Business Quiz

What are the 4 Ps of the marketing mix?

• Product, Price, Promotion, Place

• People, Price, Product, Promotion

• Product, Packaging, Place, Promotion

• Product, Price, People, Process

What is meant by the term 'target market'?

• The group of people a business ignores

• All people in a market

• The group of people a business aims to sell to

• Competitors in the same market

What does 'promotion' include?

• Only social media ads

• Activities to increase awareness and sales

• Price discounts only

• Product packaging only

Why is packaging important?

• To increase production

• To attract customers and protect the product

• To reduce staff

• To improve training

What is the difference between a product and a brand?

• A product is advertised, a brand is not

• A brand is a unique identity, a product is the actual item

• A product is a service, a brand is physical

• There is no difference

What is meant by 'quality control'?

• Hiring staff

• Training employees

• Checking products meet standards

• Choosing suppliers

What does 'just-in-time' stock management mean?

• Producing goods early

• Keeping lots of stock

• Stock arrives only when needed

• Buying stock once a year

Why might a business choose a local supplier?

• Higher transport costs

• Longer delivery time

• Lower delivery costs and faster service

• Because they are international

What is batch production?

• Making one product at a time

• Making large quantities with no change

• Making a group of identical products

• Outsourcing production

What is one disadvantage of overstocking?

• Higher employee motivation

• Improved customer service

• Storage costs increase

• Easier production