Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Studies > Business Report Questions > Flashcards

Business Report Questions Flashcards

Business Report Questions

1
Q

What is the strategic role of Marketing?

A

The strategic role of Marketing is to generate money to fund the whole range of business activities and to make a profit.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is the interdependence of Marketing with Operations

A

Successful marketing activities and campaigns can increase the demand of good, which will need to be managed by Operations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the interdependence of Marketing with Finance

A

If sales begin to decline, Finance will look towards Marketing to increase sales by altering the marketing mix in order to generate funds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the interdependence of Marketing with Human Resources

A

Human Resources must ensure that the adequate amount of staff is recruited to meet requirements and deadlines set by Marketing (such as release day)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is the Production Approach

A

Businesses focusing on mass production of standardised goods/services revolving around the motto, “if we make it, they’ll buy it”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is the Selling Approach

A

The Selling Approach emphasised sales because of increased competition and businesses could no longer rely on mass-production and selling all it produced due to increase in competition.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is the Marketing Approach

A

The Marketing approach focuses on finding out what customers want through market research and then satisfying their needs ultimately placing the customer at the centre of all marketing activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is Corporate Social Responsibility (CSR)

A

External pressure from customers and environmental organisations to prioritise the protection of the environment and its resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is Customer Orientation

A

The process of collecting information from customers and basing marketing decisions and practices on customers’ wants and interests. The customer relationship does not end after the sale, it only begins there.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is Relationship marketing

A

Businesses can not only focus on attracting new customers, they need to focus on keeping existing customers satisfied. High priority on customer retention and continual satisfaction.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is the acronym for the Types of Markets

A

NIIMCR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Name the Types of Markets

A

Niche, Intermediate, Industrial, Mass, Consumer, Resource

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is the Resource Market

A

Agricultural businesses such as mining, forestry and fishing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is the Intermediate Market

A

Wholesalers and retailers buying and selling for profit (dropshippers)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is the Industrial Market

A

Secondary and tertiary businesses that purchase products to use in the production of other products (Example: Bakers Delight purchasing flour to bake bread)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is the Niche Market

A

Small target market such as magazines for niche markets like gardening, toys, bodybuilding, etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is the Consumer Marker

A

Individuals and households, who plan to use or consume the products they buy.
(Don’t intend to sell or make other products)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is the Mass Market

A

Vast numbers of individuals, the Model T Ford mass produced.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is the acronym for Factors Influencing Customer Choice

A

PEGS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What are the Factors influencing Customer Choice

A

Psychological, Sociocultural, Economic and Government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What are Psychological influences on Customer Choice

A

Are influences within an individual that affect his or her buying behaviour.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Acronym for Psychological Influences

A

LAMPPS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What are the Psychological Influences

A

Learning, Attitudes, Motives, Perception, Personality and self-image

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is the Psychological Influence Learning

A

Learning refers to change in an individual’s behavior caused by information and experiences (Such as experiencing Coca-Cola for the first time)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What is the Psychological Influence Attitudes

A

A person’s attitude is their overall feeling about an object or activity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What is the Psychological Influence Motives

A

Motives are an individual’s reason for doing something.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What is the Psychological Influence Perception

A

Perception is the process in which people select, organise and interpret information to create meaning.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

What is the Psychological Influence Personality and Self Image

A

An individual’s personality is the collection of all behaviours and characteristics that make up that person.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Acronym for Sociocultural Influences

A

SCCSFRRG

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

What are Sociocultural influences on Customer Choice

A

Social Class, Culture and Subculture, Family and Roles, Reference (peer) Group

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

What are Sociocultural influences on Customer Choice

A

Sociocultural influences are forces exerted by other people and groups that affect and individual’s buying behaviour.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

What is the Sociocultural Influence Social Class

A

One’s social class refers to and is determined by a person’s relative rank in society, based on his or her education, income or occupation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

What is the Sociocultural Influence Culture and Subculture

A

Culture influences buying behaviour by determining what people wear, what and how they eat and where and how they live.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

What is the Sociocultural Influence Family and Role

A

Individuals occupy different roles within the family and wider community, these roles influence one’s buying behaviour (Woman buys healthcare products, food and laundry supplies)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

What is the Sociocultural Influence Reference (peer) Group

A

A reference group is a group of people with whom a person closely identifies with, adopting their attitudes, values and beliefs as well as buying behaviour.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Acronym for Economic Influences

A

BR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

What are Economic influences on Customer Choice

A

Boom and Recession

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

What are Economic influences on Customer Choice

A

Economic Influences influence a business’s capacity to compete and a customer’s willingness and ability to spend money.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

What is the Economic Influence Boom

A

A Boom is a period of low unemployment and rising incomes. Businesses and customers are optimistic about the future.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

What is the Economic Influence Recession

A

A Recession sees unemployment reach high levels and income falls dramatically. Customers and businesses lack confidence in the economy resulting in significantly lowered spending.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

What are Government influences on Customer Choice

A

Government Influences are policies that directly or indirectly influence the level of business activity and customers’ spending habits.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

What is the acronym for Consumer Laws

A

DWIP

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

What is the influence of Consumer Laws

A

Consumer Laws restrict what businesses can do and sometimes force them to take steps to comply with the laws, such as disclosing information.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

What do Consumer Laws protect against

A

Consumer Laws are designed to protect consumers against unfair trade and credit practices.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

What falls under Consumer Laws

A

Deceptive and misleading advertising, price discrimination, implied conditions and warranties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

What is Deceptive and misleading advertising

A

Unfairly creates an inaccurate impression in the mind of the customer about some features of the product.

