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WorksheetsMock A Level Business Revision Y12
Total questions: 82
Worksheet time: 48mins
Marketing provides the link between a business and the (a)
The exchange process typically involves an individual or organisation looking to satisfy a need or want by acquiring a good or service in exchange for (a)
Relationship marketing looks to build what type of relationship between a company and its customers?
Profitable
Short term
Transactional
Long term
What is the best definition of a market?
A place, real or virtual, where buyers and sellers come together
A place in the centre of town where you can buy vegetables
A process by which companies create value for customers
A way of satisfying customers in order to create value
Marketing objectives need to be SMART. What does this acronym stand for?
Specific, marginal, acceptable, respectable and timed
Specific, measurable, adequate, relevant and time bound
Specific, marketing, achievable, relevant and time bound
Specific, measurable, affordable, relevant and timed
Specific, measurable, achievable, relevant and time bound
A marketing objective might include sales. Sales can be measured in terms of what?
Sales value and sales units
Sales volume and sales performance
Sales value and sales volume
Sales volume and sales growth
Market share is calculated how?
(Total market sales ÷ Sales of the product)×100%
(Sales of the product ÷ Total market sales)×100%
Change in sales (Change in sales in given period ÷ Existing sales) ×100%
Operations, overall strategy, finance, human resources and business objectives. These are examples of internal or external influences on marketing?
External
Internal
Technology, social, economic, political, competition and legal. These are examples of internal or external influences on marketing?
External
Internal
What is the best definition of brand loyalty?
The positive association consumers attach to a particular product or brand.
The promotion of a particular product by means of advertising
The use of market research and advertising to promote and sell products or services
The combination of factors used to influence consumers to purchase a company's products
Costs that alter directly with output level
fixed costs
variable costs
Revenue =
selling price - quantity sold
selling price + quantity sold
selling price x quantity sold
selling price / quantity sold
Unlimited liability applies to :
an LTD
a PLC
a company
a sole trader
Which type of business can sell shares to the public ?
LTD
PLC
sole trader
Which of the following is a disadvantage of being a public limited company?
The business is at risk of takeover
Unlimited liability
Large sums of money can be raised
Limited liability
What are the owners of private and public limited companies called?
Stakeholders
Board of directors
Managers
Shareholders
Private and Public Limited companies both have
Unlimited liability
Limited liability
Which of the following is an advantage of a private limited comapany
You can sell shares openly to anybody around the world
You can choose your own shareholders that are suitable for the business
You can gain more sales as the business is well known
They have unlimited liability
Why does a company issue shares?
To raise money that can be invested in the business
To get more owners
To make more profit
To allow the business to be sold off
What is one advantage of a public limited company?
Unlimited liability
They can buy an unlimited amount of vehicles.
They can tell private limited companies what to do.
Shares are easily transferable.
Which of the following is the least complicated to set up?
Sole Trader
Partnership
Private Limited Company
When profits are shared between shareholders. This is called a (a)
What is the simple difference between a public and private limited company?
A public limited company is public and a private limited company is private.
There are no differences.
The public limited company can quote shares in a stock exchange while a private limited company cannot.
One does not deal with shares while the other does.
What is meant by the term 'incorporation'?
Two businesses joining together
One business taking over another
Setting up a business as a separate legal entity.
Two separate businesses working together
Functional objectives are usually set for :
individuals
the whole company
departments
senior management
Market capitalisation =
Number of shares divided by share price
Number of shares minus the share price
Number of shares multiplied by share price
Qualitative market research =
large scale surveys, closed questions
small scale interviews, open questions
The formula for price elasticity of demand (PED) =
% change in price divided by
% change in quantity demanded
% change in price multiplied by
% change in quantity demanded
% change in quantity demanded
divided by % change in price
% change in quantity demanded
multiplied by % change in price
A strong brand should :
increase price elasticity of demand
reduce price elasticity of demand
have no effect on price elasticity of demand
A product with low market growth and high market share =
Cash cow
Dog
Question mark
Star
In the Boston Matrix, a Problem child (question mark) =
High market growth and low market share
Low market growth and high market share
High market growth and high market share
Low market growth and low market share
The product life cycle stages in order :
Introduction, Development, Growth, Maturity, Decline
Development, Introduction, Maturity, Growth, Decline
Introduction, Growth, Development, Maturity, Decline
Development, Introduction, Growth, Maturity, Decline
A _________ acts like business, but its purpose is to benefit society.
Franchise
Limited Liability Partnership
Nonprofit organization
corporation
Distribution is NOT about getting a product to consumers...
...in the right place
...in the right way
...in the right packaging
...at the right time
A role of a retailer is to:
Provide manufacturers with access to consumers over a wide area and in convenient locations.
Provide a simple sales option for manufacturers
Help buyers to find the right business to buy from in complicated markets
Make the goods eventually used by consumers
Fast moving consumer goods are often sold through wholesalers who add value by 'breaking __________'
bad
bulk
bones
businesses
Cutting out intermediaries will not directly reduce
cost
complexity
stages of distribution
customer satisfaction
Using the government statistics to find out about the favorite cereals among children
Primary research
Secondary research
Which data is less expensive to obtain and less time-consuming?
