Year 10 Edexcel GCSE Business 1.1.1 to 1.2.4

An independent, high fashion retailer targeting teenagers has recently opened in a popular shopping centre located in a busy city centre. Which of the following is the best way the business could compete successfully with its rivals?

• Charge higher prices and offer a smaller product range

• Charge lower prices and offer a wider product range

• Charge high prices for low quality clothing

• Charge moderate prices and provide a low level of customer service

Sara decided to start-up a business as a personal trainer, due to her passion for fitness. Which of the following is the main reason behind Sara's business idea?

• Earn more money

• Pursue an interest

• Be her own boss

• Work more flexible hours

A budding entrepreneur who is looking to set up a new enterprise is concerned that the business might not provide enough of a stable income to maintain his current standard of living. Which of the following best describes this risk?

• Inability to break even

• Lack of security

• Business failure

• Lack of independence

Which of the following is a characteristic of a monopoly market structure?

• Many sellers offering similar products

• One seller dominating the market

• Free entry and exit for businesses

• High level of product differentiation

UK Supermarkets like Aldi & Lidl are generally competing based mainly on...

• Price

• Range of products

• Location

• Branding

Which of the following is a financial reason why an entrepreneur might start-up a new

business?

• To make a profit

• To pursue a skill or interest

• To have more freedom in decision-making

• To achieve a work-life balance

Organises resources.

Makes business decisions.

Takes risks.

• The role of entrepreneurship. An entrepreneur…

• The role of businesses.

The following are all forms of what?:
Survey

Questionnaire

Focus group

Observation

• Market research.

• Primary market research.

• Secondary market research.

What is a key benefit of conducting primary market research?

• It is less expensive than secondary research

• It provides data that is specific to the researcher's needs

• It relies on existing data sources

• It is quicker to obtain than secondary research

What does "Adding value" mean in a business context?

• Reducing costs to increase profit margins

• Selling a product for more than it costs through processes applied

• Increasing the number of products available

• Expanding business operations