R064 Key Terms Quiz

What key term has the following definition:

This is the way a company breaks up the market into similar types of customer. This can be based on; age, gender, income, occupation, geographical location and lifestyle.

• Market segmentation

• Market research

• Primary (field) market research

• Secondary (desk) market research

What key term has the following definition:

The action or activity of gathering information about consumers' needs and preferences

• Market segmentation

• Market research

• Primary (field) market research

• Secondary (desk) market research

What key term has the following definition:

Involves gathering new data that has not been collected before. For example, surveys using questionnaires or interviews with groups of people in a focus group.

• Market segmentation

• Market research

• Primary (field) market research

• Secondary (desk) market research

What key term has the following definition:

Involves gathering existing data that has already been produced. For example, researching the internet, newspapers and company reports.

• Market segmentation

• Market research

• Primary (field) market research

• Secondary (desk) market research

What key term has the following definition:

A cost that stays the same in relation to output. These stay the same even if more is produced.

• Fixed costs

• Variable costs

• Total costs

• Revenue

What key term has the following definition:

A cost that changes in relation to output. These change if more is produced.

• Fixed costs

• Variable costs

• Total costs

• Revenue

What key term has the following definition:

The amount of money spent by a firm on producing a given level of output.

Total cost = Fixed cost + variable costs

• Fixed costs

• Variable costs

• Total costs

• Revenue

What key term has the following definition:

Revenue is the income earned by a business over a period of time

 Revenue = price x quantity.

• Fixed costs

• Variable costs

• Total costs

• Revenue

What key term has the following definition:

This is where the company is neither making a profit or a loss. Total revenue = Total costs

• Break-even

• Profit

• Total costs

• Revenue

What key term has the following definition:

The surplus left from revenue after paying all costs

Profit = total revenue - total costs

• Break-even

• Profit

• Total costs

• Revenue