WorksheetsTheme 1 Test 8
Total questions: 25
Worksheet time: 16mins
Market Positioning is where a ................. is placed in the ............. relative to its competitors
business/market
product/market
business/environment
product/shop
Michael Porters Strategy states that a firm can enjoy a competitive advantage if it is either: Lowest cost or Highest differentiated?
True
False
Cost leadership means being able to offer your .......... or service at the .................. cost possible
business/highest
product/lowest
business/lowest
product/highest
A product is targeted at a wide range of people and the market is not segmented are both features of a mass market
True
False
Risk cannot be measured and quantified
True
False
When a new idea or invention is launched onto the ...................normally with a view to ..................... gains is innovation
market/financial
market/market
internet/market
market/increase
Separates the population into segments e.g. income groups.A sample is then taken from that segment.
Random Sampling
Quota Sampling
Stratified Random Sampling
Snowball Sampling
Apple sees its customer to be king and develops all its phones based on customers' specification.
Market Orientation
Product Orientation
Occurs when the interviewers select people within the population who meet set criteria e.g. 300 males aged between 24 –26.
Random Sampling
Quota Sampling
Stratified Random Sampling
Snowball Sampling
Water has seen an increase in demand 8% this summer, while the price has decreased 12%
1.5 inelastic
1.5 elastic
.67 inelastic
.67 elastic
Ford Trucks have seen a increase in demand of 27%, while the price has decreased 15%
.56 inelastic
.56 elastic
1.8 inelastic
1.8 elastic
Why does demand generally become more elastic over time?
People don't change their shopping behavior over time.
Few substitutes become available.
People buy more products over time.
People have time to find substitutes and change behaviors.
Which of these is NOT a monetary method of motivation?
Comission
Pay Rise
Recognition
Bonuses
what are TWO benefits of a motivated workforce?
This can result in better productivity
customer service will most likely improve
you can pay them less because they're enjoying work
they only work when they feel like working
What is a benefit of external recruitment?
No training is needed for the new employees
It is a much shorter process than internal
It is cheap
The company will get new people with new skills
The insurance industry forms part of the..... sector
Primary
Secondary
Tertiary
Informal
David is team leader of a large production facility. His team consists of 46 staff. This is an example of:
narrow span of control
a wide span of control
work specialisation
a vertical span of control
The unbroken line of authority that extends from the top of the organization to the lowest part of the business and clarifies who reports to whom is termed _____.
chain of command
authority
span of control.
unity of command
Business Z cuts the price of a product by 10%. As a result if this price cut, demand increases from 1750 to 2000 units per week. What is the price elasticity of demand?
-0.91
-1.14
-0.70
-1.43
A firm produces 200,000 units using 50 employees & 10 machines. What was the labour productivity?
20,000 units per employee
4,000 units per employee
4,000 units per machine
400 units per machine
In which of the following situations is a business likely to experience significant HRM issues?
Labour turnover low & staff retention high
Labour turnover low & staff retention low
Labour turnover high & staff retention low
Labour turnover high & staff retention high