47
Q

What is Price discrimination

A

When different prices are set for the same product in different markets to take advantage of customers who are willing to pay more.

48
Q

What is Implied conditions

A

The unspoken and unwritten terms of a contract and are assumed to exist regardless of whether they are mentioned or written into a contract

49
Q

What is Warranties

A

A promise made by the business that they will correct any defects in the goods they produce or services they deliver.

50
Q

What is Consumer Guarantee

A

Providing the consumer with the tight to certain remedies from retailers where goods purchased fail to comply with the consumer guarantee provisions in the ACL.

51
Q

What is Acceptable quality

A

Means the product must be safe, lasting and with no faults, look acceptable and do all the things someone would normally expect it to do.

52
Q

Acronym for Ethical dot point

A

TAGPES

53
Q

What does TAGPES in Ethical mean

A

Truth, Accuracy and good taste in advertising, products that may damage health, engaging in fair competition and sugging

54
Q

What is Truth and Accuracy in Advertising

A
  • Untruths due to concealed facts - customers do not perceive advertisements to be honest
  • Exaggerated claims - Claims that cannot be proven, such as that one shampoo is better than another.
55
Q

What is Good Taste in Advertising

A

Usually a common agreement as to what society considers acceptable and marketers must be aware of community sensitivities.

56
Q

What is Products that may damage health

A

Such as marketing of junk food, which is often portrayed as an essential part of a balanced diet.

57
Q

What is engaging in fair competition

A

Businesses compete against each other to attract the greatest number of customers to increase revenue and profit.

58
Q

What is Sugging

A

Selling Under the Guise of a survey. Being asked to complete a survey only to find out they are trying to sell you something.

59
Q

Acronym for Role

A

PITS

60
Q

What does PITS stand for

A
  • Production, selling, marketing approaches
  • Interdependence between KBF’s
  • Strategic role of marketing
  • Types of markets
61
Q

Acronym for Influences

A

FEC

62
Q

What does FEC stand for

A
  • Factors influencing Consumer Choice
  • Ethical
  • Consumer Laws
63
Q

Acronym for Processes

A

SMEIDI

64
Q

What does SMEIDI stand for

A
  • Situational Analysis
  • Market Research
  • Establishing Market objectives
  • Identifying target markets
  • Developing marketing strategies
  • Implementation, Monitoring and Controlling
65
Q

What 2 forms of analysis are in a Situational Analysis

A

SWOT Analysis and Product Life Cycle (PLC)

66
Q

What are the Internal Influences in the SWOT Analysis

A

Strength + Weakness

67
Q

What are the External Influences in the SWOT Analysis

A

Opportunity + Threat

68
Q

What are the four stages of the Product Life Cycle

A
  • Introduction
  • Growth
  • Maturity
  • Decline
69
Q

What is Market Research

A

Market Research is the process of systematically collecting, recording and analysing information concerning a specific marketing problem

70
Q

What are the 3 steps of Market Research

A
  1. Determining information needs
  2. Data collection - from primary and secondary sources
  3. Data analysis and interpretation
71
Q

What is Step 1 of Market Research?

A
  1. Determining information needs

- The problem is clearly stated to determine what needs to be measured and the issues involved.

72
Q

What is Step 2 of Market Research?

A

Data collection - from primary and secondary sources

  • Collecting facts and figures relevant to the marketing problem
73
Q

What is Primary data in Market Research

A

Primary data are facts and figures collected from the original source for the purpose of the specific research problem

74
Q

What is Secondary data in Market Research

A

Secondary data are facts and figures already collected by some other people or organisation, for example research reports and Australian Bureau of Statistics

75
Q

What are the two types of Secondary data?

A

Internal Data and External Data

76
Q

What is Internal Data

A

Refers to information that has already been collected from inside the business

77
Q

What is External Data

A

Refers to published data from outside the business, such as the Australia Bureau of Statistics

78
Q

What is Step 3 of Market Research?

A
  1. Data analysis and interpretation
    - Determining what the data actually means. Facts by themselves do not always provide a solution to a marketing problem > they need to be interpreted and analysed through cross-tabulation.
79
Q

What is Marketing objectives

A

Marketing objectives are the realistic and measurable goals to be achieved through the marketing plan.

80
Q

What are the 3 common marketing objectives

A
  • Increasing market share
  • Expanding the product range/mix
  • Maximising customer service
81
Q

What is + Importance of Market Share

A

Market Share refers to the business’s share of the total industry sales for a particular product. Small market gains can translate to large profits.

