Month: October 2019

Lucy’s Cosmetics uses unusual names for its cosmetics, such as ‘Cream of Base’.

This is an example of?

Select ONE answer:

1. stock control
2. customer service
3. quality control
4. differentiation

Show the workings to arrive at your answer, and explain and justify your reasons:

The figure below shows a diagram of Maslow’s Hierarchy of Needs.

Which need is represented by Level 5?

Select ONE answer:

1. Self-actualisation
2. Security
3. Physical
4. Esteem

Show the workings to arrive at your answer, and explain and justify your reasons:

What is a calculated risk?

Select ONE answer:

1. Showing how an original idea can work in theory.
2. The payment of a percentage of sales revenue to the government.
3. Using data to make products appear different.
4. Weighing up the probability of profit or loss.

Show the workings to arrive at your answer, and explain and justify your reasons:

What is an enterprise?

Select ONE answer:

1. Showing how an original idea can work in theory.
2. The payment of a percentage of sales revenue to the government.
3. Using data to make products appear different.
4. Involves taking risks, showing initiative and a willingness to undertake new ventures.

Show the workings to arrive at your answer, and explain and justify your reasons:

What is branding?

Select ONE answer:

1. Showing how an original idea can work in theory.
2. The payment of a percentage of sales revenue to the government.
3. Using data to make products appear different.
4. Usually, a name or image that identifies a business from its competitors.

Show the workings to arrive at your answer, and explain and justify your reasons: