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Worksheets1.1 and 1.2 Revision GCSE Business Edexcel
Total questions: 49
Worksheet time: 25mins
What do customers need
High prices
Good prices
Variety
Which of the following is a reason why businesses conduct market research?
To identify and understand:
Employee needs
Shareholder needs
Customer needs
Manager needs
An independent coffee shop offers customers a wide selection of coffee types. Which of the following customer needs is being met:
Convenience
Choice
Quality
Price
Ryobi sends out a survey to past purchasers of their portable drill
Primary
Secondary
Which of the following best describes a type of survey that involves asking a series of questions to respondents to find out specific information to meet business needs?
Observation
Questionnaire
Government report
Market report
Why do businesses use market research?
To identify customer needs
To sell goods and services
To advertise
True or False: primary research is very generic and not specific.
True
False
The positive feeling customers have about a business that meets their needs is
customer satisfaction
quality service
customer service
consistent quality service
Reading a book about a research on certain topic
Primary Research
Secondary Research
Using the government statistics to find out about the favorite cereals among children
Primary research
Secondary research
Which of the following statements best describes the term, reward?
The probability that something will go wrong
The chance of loss or damage
When a hoped for outcome does not happen
The benefits gained through business activity
An entrepreneur has developed a unique product to launch into the market. Which of the following best describes how this new business idea came about?
An original idea
Adapting an existing product
Adapting an existing service
Adapting an existing idea
A product or service is obsolete when sales:
Start to rise
Rise rapidly
Growth slows
Fall or come to an end
Which of the following is an example of the role of an entrepreneur?
Producing goods or services
Meeting customer needs
Organising resources
Offering customer convenience
Which of the following is NOT an example of adding value
Quality
Branding
Selling an item for less
Unique selling point
Which of the following is not a reason why entrepreneurs create new business ideas?
Obsolete products
Create more jobs
Consumer needs and wants change
Advanced technology
Which of the following is a benefit of adapting a product or service?
Creates a USP
Creates something brand new
Cheaper
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 best describes the term, obsolete? When consumers:
Demand more of a particular product or service
Want, and can afford, to buy more products and services
Can no longer afford to buy a particular product or service
No longer want to buy a product or service
Lack of overall planning and poor decision-making can lead to business failure. This is known as:
Poor management
Poor quality
Poor understanding of the economy
Poor sales levels
Convenience
Making life easier for customers, i.e. great location or product that saves time in preparation or consumption
Making life harder for customers, i.e. making it hard to get, which means higher demand
Making life cheaper for customers, i.e. offering the product at a loss
Making life better for customers, i.e. the product will improve their life
Demographics
The laws that a business must comply with
The place where customers live and buy their products
Statistical differences that exist within a population, now and in the future
Out of date products
Which one of the following is not an example of a customer need or expectation?
Convenience
Good quality
Limited choice
Value for money
Which two of the following are examples of how entrepreneurs can use market mapping
To identify a gap in the market
To identify where competing products fall across two dimensions
To identify the location of competitor businesses
To identify the best location for a new business
To advertise to customers where the business is located
Which oneof the following is the correct definition of market mapping?
Collecting, collating and analysing data relating to the marketing and consumption of goods and services
A diagram showing where products or services in a market are positioned in relation to two variables
Dividing the market up into customer groups according to where customers are located
Plotting where products or services are positioned in relation to two variables considered important to customers
Which one of the following is the correct definition of market share?
The total sales of all businesses in a particular market
The sales of one particular business as a proportion of the total sales in a market
A group of customers that share a common characteristic
A part or portion of a business owned by another business or individual
Which one of the following is the correct definition of market research?
The process responsible for getting the right product to customers at the right price, in the right place, at the right time
The systematic investigation and study of materials and sources to improve knowledge
A place where buyers and sellers get together to exchange products and services
The collection, collation and analysis of data relating to the consumption of goods and services
Which one of the following is the correct definition of market segmentation?
The collection, collation and analysis of data relating to the marketing and consumption of goods and services
A group of customers in an entire market that share similar needs and wants and common characteristics
Dividing a market up into customers with similar needs and wants and common characteristics
The management process responsible for getting the right product, at theright price, in the right place, at the right time to the customer
The desire for products or services that are not necessary = ???
Consumer hunt
Consumer need
Consumer demand
Consumer want
Every business decision has an element of ____
segmentation
security
globalisation
risk
A successful ____ must be willing to take risks
employee
stakeholder
entrepreneur
consumer
A major cause of business failure is ____
a lack of cash flow
excessive demand for their products/services
an abundance of cash inflows
having too many customers
Selling price is greater than the costs of making the product = ???
Added demand
Added value
Added profit
Added finance
What does USP stand for?
Unique Social Profit
Unique Selling Point
Unique Sales Place
Unique Sold Patch
Market research that you go out and do it yourself = ???
Secondary research
Desk research
DIY research
Primary research
Changes in technology. Changes in what consumers want. Products and services becoming obsolete.
Why new business ideas come about.
How new business ideas come about.
Business failure, Financial loss. Lack of security.
The impact of risk on business activity.
The impact of reward on business activity.
Business success. Profit. Independence.
The impact of risk on business activity
The impact of reward on business activity
Convenience, Branding, Quality. Design. Unique selling points.
Understanding customer needs.
Ways to add value.
THe role on entrepreneurs
Organises resources.
Makes business decisions.
Takes risks.
The role of entrepreneurship. An entrepreneur…
The role of businesses.
Price
Quality
Choice
Convenience
Ways to add value.
The role of an entrepreneur.
What customer needs are.
Generating sales
Business survival
The importance of identifying and understanding customers.
The role of entrepreneurs.
Business rewards.
Survey
Questionnaire
Focus group
Observation
Market research.
Primary market research.
Secondary market research.
Internet. Market reports. Government reports.
Primary research methods.
Secondary research methods.
Location
Demographics
Lifestyle
Income
Age
Market research
Maket segmentation
The competitive environment
Market mapping.
Understanding the competitive environment.
The use of market research.
How businesses use market segmentation to target customers
