11 T Business Studies Quiz

Skilled workers are required in flow production.

• True
• False

What are the 4 p's of marketing?

• price, product, promotion, place
• price, person, promotion, place
• place, perspective, promotion, place

what is Qualitative Data

• Data that is normally numerical
• Based on opinions, attitudes and beliefs.

What are the main categories of market segmentation?

• Location, Demographics and Income
• Where they go to school

What is meant by 'adding value'?

• The money a company invests into a new product
• the difference between the price of the finished product/service and the cost of the inputs involved in making it.

What is an entrepreneur?

• Someone who takes a calculated risk through starting a business
• Someone who gives up when something goes wrong
• Someone who doe not understand the business environment
• Someone who does not take time to consider the risks

How can a business reduce the risk of failure?

• By selling less products
• By keeping the cost of their products low
• By carrying out market research
• By staying open late.

What is Primary Research?

• Primary Research involves gathering new data that has not been collected before. For example, surveys using questionnaires or interviews with groups of people in a focus group.
• Primary Research involves gathering existing data that has already been produced. For example, researching newspapers
• Primary Research involves gathering existing data that has already been produced. For example, researching the internet
• Primary Research involves gathering existing data that has already been produced. For example, researching company reports.

A target market is a group of _______ that the _______ has decided to aim its marketing efforts and ultimately its merchandise towards.

• Companies, Business
• Companies, Research
• Customer, Business
• Business, Customer

a business plan 

• is useful once your business is operational but not much help during the startup phase
• is not usually needed to secure financing in your business
• can serve as a tool for managing your business once it is up and running
• All of the above