Mocks 2

Question 1

Exports

Answer 1

Exports refers to the goods or service that a business sells to other countries, helps business expand beyond domestic borders. Allows business to compete in global market which may increase revenue potential. This can be seen as market development strategy can extend product life cycle by exporting, allow business to risk spreading over economies as if one’s in recession can secure revenue in others.
SPICED - Strong Pound Imports Cheaper Exports Dire
Business exporting to other countries will benefit from increased market share. Certain countries may be resistant to foreign countries trying to get into their economic market so place high tariffs on exports (America).

Question 2

What are factors that influence price?

Answer 2

cost of production
price elasticity of demand
competition
market conditions
target market
brand image

Question 3

management styles- consultative

Answer 3

Consults - managers proposes decision and invites discussion, decision is open to being modified, recognises the insight and value of workforce participation in decision making. More democratic style. 4th part of tannenbaum schmidt contiumum.

Question 4

Market capitalisation?

Answer 4

number of shares issued x current share price

Question 5

Marketing mix?

Answer 5

MM describes the factors firm considers when marketing a product, as this will influence whether consumer buys the product or not.
7Ps include
price
product
place
promotion
people
physical environment
process
All these factors need to work and complement each other.

Question 6

Influences on R&D

Answer 6

consumer preferences and changing trends
economic factors
financial funding
technology
competition