82
Q

Importance of Expanding the product range/mix

A

Businesses are keen to expand product mix as this will increase profits in the long-term and the same product mix will not remain effective as customers preferences change over time.

83
Q

What is + Importance of Maximising customer service

A

Refers to how well a business meets and exceeds expectations of customers. High levels of customer service will result in customer satisfaction.

84
Q

What is a target market

A

Target market is a group of potential customers to which a business intends to sell its products.

85
Q

What’s the difference between a Primary and Secondary Target Market

A

Primary is the market segment at which most of the marketing resources are directed towards, whereas Secondary is usually smaller and a less important market segment.

86
Q

Importance of Identifying and selecting a target market?

A

So the business can direct its marketing strategies to that group of customers. This allows the business to better satisfy the needs of the targeted groups

87
Q

What are the three approaches to choosing a consumer target market?

A

Mass Market Approach, Market Segmentation Approach and Niche Market Approach

88
Q

What is a Mass Market Approach

A

The MMA seeks a large range of customers by mass-producing, mass-distributing and mass-promoting to all buyers

89
Q

What is a Market Segmentation Approach

A

When the total market is subdivided into groups of people who share one or more common characteristics. E.g: Some people only want a 4WD, whilst others only want a sports car, the business needs to direct its effort to a particular segment.

90
Q

What is a Niche Market Approach

A

Is a narrowly selected target market segment, in other words it is a segment of a segment. Needs of a niche market often neglected by large businesses, as they rarely find it profitable to alter their marketing mix to cater for niche markets.

91
Q

What is the Marketing Mix

A

It is the combination of the four elements of marketing, the four Ps - Product, Price, Promotion, Place - that make up the marketing strategy.

92
Q

What Syllabus dotpoint are the 4 Ps under?

A

Developing Market Strategies

93
Q

What is the ‘Product’ in the 4 Ps?

A

A good or service that can be exchanged for money.

The business need to determine the product’s quality, packaging, labelling, design and guarantee.

94
Q

What is the ‘Price’ in the 4 Ps?

A

Price of the product. It refers to the method or strategy used by the business to determine the price.

95
Q

What is the ‘Promotion’ in the 4 Ps?

A

Describes the methods used to inform, persuade and remind customers about a business’s products

96
Q

What is the ‘Place’ in the 4 Ps?

A

The element that deals with the channel of distribution: the ways of getting the product to the customer

97
Q

What is Implementation

A

The process of putting the Marketing Strategies into operation

98
Q

What is Monitoring

A

The process of measuring actual performance against planned performance
(Financial forecast)

99
Q

What is Controlling

A

Comparison of planned performance against actual performance with corrective action and revision to the Marketing Mix to enhance performance

100
Q

What does the Implementation Stage do?

A
  • Implementation involves the daily, weekly and monthly decisions that have to be made to make sure the plan is effective
  • Implementation stage is the how, where and when it has to be done
101
Q

What does the Monitoring Stage do?

A

Requires marketing department personnel to gather information and report on any important changes, problems or opportunities that arise during the life of the marketing plan

102
Q

What does the Controlling Stage do?

A

Involves the comparison of planned performance against the actual performance and taking corrective action to make sure the objectives are attained.

103
Q

What are the steps in the Controlling Stage?

A
  1. Identify Key Performance Indicator (KPI) that will be compared
    Example: Increase monthly sales by 5%
  2. Compare actual performance against the KPI
104
Q

What does the Controlling Stage ultimately do?

A

Verifies and evaluates the effectiveness of the marketing plan

105
Q

What is a Financial Forecast

A

It is the business’s predictions about the future in terms of its finance

106
Q

What are the steps to create a Financial Forecast

A
  1. Estimate expected cost of Marketing plans

2. Estimate expected revenue to be generated from Marketing plans

107
Q

In what 3 ways can planned results be compared to actual data

A
  1. Sales Analysis
  2. Market Share Analysis
  3. Marketing Profitability Analysis
108
Q

What is a Sales Analysis

A

It is the comparison of actual sales with the Finance Forecast sales to determine effectiveness of marketing strategy/plan.

109
Q

What does the Market Share Analysis show

A

Whether changes in total sales, either increases or decreases, have resulted from the business’s marketing strategies or due to some uncontrolled external factor

110
Q

What is the Marketing Profitability Analysis

A

It is a method in which the business breaks down the total marketing costs into specific marketing activities.

111
Q

What is Revising the market strategy mean

A

In the Controlling Stage, based on the information from the Monitoring Stage, the marketing plan can be revised/modified

112
Q

What are examples of potential changes to the 4 Ps (Changes in the Marketing Mix)

A
  • Production: No product is perfect, continually upgrading products can lead to a competitive advantage.
  • Price: May need to be revised in response to changes by rival businesses
  • Promotion: Initially, promotion costs can be high. During later stages they can be altered.
  • Place: Distribution channels need to be expanded to cater for growing market.
113
Q

What is New Product Development

A

As a business, developing new products continually.

114
Q

What is Product Deletion

A

To maintain an effective product mix, a outdated products may been to be eliminated as it can create an unfavourable image for the business.

Business Studies (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions