Business 1.4

Which of the following ADDS VALUE to a product? (More than one answer)

• USP

• Convenience

• Quality

• Customer Service

(1.2) What are the four main customer needs? (Tick four)

• Convenience

• Quality

• Price

• Durability

• Choice

Match the following description with the keyword:

• Identify how the product or service will be different to those sold by others.

• The idea

• The people

• Market research

• Finance

• Competitors

A business should adapt their Marketing Mix to suit changes in technology. The use of social media to get word out about your product is an example of which part of the Marketing Mix?

• Product

• Price

• Place

• Promotion

Which of the following is owned by one person with unlimited liability?

• Soletrader

• Partnership

• Private Limited Company

• Public Limited Company

Which of the following organisations is known to use the franchise model very successfully?

• The Co-Operative

• Specsavers

• McDonalds

• Santander

Abdul has just opened a coffee shop in a small town where there are already four other coffee shops. He needs to establish the business in this competitive market by gaining sufficient customers to help it to stay in business in the longer term.... which business objective does it match up to?

• Profit

• Survival

• Growth

• Providing a service

If you are a car dealership, you sell a shopping good. Customers want to shop around for the best deal/product. Therefore you should...

• Locate as far away from your competitors as possible.

• Locate as close to competitors as possible.

Having to public your financial records is a disadvantage for which ownership style?

• Sole trader

• PLC/LTD

• Partnership