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WorksheetsRO64: Marketing and Enterprise LO1 + Advances
Total questions: 40
Worksheet time: 30mins
Select 2 ways to carry out Primary market research
Books
Surveys
Purchased research
Questionnaires
Select 2 ways to carry out secondary research
Focus Groups
Books
Governments statistics
Observations
analyse 2 benefits of carrying out primary market research rather than secondary market research
You don't have to carry out the market research yourself
Research will be tailored to the needs of the business and answer its specific requirements
The results are more likely to be up to date
You can gain the research from using the internet.
Explain what the term 'focus group' means?
A method of research where a business will test/sample a product with a group of selected consumers.
A method of research where questions are asked on paper
A method of research where a group of people are asked their views and opinions on a particular topic
A method of research where a scale is used to gain customer feedback.
Explain what the term 'Consumer Trial' means?
A method of research where a business will test/sample a product with a group of selected consumers.
A method of research where questions are asked on paper
A method of research where a group of people are asked their views and opinions on a particular topic
A method of research where a scale is used to gain customer feedback.
Explain what the term 'Survey' means?
A method of research where a business will test/sample a product with a group of selected consumers.
A method of research where questions are asked on paper
A method of research where a group of people are asked their views and opinions on a particular topic
A method of research where a scale is used to gain customer feedback.
Explain what the term 'Questionnaire' means?
A method of research where a business will test/sample a product with a group of selected consumers.
A method of research with open and closed questions are asked and customer complete the research method on paper.
A method of research where a group of people are asked their views and opinions on a particular topic
A method of research where a scale is used to gain customer feedback.
State what the A stands for in market segmentation.
Age
Arrangements
Appearance
Attitude
State what the O stands for in market segmentation.
Orientation
Occurrence
Occupation
Obedient
What does the G stands for in market segmentation.- 2 answer
Geography
Gender
Geographic
Geometric
A method of research where a business will gather data from its source for its own specific reasons
Secondary Research
Primary Research
A method of research where a business uses information that has already been gathered
Secondary Research
Primary Research
Filling in the missing word
A ___________ is something that a person would die if they did not have it. This includes things like food, water, and shelter.
Want
Need
Filling in the missing word
A ___________ is something that people desire to have, that they may, or may not, be able to obtain.
Want
Need
Why is it important to know your customers? - select 4 answers
Repeat business, increasing sales and profits
To support decision making
Customer loyalty and commitment
Effective promotion and advertising
Image, reputation, popularity, well known
You are designing a new product - A new dress for a girl. Select the correct segmentation for market research.
Gender
Age
Income
Occupation
Which of the following may be a reason for a small business to complete market research?
To advertise for a new sales manager
To aid decision-making about their product
To help track stock levels
To inform staff of changes to their product
You are planning to take over the franchise of a local grocery store called ‘Proctor’s Supplies’ and you are drafting a business plan.
Identify which list of items should be detailed in your business plan.
business strategies
sales plan
competitors names
marketing plan
financial forecasts
the business objectives
business strategies
sales plan
product details
financial forecasts
the business objectives
business strategies
sales plan
marketing plan
financial forecasts
business ownership
business strategies
sales plan
marketing plan
financial forecasts
Which letter on the diagram above shows the break-even point for the product?
A
B
C
D
Which of the following tasks would be carried out by the Marketing function of a business?
Allocating financial resources
Finding out customer opinions
Planning Production
Selecting new employees
A sole trader decides to advertise their business using social media
Name one key feature of advertising using social media is that:
It will only be seen by people aged under 25
It is time-consuming to change details on existing advertising
It is low cost to keep details up-to-date
It can only target people in the local area
Explain how many people are in a sole trader business?
4
1
2
2
A business owned by 2 or more people who share the profits is known as..?
Liability company
Partnership
Franchise
Sole Trader
An agreement where a business grants another business the right to use its trade-name. For example opening up another branch under their name is called...?
Limited Liability
Franchise
Partnership
Sole Trader
What is the definition for a Business Plan?
A document that outlines a strategy used by a business to try and make a product stand out against competitors.
A document that outlines the a pricing strategy that takes into account the prices charged by competitors in the same industry.
A document that outlines the aims of a business and how it intends to achieve those aims. It is a plan which details the physical, human and financial planning, and the intended operations.
A document that outlines the cost that does not vary with output
Select correct responses. Sources of Finance?
Laura wants to set up her own business. Name 2 sources of finance she could consider which don't incur (add) a interest amount added onto the finance.
Small business grants
Friends and Family
Bank Loan
Own savings
Select correct responses. Sources of Finance?
Where can Sally gain a large amount of money from?
Friends and family
Loan
Crowd funding
business angels
Who would deal with
-research of market
-finding out customers requirement
-dealing with Product, price, place and promotion
Human Resources
Market Research
Operations
Finance
What is the total for the following - Breakeven calculation
•Fixed costs £1200
•Variable costs £15
•Selling price £20
£240
£25
-£240
£2000
What does USP stand for?
Unique starting Point
Unique Selling Point
Underestimated Strategy Pricing
Universal Selling Plan
Which of the following are types of customer feedback techniques available to business start-up? - select 3
Online surveys
Questionnaires
Social Media
Focus Groups
Comment cars (customers)
What methods do you think you could use to attract and retain customers - select 3 responses
Feedback through questionnaires
Leaflets
Social Media
Radio
Face to face
What does BOGOF stand for?
Brought one get one free
Buying often Goes out for Free
Buy one get one free
Batch one get one free
what do you think the M stands for in the product life cycle?
Maturity
Male
Meaning
Mindful
Which of the following would be effective in attracting and retaining customers in a mobile phone sales franchise?
A delivery fee is charged on all new phones
A single brand of phone is sold
An extended warranty is offered on all phones
Phone sales are by appointment only
If you advertised your intended new business on different social media platforms and asked a large number of people to invest money into the business, you would be looking for which source of capital?
A group loan
Business angel financing
Crowdfunding
Bank Loan
Which of the following would be included in a business plan for a start-up business?
A review of the business objectives set last year
Sales during the last 12 months
Profits during the last 12 months
Profit forecasts for the next 12 months
Which of the following means 'crowdfuncding''.
A strategy used by a business to try and extend the product lifecycle when a product reaches the maturity stage.
The flow of money into (inflows) and out of (outflows) a business.
A cost that does not vary with output. For example, rent.
A source of finance where a project is funded through contributions from a large number of people who all invest relatively small amounts of money.
Select correct responses. Sources of Finance?
Laura have decided to secure a bank loan, however they have asked for her house. What is the correct term for this?
Grant
Assets
Security
Distribution
Which 3 factors to consider when pricing a product to attract and retain customers? - 3 answers to select
Income levels of target customers
Price of competitor products
Layout of the store
Cost of product
