Font size
WorksheetsMr Frayne Theme 1/4 Mixed Bag
Total questions: 65
Worksheet time: 33mins
Sugar and honey are viewed as substitute for each other in many cooking applications. If the price of sugar rises, we would expect _________________.
the demand for honey to increase
the quantity demanded of honey to increase
the demand for honey to decrease
the quantity demanded of honey to decrease
Which of the following best describes a market-oriented business?
Focuses on product innovation regardless of customer needs
Prioritizes understanding customer preferences and market trends
Emphasizes reducing production costs and efficiency
Relies solely on internal capabilities and expertise
A company that tailors its products to meet specific customer needs is most likely to be:
Product-oriented
Market-oriented
Asset-led
Sales-oriented
Which of the following is a key characteristic of a product-oriented company?
Prioritizing innovation over customer feedback
Regularly conducting market research
Adapting products based on competitors' actions
Offering personalized products to customers
Which of these is a famous website specialising in providing market reports?
Mantel
Mintel
Tell me
Mint Ideas
Which of the following are a way of 'adding value'
Price
Branding
Quality
Convenience
What is market segmentation?
The process of dividing a market of potential customers into groups, or segments, based on different characteristics
A process within advertising.
The process of gathering information of potential customers.
The process of creating a profile for a customer.
Which of the following relates to Demographic Segmentation?
Age Group
Occupation
Purchase patterns
Gender
Which of these is not associated with Qualitative Data?
Data relating to opinions of quality
It is subjective data
provides statistical facts
It may be difficult to analyse
The method used to identify where a product is positioned in the market in terms of certaincriteria, such as high priced/low priced, is best known as:
Market segmentation
Market share
Market mapping
Marketing mix
What does mass marketing do?
Unique product made for broad audience
Targeting audience
Mass production
Targeting a broad range of segments
Why do mass market businesses benefit from lower costs per unit?
Because they're making less of each product
Because they're making more of each product and therefore benefit from economies of scale
Because they advertise on TV
Because their customers have more specific needs
What is the formula for calculating market share?
Total sales of the company / Total profit of the industry * 100
Total sales of the company / Total sales of the industry * 100
Total profit of the company / Total sales of the industry * 100
Total sales of the company / Total expenses of the industry * 100
Company A has $500,000 in sales, and the total market size is $2,000,000. What is the market share of Company A?
50%
75%
25%
10%
Complete the formula to calculate PED:
= % change in quantity demanded
% change in (a)
If the percentage change in price leads to a greater percentage change in the quantity demanded, the answer will be greater than 1. This indicates that demand is relatively responsive to a change in price. What does this refer to?
Elastic
Inelastic
Which of the following is an example of inelastic demand?
Jason wants the most expensive cellphone. He decides to get a cheaper model.
Priya wants to go to the season-opening game. Tickets to another game cost less, but she still buys tickets for the opener.
Tianna wants to try out a new, expensive restaurant. She goes to another restaurant whose food is excellent and costs less.
Shawn wants to buy a house in one neighborhood. But after searching, he decides to buy a house elsewhere instead.
If the income elasticity of market demand is negative, most consumers view the good as:
a luxury good
having many imperfect substitutes.
an inferior good.
a normal good.
During a recession, firms can expect...
A. An increase in demand for normal goods
B. An increase in demand for inferior goods
C. A decrease in demand for normal goods
D. Both B and C
What type of good would have an Y Elasticity of -4
Luxury
Necessity
Inferior
Most things in Aldi
If the income elasticity of demand is greater than 1, the commodity is
a necessary
an Inferior
a luxury
None of these
A type of market segmentation divides markets into distinct groups based on age, gender, income level, occupation, or education level.
Geographic Segmentation
Psychographic Segmentation
Demographic Segmentation
Behavioral Segmentation
A type of market segmentation that divide markets into distinct groups based on lifestyle, values, beliefs, interests, or opinion
Behavioral Segmentation
Demographic Segmentation
Psychographic Segmentation
Geographic Segmentation
What is the selling price of an item which costs £5 to make and has a 50% mark up (profit added)?
£7.50
£5.00
£10.00
What is meant by Psychological pricing strategy?
Items are offered at an uneven number to appear cheaper encouraging sales (eg £9.99)
Items are sold using a special promotional offer which is brightly coloured and attracts attention
Items are sold at production cost price to attract customers into the store and increase purchases
Certificates that entitle customers to discounts on goods and services.
