%
Define the term ‘secondary market research’.
Using/gathering data or information that already exists which has been collected for another purpose.
Define social media
Any form of electronic communication that enables users to share ideas, content, information and messages
Which of the theorists(Mayo,Herzberg,Taylor and Maslow) created the hygiene theory
Herzberg
Define PED
The responsiveness of demand to a change in price
What are the 3 parts that make up the design mix
Aesthetic
Cost
Function
List 3 non financial motivation methods
Job rotation
Job enrichment
Empowerment
Recognition
+ and - of on the job training
+ reduces expenses on trainer(cheaper)
- any mistakes would affect real life output of the business
Name 3 types of pricing strategies
Psychological
Penetration
Price skimming
What is mean by branding
the process of creating a unique identity and perception for a company, product, or service in consumers' minds
Define innovation
the successful implementation of new ideas, products, services, or processes that create value, improve efficiency, or give a competitive advantage.
Define the term niche market
The subset of a large/mass market that focuses on a segment of the population
3 skills an entrepreneur should have
Communication
IT/tech
Leadership
Financial management
There is increasing publicity about animals suffering from waste plastic and other
non-biodegradable waste in the oceans of the world.
Construct a supply and demand diagram to show the impact of increasing
publicity on the biodegradable packaging market.
Demand shifts right
Quantity and price increase
Which feature of the design mix would be more relevant to a transport company like Air India and why
Function-to provide safe travels taking customers from Point A to Point B
Cost-provide competitive pricing that attracts customers to them
Aesthetic-To provide modern and visually pleasant plane cabins as well as fresh plane models
+ and - of a business using Boston matrix
+ easy to understand and use for quick portfolio assessment
- uses only 2 factors which are market share and growth ignoring factors like competitors
+ and - of job enrichment
+ Boosts productivity or motivation
- employees are financially motivated or they may get work overload/stress
At the peak of Covid,people were under lockdown meaning they couldn’t travel in holidays.
Construct a supply and demand graph for holiday destinations after lockdownDemand shifts right Price and quantity increases
Difference between an entrepreneur and and intrapreneur
An entrepreneur starts their own business, bearing all the risk and owning the rewards, operating independently, while an intrapreneur is an employee who drives innovation within an existing company, using company resources, facing lower personal risk, and motivated by internal growth.
Define matrix structure
a setup where employees report to multiple managers, typically a functional manager (e.g., Head of Marketing) and a project manager, creating a grid-like reporting system instead of a simple hierarchy to combine functional expertise with project goals
+ and - of market segmentation
+ enables business to tailor its products and marketing to meet the targeted groups needs
-Costly due to a business having to invest in marketing for all the different segments as well as creating a wider range of products
Construct a supply and demand diagram to show the impact of a decrease in the price of milk and cream on the ice cream market.
Supply shifts to the right
Quantity increase and price decreases
A retailer selling Pukka tea decreased the price of a packet of tea from $10 to $8. Sales
increased from 2,500 packets to 3,500 packets per week.Calculate the price elasticity of demand (PED) for the packets of tea. You are
advised to show your working.
-2
In 2023, average incomes in Japan increased by 3.5%.
That year, the number of Sony games consoles sold in Japan increased from 3.0
million to 3.21 million. Using this data, calculate the income elasticity of demand (YED) for Sony’s games console
2
Calculate the price elasticity of demand for Samsung smartphones if an increase in price,from £449 to £479 leads to a fall in quantity demanded from 83.2 million to 79.4 million.
Percentage change in Quantity Demanded = (83.2m – 79.4m) x 100 = -4.57%
83.2m
Percentage change in Price = (£479 – £449) x 100 = 6.68%
£449
Percentage Change in Quantity Demanded = _-4.57% = -0.68
Percentage Change in Price 6.68%
Define the term ‘market share’.
The percentage of sales in a market that a business holds