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Apprentice MCT exam > MODULE 2: BUSINESS UNDERSTANDING AND COMMERCIAL AWARENESS > Flashcards

MODULE 2: BUSINESS UNDERSTANDING AND COMMERCIAL AWARENESS Flashcards

1
Q

What are the four sections of business understanding and commercial awareness?

A

Characteristics and plans of the business and sector,

marketing’s contribution,

understanding target audience,

sector-specific legal frameworks.

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2
Q

What is the purpose of a business plan?

A

To outline the company’s future, including strategy and key goals.

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3
Q

What should the executive summary of a business plan include?

A

Business stage, objectives, strengths, unique offerings, mission, and vision statements.

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4
Q

Why is competitor analysis important?

A

To identify strengths, weaknesses, and develop strategies for competitive advantage.

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5
Q

What are some examples of barriers to market entry?

A

Changing technology, lack of investment, experienced personnel, government regulations.

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6
Q

What does operations and management encompass?

A

Daily functions, organizational structure, divisional tasks, financial factors, logistics, capital, and overhead expenses.

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7
Q

How can businesses mitigate financial risks?

A

By estimating capital and overhead expenses accurately, and managing cash flow effectively.

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8
Q

Define economic activity in the context of business.

A

The process of making, selling, providing, or purchasing goods or services that contribute to economic growth.

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9
Q

What are some examples of risks businesses face?

A

Changes in customer trends, costs of supplies, unexpected competitor actions, taxes, overhead costs.

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10
Q

What are the five stages of the buyer decision-making process?

A

Need recognition, information search, evaluation of alternatives, purchase decision, post-purchase evaluation.

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11
Q

How does perception influence purchasing decisions?

A

It impacts brand reputation, pricing, quality perception, and influences buyer decisions.

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12
Q

What is a mission statement?

A

An overview of a business’s fundamental purpose, explaining what it does and why.

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13
Q

What is a vision statement?

A

A statement that outlines the future aspirations and goals of the business, inspiring stakeholders and guiding decision-making.

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14
Q

What is the difference between business aims and objectives?

A

Aims are broad, long-term goals, while objectives are specific, measurable targets to achieve those goals.

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15
Q

Why is it important to align marketing strategy with business objectives?

A

It ensures focused efforts, measures success, and maximizes resources effectively.

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16
Q

What is straight rebuy?

A

Routine purchases made from the same supplier without changes.

17
Q

Define impulse buying.

A

Making a purchase without prior planning or consideration, often driven by emotions or immediate needs.

18
Q

What are the main psychological factors influencing buyer behaviour?

A

Perception, motivation, learning, attitudes, and beliefs.

19
Q

How does perception impact purchasing decisions?

A

It shapes how individuals interpret and organize information about a brand or product.

20
Q

Explain the concept of motivation in buyer behaviour.

A

Motivation refers to the internal needs or desires that drive individuals to make purchasing decisions.

21
Q

How does learning influence buyer behaviour?

A

Learning involves acquiring information and experiences that affect future purchasing decisions.

22
Q

What role do attitudes and beliefs play in buyer behaviour?

A

Attitudes and beliefs are formed based on:

Personal experiences

Opinions

Cultural influences, which can influence purchasing decisions and brand loyalty.

23
Q

What are the main social factors influencing buyer behaviour?

A

Reference groups, roles and status in society, and family influences.

24
Q

How do reference groups affect consumer behaviour?

A

Reference groups consist of individuals that consumers compare themselves to, influencing their purchasing decisions and brand preferences.

25
Q

Explain the role and status in society in buyer behaviour.

A

An individual’s position and role in society influence their purchasing decisions, as they may buy products that align with their perceived status.

26
Q

How does family influence buyer behaviour?

A

Family dynamics, including household structure and lifecycle stage, impact purchasing decisions, disposable income, and brand preferences.

27
Q

What are the main cultural factors influencing buyer behaviour?

A

Culture, sub-culture, and social class.

28
Q

Explain the role of culture in buyer behaviour.

A

Culture encompasses the shared values, beliefs, customs, and traditions of a society, influencing consumer preferences and purchasing decisions.

29
Q

What is sub-culture, and how does it impact buyer behaviour?

A

Sub-culture refers to smaller groups within a society with distinct characteristics or interests, influencing consumer behaviour and brand preferences within specific demographics.

30
Q

How does social class influence buyer behaviour?

A

Social class, determined by factors like income, education, and occupation, influences consumer purchasing decisions, lifestyle choices, and brand preferences.

31
Q

Define economic activity in the context of business.

A

Economic activity refers to the production, distribution, and consumption of goods and services, contributing to economic growth and development.

32
Q

What is profit, and why is it important for businesses?

A

Profit is the financial gain realized from business operations, essential for growth, expansion, and sustainability.

33
Q

Differentiate between risks and uncertainties in business.

A

Risks are predictable future outcomes that can be managed, while uncertainties are uncontrollable and unpredictable events with unknown outcomes.

34
Q

List examples of risks businesses face.

A

Changes in customer trends, costs of supplies, unexpected competitor actions, taxes, overhead costs, and changes in economic conditions.

35
Q

Define the primary sector and provide examples.

A

The primary sector involves sourcing raw materials, including mining, fishing, and farming.

36
Q

What activities are associated with the secondary sector?

A

The secondary sector includes manufacturing and construction activities.

37
Q

Describe the tertiary sector and its role.

A

The tertiary sector provides direct services to customers, such as retail, hospitality, and healthcare.

38
Q

What characterizes the quaternary sector?

A

The quaternary sector comprises knowledge-based industries, including IT, computing, and research and development (R&D).

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