Premiums
Rebates
Product Bundles
Coupons
Cost of steel increases. What happens to market for cars?
Supply shifts left
Supply shifts right
No change in supply
Which of the following is an example of public relations?
TV advert
Merchandising
Press conference
Coupons
What is happening at point F of the Product Life Cycle?
Growth
Maturity
Extension Strategy
Introduction
Which theorist is associated with scientific management?
Taylor
Mayo
Maslow
McClelland
The " hierarchy of needs"is associated with which theorist?
Herzberg
Taylor
Ansoff
Maslow
Private health insurance is what type of incentive?
Performance related pay
Commission Based
Bonus scheme
Fringe Benefit
A disadvantage of part-time work for employers is:
Increased flexibility
Reduced training costs
Potentially higher turnover rates
More focused employees
The Key features of a tall structure include....
narrow span of control and many levels in the hierarchy
narrow span of control and few levels in the hierarchy
wide span of control and few levels in the hierarchy
wide span of control and many levels in the hierarch
What leadership style is closely associated with F.W. Taylor's Scientific Management theory?
Autocratic
Democratic
Laissez-faire
Transformational
What is an example of a "Question Mark" product?
iPads
iPods
Apple TV+
MacBooks
The Boston Matrix is used to help a firm manage its
Organisational structure
Product portfolio
Share price
Cash flow
A product with a high share of a mature market would be classified as a
Star
Question mark / Problem child
Dog
Cash Cow
What role do Wholesalers play in the distribution channel?
They sell products directly to the end consumers.
They create the products to be distributed.
They buy large quantities of products and sell them to retailers or other intermediaries.
They only operate in e-commerce channels.
What are the two dimensions that are used to determine the position of a product or brand in the Boston Matrix?
Sales & profits
Market share & market growth
Share price & market share
Selling price & market demand
The concept of spans of control in an organization refers to:
The number of subordinates a manager can efficiently manage.
The hierarchical levels in an organization.
The geographical spread of an organization's operations.
The financial control measures in place.
The two forms of business ownership with unlimited liability are:
Sole trader
Public company
Partnership
Private company
Which term refers to an employee acting like an entrepreneur within a larger company?
Freelancer
Intrapreneur
Manager
Executive
Which characteristic is commonly associated with successful entrepreneurs?
Risk aversion
Dependability on others
Resilience
A preference for routine
Private limited companies are...
incorporated
unincorporated
What is the difference between profit maximisation and profit satisficing?
Maximisation is making just enough to get by, satisficing is making as much as you can.
Satisficing is making just enough to get by, maximisation is making as much as you can.
Maximisation is making more profit that your competitors, satisficing is making less than them.
Satisficing is making more profit that your competitors, maximisation is making less than them.
Shareholders recieve a share of the profits a LTD makes called a
Dividend
Bonus
Commission
Cash Prize
Private Limited Companies have to make Financial Information Public
True
False
a trade barrier that limits imported goods
Tariff
boycott
quota
embargo
trade barrier
What is the purpose of a tariff?
The purpose of a tariff is to lower consumer prices.
The purpose of a tariff is to protect domestic industries.
The purpose of a tariff is to promote economic growth.
The purpose of a tariff is to increase international trade.
How does a tariff affect the price of imported goods?
The price of imported goods decreases.
The price of imported goods remains the same.
The price of imported goods fluctuates.
The price of imported goods increases.
Change £500 into Australian Dollars.
If necessary, round your answer to 2 decimal places...
880
287.01
640
390.63
How does a strong currency affect a country's exports and imports?
A strong currency makes exports more expensive and imports cheaper.
A strong currency reduces the cost of both exports and imports.
A strong currency makes exports cheaper and imports more expensive.
A strong currency has no impact on exports and imports.
What is the difference between outsourcing and offshoring?
Outsourcing refers to contracting work to an external entity, while offshoring specifically refers to relocating business processes to a foreign country.
Outsourcing refers to hiring local workers, while offshoring refers to hiring foreign workers.
Outsourcing refers to relocating business processes to a foreign country, while offshoring refers to contracting work to an external entity.
Outsourcing refers to hiring temporary workers, while offshoring refers to hiring permanent workers.
A depreciation of a country's currency means for this country's residents that imported goods are
Cheaper
More expensive
A country’s GDP divided by its total population.
GDP per capita
GDP growth rate
Gross Domestic Product
Literacy rate
