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IB HL business > 3.9-4.3 > Flashcards

3.9-4.3 Flashcards

1
Q

Both profit centers and cost centers can be organized in a business by:

A

Function

Product

Geography

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2
Q

The role of profit centers and cost centers is:

A

Organizational

Motivational

Financial

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3
Q

When constructing a budget, managers need to be

A

Forward-looking

Not too optimistic

Flexible

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4
Q

People tend to underestimate the likelihood of negative events

A

Optimism bias

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5
Q

People generally underestimate the amount of time a task will take

A

Planning fallacy

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6
Q

Actual income lower than budget is a ____ variance.

A

adverse

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7
Q

Variance analysis compares the forecast (future) with the actual (past).

A

true

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8
Q

Which of the following adverse variances might be favorable when considering the context?

A

Actual variable costs greater than budget due to increased sales.

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9
Q

If the budget for staffing costs is $35,500 and the actual staffing cost is $31,800, the variance is:

A

Favorable

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10
Q

Which of the following is a benefit of budgeting?

A

Motivation

Coordination

Communication

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11
Q

A situation where the sole focus of a business is on the needs and wants of a market segment.

A

Market orientation

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12
Q

The product or brand with the highest market share.

A

Market leader

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13
Q

The increase in sales revenues or sales volume in an individual market over time.

A

Market growth

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14
Q

The value of a single company’s sales or revenues compared with the sales of all businesses in a market.

A

Market share

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15
Q

An element of the services part of the marketing mix related to the activities needed in the interaction between the customer and the business.

A

Process

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16
Q

An element of the marketing mix related to all the sensory elements that the customer sees, smells, hears and touches when interacting with a business.

A

Physical evidence

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17
Q

Those who are involved in offering a service; an element of the marketing mix.

A

People

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18
Q

Part of the marketing mix related to advertising, sponsorships, sales promotion, or other tactics to inform and persuade customers to buy a product.

A

Promotion

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19
Q

Market share: high, Market growth: high

A

Stars

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20
Q

Market share: low, Market growth: high

A

Problem childs

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21
Q

Market share: high, Market growth: low

A

Cash cows

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22
Q

Market share can be measured as % of revenue dollars or volume (units) sold.

A

True

23
Q

Market share: low, Market growth: low

A

Dogs

24
Q

What is an advantage of market orientation?

A

Low risk

25
Q

The term “market” means:

A

A type of product

A location

A place where buyers and sellers come together or interact

25
Q

What is an advantage of product orientation?

A

Unique selling point

26
Q

A strategy where a business is producing a specialised or differentiated product for a niche market; one of Porter’s Generic Strategies.

A

Differentiation focus strategy

27
Q

A situation where a business becomes the low-cost producer in a niche market; one of Porter’s Generic Strategies.

A

Cost focus strategy

28
Q

A strategy where a business is producing a specialised or differentiated product for a broad market; one of Porter’s Generic Strategies.

A

Differentiation strategy

29
Q

A situation where a business becomes the low-cost producer in the industry; one of Porter’s Generic Strategies.

A

Cost leadership strategy

30
Q

The decisions of a business regarding its product, price, promotion, place, people, processes and physical evidence.

A

Marketing mix

31
Q

Gathering information to support marketing decisions.

A

Market research

32
Q

A document that outlines a company’s entire marketing process.

A

Marketing plan

33
Q

All the processes involved in identifying and satisfying customer needs

A

Marketing

34
Q

The process of highlighting the differences between a product and its rivals.

A

Differentiation

35
Q

Distinguishing a brand from its competitors.

A

Product positioning

36
Q

Selecting the most appropriate market segment for a marketing campaign.

A

Targeting

37
Q

Which of the following is a method of setting a marketing budget?

A

Objective based

Sales based

Incremental based

38
Q

Which of the following is one of the seven P’s of the marketing mix?

A

Physical evidence

Price

Processes

39
Q

Which of the following is a method of segmentation of a market?

A

Psychographic

Demographic

Geographic

40
Q

Which of the following is an example of a niche-market product?

A

Cartier

Louis Vuitton

Lamborghini

41
Q

Which of the following is an example of a mass-market product?

A

Oreo

Dove

Colgate

42
Q

Calculating a moving average enables a business to:

A

Smooth out extreme variations in data

43
Q

Which of the following methods can businesses use to predict sales?

A

Product life cycle analysis

Market research statistics

Causal models

44
Q

A forecasting method used by businesses to identify trends using past data and extending this information and trend to predict future data.

A

Extrapolation

45
Q

A quantitative representation of real-world business dynamics, showing the causal relationship between an independent and dependent variable.

A

Causal model

46
Q

A statistical technique used by businesses to identify trends in historical data, such as sales revenue figures of previous years recorded at proper intervals in the past.

A

Time series analysis

47
Q

Smoothing out the data using the three-point moving average helps make the overall trend clearer.

A

True

48
Q

If, as the value of the independent variable (advertising costs) increases, the value of the dependent variable (e-commerce sales) increases, what type of correlation is this?

A

Positive correlation

48
Q

A roughly equal number of data points should be above and below the line of best fit.

A

True

49
Q

In a linear regression model that compares spending on marketing to sales revenue, what is the dependent variable?

A

Sales revenue

50
Q

Which of the following is a sales forecasting method?

A

Time series analysis

Qualitative analysis

Causal models

51
Q

Which type of statistical variation would most likely affect a business that sells firewood?

A

Seasonal

52
Q

Pandemics are an example of what type of statistical variation?

A

Random

IB HL business (3 decks)

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