Worksheetsunit 1 revision edexcel business a level
Total questions: 15
Worksheet time: 5mins
formula for % change =
difference / original
original / difference x 100
difference / original x 100
A firm has sales of £6m per year in a market worth £12m per year
market share = 200%
market share = 20%
market share = 2%
market share = 50%
Which market is likely to be the most dynamic ?
baked beans
pasties
technology gadgets
bread
Competition has one of the following effects on a market :
less innovation
less choice of products
lower prices
less choice of product providers
Find out what customers want, then make a product to suit their needs =
product orientation
market orientation
product-led marketing
Market research that obtains opinions, beliefs, attitudes :
qualitative research
large scale surveys with closed questions
quantitative research
Primary market research :
government data
competitors' websites
desk research
confidential
Divide the market into identifiable groups of customers :
sequencing
segmentation
augmentation
cementation
A product costs £3.50 to make and supply to customer. Its selling price = £6.00
Therefore the added value = £
3.50
6.00
8.50
2.50
The I in TICS (factors affecting demand) =
individualism
income of consumers
interest rates
investment
The E in CELTS (factors affecting supply) =
environmental
external shocks
exhaustion
exceptions
The diagonal line =
demand
supply
The shift could be caused by
lower cost of production
higher government subsidies (financial support)
new technology improvement
an external shock
If a product is undifferentiated, has lots of competition, a weak brand, then demand is likely to be :
price elastic
price inelastic
If demand for a product is price elastic, then the following is true :
a price cut leads to less total revenue
a price cut leads to more total revenue
a price cut leads to no change in total revenue
