Marketing
What is the difference between niche and mass marketing?
Mass marketing occurs when businesses sell their products to most of the available market. Production usually happens on a large scale. Products are generally the same.
Niche marketing occurs when businesses identify and satisfy the demands of a small group of consumers within the wider market. Production usually happens on a small scale. Products may be made to order or produced with very specific customer needs in mind.
What is the name of an additional payment given to staff awarded for achieving specific goals, completing projects on time or exceeding performance expectations?
Bonus
Which one of the following costs is not a variable cost?
Raw materials, salary, packaging, delivery, shipping.
Salary
What are the three main business sectors
Primary, Secondary, Tertiary sectors
Who invented the telephone?
Alexander Graham Bell
Which of these is not a primary market research method?
Surveys, Observation, Interviews, Specialist Market Research Reports, Test marketing, Focus groups
Specialist Market Research Reports
What is a type of training that takes place while employees are working in their job roles?
On-the job training
How to calculate average cost per products?
(Total costs)/Output
What type of businesses have a main goal that is usually to provide a service to the society
Public sector businesses
What is the only food that can never go bad?
Honey
Which one of these is not a pricing strategy?
Cost-plus pricing, Premium pricing, Market skimming, Competitive pricing
Premium pricing
Which motivation theory states that people move through levels of needs that motivate them and once a need is met it no longer serves to motivate?
Maslow's Hierarchy of Needs Theory
What are the 3 methods of production?
Job production, Batch production, Flow production
What is the term used to describe the loss of the next best alternative when making a decision?
Opportunity cost
10
What are the 4 stages of the product life cycle?
Introduction, Growth, Maturity, Decline
What is the difference between job enrichment and job rotation?
Job enrichment involves adding more challenging or meaningful tasks to a job. Staff feel more motivated and engaged, leading to improved productivity
Job rotation involves moving staff between broadly similar but varied roles in the business. Exposes staff to new challenges and experiences which can increase motivation, understanding and skill
What does CAM stand for?
Computer-aided manufacturing
Which one of these is not part of a business plan?
The business idea, Business aims & objectives, Target market, Forecast profit, Break-even chart, Business location
Break-even chart
Relative to the internet, what does “URL” stand for?
Uniform Resource Locator
What is the term used to measure how responsive demand for a product is to a change in price?
What is an organisation that represents the interests of its workers in negotiations with a firm’s management or owners?
Trade Union
Give 3 types of diseconomies of scale
Poor communication, Poor coordination, Lack of commitment from employees, Slow decision-making, Employees feeling not valued
What is the difference between the price that is charged to the customers (selling price) and the cost of inputs (raw materials) required to create the product or service
Added value
In what year did Mongolia declare independence from the Qing Dynasty of China?
1911
December 29