Primary Data
Secondary Data
When a business ‘creates or adds value’ it increases:
the difference between the cost of purchasing raw materials and the price the finished
goods are sold for
the number of products it sells
the difference between the cost of producing a product and the price for which it is sold
the difference between the price of a product and the variable cost of its production
An entrepreneur is someone who:
is an employee of a business enterprise
takes the risk of starting and managing a business venture
works for the government to provide public services
just provides capital to a business start-up
The most important difference between social enterprises and profit-seeking businesses is:
social enterprises never aim to make a profit
social enterprises will have objectives other than profit
profit-seeking businesses will always make a profit
social enterprises do not sell goods and services but profit seeking businesses do
Targeting different products to type of customer due to age, social factors, income levels, geographic or sociological factors.
Market research
Market segmentation
Market planning
Market share
Which one is NOT the definition of "market research" ?
Process of collecting and analysing data to identify customer needs.
Collecting primary and secondary data, such as when setting up a new business.
Discussion process with customers, competitors, and suppliers to find the best solution.
Identifying aspects of the market to aid decision making by using methods like surveys, interviews, internet.
One person, no continuity, unlimited liability, keep all profits.
Sole trader
Partnership
Private Limited Company
Joint Venture
What is a niche market?
A market in which businesses sell to a large customer group with similar needs.
A market in which businesses sell to a variety of customers.
A market in which businesses sell to a small customer group with specific needs.
A market in which businesses sell one product to many consumers.
What is a mass market?
When a business sells different products to all consumers and markets them in the same way.
When a business sells the same products to all consumers and markets them in a different way.
When a business sells different products to all consumers and markets them in a different way.
When a business sells the same products to all consumers and markets them in the same way.
What is the problem with trying to determine market share?
There are too many products in the market
Can be difficult to determine what “counts”
The market is too small to try and calculate
The market has too many competitors
The term "Demographics" refers to
Grouping potential customers based on their beliefs and preferences
Grouping potential customers based on whether or not they have purchased a product in the past
Grouping potential customers using statistical data such as age, race and gender
Grouping potential customers based on where they live
A business' target market includes
Everyone
All the people who might use a product or service
The specific people that the company is aiming to reach with its marketing and sales efforts
One segment of the market
Which of the following is the BEST definition of 'mission statement'?
A statement defining the future aspirations of a business
A statement defining what an organisation is, why it exists and its purpose
A statement explaining what the business does
A statement explaining which stakeholders a business will serve
Which of the following are true about Interest Rates? Tick all that apply.
Interest rates are the cost of borrowing money.
Interest rates are earned on savings.
All businesses will be negatively affected by a rise in interest rates.
All of the above.
(a) is the special feature of a product that differentiates it from the products of competitors
(a) is when consumers keep buying the same brand again and again instead of choosing a competitor's brand
Which stage of the product life cycle needs a lot of promotion?
(a)
How does a business extend the product life cycle?
introduce new types of the product
Develop a new product
extend advertising
sell at more retailers
Business that produce only one product will use this pricing method
Cost plus pricing
Competitive Pricing
A business that has many competitors will use this pricing methods
Premium pricing
Competitive pricing
A business that sells innovative technological products use this type of pricing method
Price skimming
Cost plus pricing
A business that wants to increase sales or enter a new market use this type of pricing
Promotional pricing
Competitive pricing
Which is a way that a business can extend the life cycle of an established product?
By promoting the product to current users
By finding new uses for the product
By restricting distribution
By attracting consumers who are innovators
Why does a company need to know the life-cycle stages of its products?
To prevent imitators from entering the market
To find new uses for the product
To predict the length of the life cycle
To adapt its marketing strategies
The Business Cycle measures :
GDP
CPI
OCG
GPD
A business can pass-on the extra cost of inflation, by raising prices if :
demand is price elastic
demand is price inelastic
Interest rates = the cost of borrowing, and the reward for (a) (one word)
P for the PESTLE mnemonic stands for
Political
Principal
Phenomenon
None of the above
Acquiring permits in establishing a business is a concern of what part of the PESTLE analysis?
Legal
Political
Economic
None of the above
The inclusion of the Inflation Rate as a determinant in running a business is one example of applying of what factors that could be seen in the PESTLE analysis?
Political
Legal
Economic
None of the above
Describe your demand for a product if you buy the same amount of it or just a small amount less after a large price increase.
elastic
unitary elastic
inelastic
hyperelastic
Water has seen an increase in demand 8% this summer, while the price has decreased 12%
1.5 inelastic
1.5 elastic
.67 inelastic
.67 elastic
Price of 1 share multiplied by the total number of shares outstanding equals ___.
P/E Ratio
Dividend Yield
Market Capitalization
Stock Index
