N5 BUSINESS PRELIM REVISION

Outline stages of the product development process.

• Marker Research to find what the customers want, Idea Generation, Prototype is created, Test Marketing, Changes can be made. Place, Price and Promotion set

• Concept Development, Business Analysis, Product Development, Test Marketing, Commercialization

• Screening, Concept Development, Business Analysis, Product Development, Test Marketing

• Idea Generation, Concept Development, Business Analysis, Product Development, Test Marketing, Commercialization

Describe 3 elements of the Marketing Mix.

• Product, Price, Promotion

• Product, Place, People

• Price, Promotion, Process

• Place, People, Physical Evidence

Discuss the costs and benefits of using field research.

• Field research is expensive but provides in-depth data.

• Field research is cheap and provides superficial data.

• Field research is expensive and provides superficial data.

• Field research is cheap but provides in-depth data.

Outline methods of industrial action.

• Strikes, work-to-rule, and go-slows

• Negotiation and mediation

• Investment in technology

• Employee training programs

Describe ways in which an organisation could motivate its workforce.

• By offering competitive salaries and benefits

• By providing opportunities for career advancement

• By fostering a positive work environment

• All of the above

Explain the benefits to an organisation of training its employees.

• Increased productivity and efficiency

• Higher employee turnover

• Decreased employee satisfaction

• Reduced skill levels

Justify the use of internal recruitment.

• Internal recruitment is cost-effective and time-saving.

• Internal recruitment limits the pool of candidates.

• Internal recruitment can lead to inbreeding of ideas.

• Internal recruitment requires extensive training.

Describe the methods of production a business could use to make its products.

• Batch production, mass production, and job production

• Only mass production

• Only job production

• Only batch production

Which of the following methods can be used to ensure a quality product?

• Regular testing and quality assurance

• Ignoring customer feedback

• Reducing production costs at all costs

• Skipping prototype development

Explain the benefits to an organisation of providing a high-quality product.

• Increased customer satisfaction and loyalty

• Higher production costs

• Decreased market share

• Reduced brand reputation