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WorksheetsN5 Business Management
Total questions: 71
Worksheet time: 35mins
Oxfam is a charity that operates in the Third Sector. Identify 2 other Sectors of Economy.
Primary and Secondary
Primary and Tertiary
Private and Public
Private and Third
Give a description of the Private Sector.
Owned by the government on behalf of the taxpayer.
Owned by private individuals who aim to make a profit.
Owned and regulated by the government and aim to raise funds and awareness
Owned by a sole trader
Enterprise is a Factor of Production. Identify the other Factors of Production.
Land, Labour and Country
Primary, Secondary and Tertiary
Private, Public and Third
Land, Labour and Capital
Identify an example of an Entrepreneur.
Outline ways a business can measure customer satisfaction.
Customer surveys
Provide high quality products
Train staff well
Online reviews
Identify the aims of a charity.
To make profit
To satisfy customers
To raise funds and awareness
To survive
This external factor looks at the trends and beliefs of the customer.
Political
Social
Economic
Competition
Identify an internal stakeholder.
Customer
Banks and lenders
Supplier
Employee
Identify an internal factor of an organisation.
Political
Environmental
Technology
Competition
Which of the following images would come under the 'Environmental' heading in PESTEC?
Give an influence of an employee.
They can shop elsewhere
They want job satisfaction and good working conditions
They can take industrial action e.g. strike
They can provide a poor service to the customer
How do we choose our suppliers?
They are our friends but their reputation for business is bad
They are companies we don't know about
They are dependable, reliable and offer competitive prices.
They are as far away as possible
Having an overstocked supply of goods means what for a business?
Customers go to competitors
All inventory never goes out of date
Inventory is never at a risk of being stolen.
Money is tied up in inventory so may cause cashflow problems
Product
The cost to the buyer of goods or services
Informing customers about products and persuading them to buy them
Where goods or services are available
Goods or services that are sold
Promotion
The cost to the buyer of goods or services
Where goods or services are available
Informing customers about products and persuading them to buy them
Goods or services that are sold
Place
Informing customers about products and persuading them to buy them
The cost to the buyer of goods or services
Goods or services that are sold
Where goods or services are available
Is this ...
Price?
Place?
Promotion?
Product?
Is this...
Place?
Product?
Promotion?
Price?
A marketing .............. refers to a business's overall plan for reaching prospective consumers.
price
promotion
strategy
place
..................... are people who have a big social media following.
Borrowers
Investors
Influencers
Bankers
When someone famous uses their own image to help promote a particular product, it is called ........... .
billboard
endorsement
placement
spread
A ...................... is a special saying made from a few words that helps identify the company or brand.
logo
coupon
banner
slogan
Process of gathering, analyzing, and interpreting information about market, product, or service to be offered for sale in the market, about the past, present and potential customers for the product or service.
MARKETING PLAN
MARKET RESEARCH
MARKETING STRATEGY
PRODUCT TESTING
Pinterest, Instagram, Facebook are example of ........
DISPLAY ADS
PODCASTS
SOCIAL MEDIA ADS
VIDEO ADS
Which of the following is the term for information that is second hand that has already been collected by someone else
Field Research
Desk Research
Which of the following are disadvantages of Desk Research?
May be out of date
Expensive to collect
Time Consuming
Which of the following Pricing Strategies describes when you take the cost of producing a good and add on a percentage of profit to arrive at the selling price?
Cost-plus pricing
Low pricing
Promotional Pricing
High pricing
Which of the following pricing strategies describes when the price of a product is lowered for a short period of time?
Cost-plus pricing
Loss leader
Physiological Pricing
Promotional Pricing
Which of the following pricing strategies describes when a product is priced at £4.99 rather than £5.00 to give the buyer the impression they are getting a good deal.
Loss Leader
Cost Plus Pricing
Psychological Pricing
High Pricing
Identify which of the following is NOT a market segment...
Age
Gender
Favourite food
Lifestyle
Which stage in the Product Life Cycle would the IPhone 4 be in?
Introduction
Maturity
Decline
Growth
"Products move along a production line and something is added to them at each stage." What method of production is this?
Job
Batch
Flow
Holding too much inventory is called
Understocking
Overstocking
Raw Materials
Finished Goods
What is the missing stage of the product life cycle?
(a)
At what point on the product life cycle do sales reach their highest level?
Introduction
Growth
Maturity
Decline
Select the possible consequences of overstocking
Cash flow problems as money is tied up and could be use din other places
If trends change your stock may go out of fashion and be wasted
Production may stop if there are not enough raw materials
Customers may not get their orders in time
Quality assurance is when...
Products are checked throughout the production process
Products are checked at the end of the production process
Products are checked at the beginning of the production process
Which of the following is not an impact of overstocking.
The human resource management (HRM) function in a business deals with any issue relating to the management of staff (employees).
True
False
What is the first stage of the recruitment process?
Identify a job vacancy
Carry out a job analysis
Advertise the job
Prepare a person specification
People can apply for jobs by handing in a CV or by completing an application form.
True
False
What two main ways can a business motivate its staff?
Financial Incentives
Non-financial Incentives
Pat on the back
Give them a thumbs up for finishing a job
_________ refers to the process of identifying and attracting job seekers so as to build a pool of qualified job applicants.
Selection
Training
Recruitment
Induction
Benefits of a Motivated Workforce are:
Increased productivity
Lower absenteeism
Higher staff turnover
Less Tax
Which financial method would include the employee being paid for additional hours worked?
Time Rate
Overtime Payment
Piece Rate
Commission
Which payment system involves the employee being paid for every product they produce?
Commission
Salary
Piece Rate Pay
Time Rate Pay
Trade unions support:
Staff
Customers
Suppliers
Community
Identify whether the benefit is of on the job or off the job training.
Less expensive and tailored to the business.
On the job training
Off the job training
