Theme 1

Question 1

Percentage change in price

Answer 1

Price new - Price old ÷ Price old x 100

Question 2

Added value

Answer 2

Value added is when a buisness chooses to enhance the quality of a core products by providing extras to improve a customer’s utility/experience

Question 3

Above the line promotion

Answer 3

Placing adverts using the media

Question 4

Advertising

Answer 4

Communication between a business and its
customers where images are placed in the
media to encourage the purchase of
product

Question 5

Aesthetics

Answer 5

What the item looks like

Question 6

Agent or broker

Answer 6

Foreign sales agent is a business which
represents products from another business
in a new country

Question 7

Aims

Answer 7

What a business tries to achieve in the long term

Question 8

Articles of Association

Answer 8

A document that provides details of the

internal running of a limited company

Question 9

Authority

Answer 9

This is the power or right to give orders in an

organisation

Question 10

Autocratic Leadership

Answer 10

Leader makes all the decisions

Question 11

Automation

Answer 11

Method of operating or controlling processes
by automatic means using devices. Reduces
need for human interaction.

Question 12

Below the line promotion

Answer 12

Any promotion that does not involve using

the media

Question 13

Bonus

Answer 13

A payment in addition to the basic wage for reaching targets or in recognition for service

Question 14

Brand Name

Answer 14

A name, term, symbol, sign, design or other
feature that allows consumers to identify
the goods and services of a business and to
differentiate them from those of
competitors

Question 15

Boston Matrix

Answer 15

A 2x2 matrix model that analyses a product
portfolio according to the growth rate of the
market and the relative market share of
products within the market.

Question 16

Breaking – bulk

Answer 16

Dividing a large quantity of goods received
from a supplier before selling them on in
smaller quantities to customers.

Question 17

Business Choices

Answer 17

Deciding between alternative uses of

resources.

Question 18

Certification of incorporation

Answer 18

A document that declares a business is

allowed to trade as a limited company

Question 19

Market share

Answer 19

The % of a market that a business, product or service has

Question 20

Market size

Answer 20

Measured by volume of sales or value

Question 21

Marketing

Answer 21

A management process involved in identifying, anticipating and satisfying consumer requirements profitably

Question 22

Marketing mix

Answer 22

Price, place, promotion and product, how a business uses these 4 elements strategically

Question 23

Marketing Strategy

Answer 23

A Set of plans that aim to achieve a specific marketing objective.

Question 24

Mark-up

Answer 24

The amount above cost added to a product before it is placed for sale

Question 25

Maslow’s Hierarchy of Needs

Answer 25

The order of people’s needs starting with the basic human requirements.

Question 26

Mass market

Answer 26

Products or services that are sold or advertised to everyone at the same time in the same way

Question 27

Matrix structure

Answer 27

This is a hierarchy design which groups by project and function

Question 28

Mechanisation

Answer 28

Method of operating or controlling processes using machinery

Question 29

Merchandising

Answer 29

A promotion specifically at the point of sale of a product

Question 30

Memorandum of Association

Answer 30

A document that sets out the constitution and states key external details about a limited company

Question 31

Motivated

Answer 31

The desire to take action to achieve a goal

Question 32

Motivators (Hertzberg)

Answer 32

Things at work that result in satisfaction.

Question 33

Multi-skilling

Answer 33

An employee is trained to do more than one job, for example an electrician is trained to plaster walls

Question 34

Mutual Organisation

Answer 34

A business owned by its members, who are customers not shareholders.

Question 35

Niche market

Answer 35

A subset of a normal market that caters for specific consumer needs and wants

Question 36

Normal good

Answer 36

Products where an increase in consumer’s income means an increase in demand