Day: February 17, 2018

Business Studies Multiple Choice Question – 17 February 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Which ONE of the following are examples of how entrepreneurs can use market mapping?

Select ONE answer only:

  1. To identify market prices
  2. To identify the location of competitor businesses
  3. To identify where competing products fall across two dimensions
  4. To identify the best location for a new business
  5. To advertise to customers where the business is located

Explain one disadvantage to a business of using a market map?

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Business Studies KS4 classes.

The answer is 3 – Market mapping is used to illustrate where existing products in a market fall in relation to two variables considered important to customers. These variables are two-dimensional (eg high price versus low price, high quality versus low quality) and form the X and Y axis on the map. Once existing products in a particular market have been plotted, potential gaps in the market can be identified.

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