Define quota sampling.

• A simple method of sampling that selects people from the public non-specifically.

• This method creates a sample that reflects the known characteristics of the target market.

• A sampling method that selects a group of people who have at least one thing in common.

• A method of sampling that asks subjects to take part when they're available.

• A method of sampling that selects subjects from a target area.

A fixed cost.

• Raw Materials

• Wages

• Salaries

• Stock

• Components

What is the formula to work out revenue?

• Revenue = Net Price x Quantity Sold

• Revenue = Gross Price x Quantity Sold

• Revenue = Selling Price x Quantity Sold

• Revenue = Selling Price x Quantity Made

• Revenue = Selling Price x Quantity Remaining