WorksheetsPrelim Revision
Total questions: 65
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
The third sector
Is owned by the Government
Is non-profit making organisations
Reinvest profits
Aim to benefit a specific group of people that need special assistance
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
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
A disadvantage of a partnership
Limited access to funds
Disagreements could occur due to shared decision making
Owners get to keep all profits
Workload is shared between partners
An advantage of a partnership is
Unlimited liability
Shared responsibility so workload is reduced
Profits have to be shared
Less capital
A business in this sector of the economy is funded through taxpayers money and ran by the government
Public
Private
Third
Primary
Which external factor is concerned with changing demographics, e.g. an increase in population
Political
Economic
Social
Competitive
Quality inputs is ensuring the final product is of high quality and
Has been completed by highly skilled and trained employees
Uses the latest machinery
Has used low quality raw materials
A benefit of branding is
It is easier for the business to launch a new product due to customers trusting the brand
Branding is associated with higher quality therefore higher prices can be charged
If a customer has a bad experience with a brand it can ruin their perception of the brand as a whole
Advertisement for brands is more expensive
Quality ___ checks products for faults at every stage of production.
Circle
Assurance
Job
Control
Quality ___ checks are at the end of production to ensure they meet the quality standards
Control
Assurance
Job
Batch
(a) production is capital intensive and produces identical products on a production line.
(a) production uses skilled labour to make the products, each product is individual to meet customer requirements
What is not an advantage of providing good customer service?
Repeat Custom and Loyalty created
Higher prices could be charged which can lead to increased profits
Good reputation which may attract new customers
More complaints and more returns
What is a disadvantage of using packaging for a business?
Provides protection during transportation
Helps keep goods fresh and provide legally required information such as allergies
Provides easy recognition of a brand
Plastic packaging is detrimental to the environment
An advantage of batch production is:
Products can be made 24/7 due to being fully capital intensive
If one batch is ruined it effects all the products in the batch
Customer satisfaction can be increased due to a batch meeting the needs of the customer
Staff are heavily involved in the production process therefore highly motivated
What are the MINIMUM number of partners in a partnership?
1
20
2
10
Which of these is NOT a benefit of e-commerce?
Target market is very limited
24/7 availibility
Can collect consumer date which can be used for marketing purposes
Reduced rent and staffing costs
What external factor may mean that a company has to purchase new health and safety equipment which will lowers profits and increases costs?
Economic
Political
Competitive
Environmental
Each business needs to decide where to locate. Which factor is NOT a main consideration?
Being close to customers
Availability of potential employees with correct skills
Availability of suitable premises
Availability of machinery especially for flow production
A manager is an external (out with the business) stakeholder
True
False
Which source of finance is NOT available to ALL types of business organisations?
Selling shares
Selling unwanted assets
Bank Loans
Borrowing from friends/family
Prior to setting the price of a product a business should
Research competitors pricing
Research prices their target market is willing to pay
Ensure they have met the required profit level and the cost of raw materials have been considered
If it is an upmarket product they should set a low pricing strategy
What are the names of the TWO TYPES of Market Research?
Secondary and Tertiary
Desk and IT based
Primary and Secondary
Desk and Field
What is an example of a sector of industry?
Private
Secondary
Third Sector
Public
The main objective of organisations in the Private Sector is to maximise profits for their owners
True
False
Staff/Employees main interest in business are job security, their health and safety in their working conditions and a fair wage.
True
False
A company must decided which method of distribution to use to get products to customer/retailer. Which statement is an advantage of using lorries on the road?
It is a quick method for long distances
Diesel lorries are very environmentally friendly
It is a direct method from door to door
It is not affected by external factors such as breakdowns or traffic jams
An example of technology in the marketing department is
(a)
A company must decided which method of distribution to use to get product to customer/retailer. Which statement is an advantage of using container ships (sea)?
It is a direct method from door to door
It is a cheaper method for long distances
Container ships can leave with small loads
It is flexible regarding delivery times
Which below is an example of a current trend in retailing?
