S1 Business & Marketing Revision

Factors that determine the price of a product/service are (select all correct answers)

• Price a customer is willing to pay

• Price of the raw materials

• Whether it has a well-known brand (so can charge higher prices)

• The cost of the product to make - need to make a profit

This is how consumers find out about your product/service

• Product

• Price

• Place

• Promotion

Which one of these are NOT a target market?

• Age

• Location

• House size

• Gender

Labour Intensive is when a product is made by mainly machines

• True

• False

Answer explanation

Labour intensive are mainly made by hand

C______ intensive is when the product has been made mainly by machines

• Customer

• Capital

• Children

• Cars

The location where a business chooses to set up. 

• Product

• Price

• Place

• Promotion

(a)   is when you buy and sell products and services online.

The actual item that will be sold and bought

• Product

• Price

• Place

• Promotion

Advantages of buying and selling online are (more than one correct answer)

• Available 24/7

• Can buy from your own home

• Cost of delivery

• You need a computer or internet access to use

Businesses’ promotion methods are

• TV/Radio

• Billboards

• Celebrity Endorsement

• Asking a friend