Unit 3
What are two factors that affect demand?
Changes in consumers income
Changes in the prices of substitute goods and complementary goods
Changes in population size and structure
Fashion and taste changes
Advertising and promotion spending
How did Anwar Sadat Die?
He was assasinated
What is the production process when you create products in small groups?
Batch
What is the most visited paid monument in the world?
The Eiffel Tower
Which sport is sometimes referred to as "the beautiful game"?
Soccer
What are two ways to extend a product life cycle?
• selling in new geographical markets, e.g. exporting the product.
• creating a version of the product targeted at different segments.
• repackaging the product to be more eye-catching.
• rebranding with a new name and image.
• relaunching the product with a promotional campaign.
• finding new uses for the product, e.g. Lucozade.
• adding value by including more features, e.g. specification of a
smartphone.
• using reduced (penetration) price or offers to discount the price.
Who was the first president of the USA?
George Washington
What is outsourcing?
Using an outside agency to carry out some business functions
When a business contracts out activity to a third party
What was the first disney movie ever made?
Snow White
What is England's national summer sport?
Cricket
The marketing department is in charge of .........? (6 things)
extra 15 seconds
Market Research
Product Design
Pricing
Advertising
Distribution
Customer Service
Packaging
In which country would you find Angel Falls, the world’s tallest waterfall?
Venezuela
A method of production that combines low unit costs with flexibility to meet customers’ individual requirements
Mass customization
How many bones are in the adult human body?
206
How many times did Egypt win the African Cup of Nations?
7
This intermediary is often brought in to a producers distribution channel when they wish to sell their product overseas (in foreign markets)
Agent
Where was the statue of Liberty originally going to be sent too?
Egypt
What are the disadvantages of operating full capacity? (2)
Firm does not have any flexibility whatsoever which will affect long term sustainability
Staff may always feel under pressure due to the workload which will raise stress levels
May result in high labor turnover
Regular customers or clients who wish to increase their orders maybe will wait for a long period of time - operational flexibility
Does Not take into consideration that machinery is working all the time and there might be insufficient time for maintenance and repairs
Production is rushed and under pressure so quality could NOT improve
There is no time to improve labour skills
Which animal has the highest blood pressure?
Giraffe
What is considered the "oldest sport"
Wrestling
What are four ways to achieve CRM?
Targeted marketing
Customer service and support
Communication regularly with customers
Using social media
What country is known as "Land of a Thousand Lakes"?
Finland
Intangible capital of a business that can include the skill level of employees, any data or information systems you have built up or your brand strength.
Intellectual Capital
Which American President abolished slavery?
Abraham Lincoln
What is the largest sporting event in the world by attendance?
The Tour de France