Move to open bigger and bigger supermarkets
Increase in e-commerce retailers
Shops reducing their opening hours
Increase in small, independent shops
What action might a supermarket manager take when he spots a slow moving item?
Have a promotion activity (e.g. BOGOF) to increase sales
Order more to take advantage of bulk buying discounts
Discipline staff for understocking
Which source of finance do most sole traders use at the start of the business?
Donations
Own savings
Retained profits
Grants
What external factor may mean that suppliers cannot deliver raw materials due to bad weather and customer orders are delayed as a result
Social
Environmental
Economic
Political
What factors should a business NOT consider before choosing a business location?
Closeness to raw materials/suppliers to reduce carbon footprint
There is lots of competition near by
Availability of land to be able to expand/has low rent prices
If location is close to customers and has good parking/transport links
What external factor may mean that the company needs to consider using social media to communicate with customers if they wish to attract new clients
Technological
Social
Economic
Environmental
The collapse of the UK steel industry is mainly due to cheap imports from China who have 'over-produced'. This is an example of what external factor?
Environmental
Competitive
Economic
Political
Which stage of the product life cycle has rapid sales?
Introduction
Decline
Maturity
Growth
What does Ltd mean?
Private Limited Company
Public Limited Company
Private Licenses Company
Public Licensed Company
What type of research is being described here? It involves using second hand information already gathered for another purpose
Desk
Field
What type of research is being described here? It involves gathering brand new, first-hand information for a specific purpose
Field
Desk
What type of research is this an advantage of? Information will not be available to rivals therefore is very valuable
Desk
Field
Which METHOD of research is being described here? A company gathers a small group of customers together at the same time, led by a chair person who encourages discussion
Online Survey
Focus Group
Telephone Interview
Postal Survey
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 as far away as possible
They are dependable, reliable and offer competitive prices.
Methods of sales promotions are
BOGFFO
Free samples
Free Delivery
Promotional pricing / introductory discounts
What is meant by delivery time / lead time?
The amount of time the goods sits in storage at the supplier
The time it takes from order to delivery.
The time it takes the driver to drive from home to work.
The mileage travelled
Which is an advantage of successful branding?
Increased profits can be earned if the brand's image allows higher prices to be charged
It costs time and money to establish a strong brand
Bad publicity for one product in the brand can affect the sales of all others
It is expensive to fight against counterfeiters who produce fake products
What stage of the Product Life Cycle is being described? Product is first launched and promotion costs are high to raise awareness with the public. Sales are low due and product is probably still loss-making
Introduction
Growth
Maturity
Decline
What stage of the Product Life Cycle is being described? Product sales have reached their highest point and profits are high however this cannot be maintained long term as rivals produce new and improved versions and customers' tastes change. Company should think of re-investing profits for the future.
Introduction
Growth
Maturity
Decline
Taylor Swift recommends this mouthwash. This is an example of...
Testimonials
Celebrity Endorsement
Celebrity Advertisements
Which of these are NOT a quality of an entrepreneur.....
Innovative to come up with a new business idea
Hardworking
Determined
Scared to take risks
Which of these is NOT a feature of a social enterprise
Owned by private individuals
Aim to tackle a social or environmental problem
Making a profit is an objective, however they re-invest all of their profits back into the social issue
Cannot access Government Grants
Which of these are NOT a method of field research?
Postal Questionnaire
Telephone/online Survey
Personal Interview
Competitors Website
A disadvantage of an online survey is
Some people do not have access to ICT to fill out the survey
Can be sent to market segments through different social media channels
Do not need to print out surveys
Results take a while to be analysed
A disadvantage of using a personal interview as a method of marketing research is
Interviewer and interviewee meet face to face
Difficult to arrange a suitable time
Questions can be clarified
More in depth answers can be given
Market segmentation is the process of splitting a business’ target market into different groups. What one of these are not an example of a market segment?
Young people/Children
Shoe size
Low income consumers
Geographical Location
Which of these is not a stakeholder of a bank
Customers
Managers
Employees
School Children
Which of these factors are less likely to be a managers main interest in business?
To make bonuses
High quality staff
To make a profit
To expand the business into new countries
