Business Studies Multiple Choice Question – 3 December 2017

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

Katie is investigating setting up as an independent newsagent. She has drawn up several market maps to help her in her market research.

A market map is a visual map showing?

Select ONE answer:

  1. Opportunity
  2. Where the business is located
  3. The conclusions of a market survey
  4. Where a product is positioned in the market
  5. Market segments

Explain with a labeled example that you have drawn how a market map is drawn up:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 5 – Another tool used to help identify a business opportunity is a market map. A market map is a diagram that identifies all the products in the market using two key features. A market map showing a gap in the market.

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Business Studies Multiple Choice Question – 2 December 2017

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

A toy manufacturer sells toys which are linked to a popular TV program aimed at 1-4-year-olds. It also sells toys aimed at 5-9-year-olds.

The two age ranges for the toy manufacturer are examples of a market?

Select ONE answer:

  1. Opportunity
  2. Resource
  3. Map
  4. Gap
  5. Segmentation

Why is understanding whether your total market can be segmented down to specific groups of buyers with similar characteristics important to businesses?
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 5 – A market segment is a group of people who share one or more common characteristics, lumped together for marketing purposes. Each market segment is unique, and businesses use various criteria to create a target market for their product or service. Businesses approach each segment differently, after fully understanding the needs, lifestyles, demographics, and personality of the target consumer within the segment.

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Business Studies Multiple Choice Question – 1 December 2017

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

Sales of a company’s product are £10,000. The whole market is worth £50,000.

Market share therefore equals?

Select ONE answer:

  1. 10%
  2. 20%
  3. 50%
  4. £4,000
  5. £5,000

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

This is multiple choice question is suitable for Business Studies KS5 classes.

The answer is 2 – £10,000 / £50,000 = 20%

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Business Studies Multiple Choice Question – 30 November 2017

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

A random sample……?

Select ONE answer:

  1. Is always small
  2. Involves individuals who have an equal chance of selection
  3. Involves the whole target population
  4. Is used in secondary research
  5. Can only be 95% accurate

Why do firms sometime non-random samples:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Business Studies KS5 classes.

The answer is 2 – In this technique, each member of the population has an equal chance of being selected as the subject. The entire process of sampling is done in a single step with each subject selected independently of the other members of the population. There are many methods to proceed with simple random sampling.

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Business Studies Multiple Choice Question – 29 November 2017

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

Niche marketing is likely to involve?

Select ONE answer:

  1. Large-scale production
  2. Mass-market advertising
  3. Widespread distribution
  4. Focusing on a small segment of the market
  5. Production line

Give a real-life example of niche marketing and why it is successful:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Business Studies KS5 classes.

The answer is 4 – It is the business of promoting and selling a product or service to a specialised or small segment of a market.

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Business Studies Multiple Choice Question – 28 November 2017

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

A dog product in the Boston Matrix?

Select ONE answer:

  1. Have low sales in a slow-growth market
  2. Have low sales in a high-growth market
  3. Have high sales in a slow-growth market
  4. Have high sales in a high-growth market
  5. Has not yet been launched

Give a real-life example of a dog product and explain why it is one:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Business Studies KS5 classes.

The answer is 1 – Unsurprisingly, the term “dogs” refers to products that have a low market share in unattractive, low-growth markets. Dogs may generate enough cash to break-even, but they are rarely, if ever, worth investing in. Dogs are usually sold or closed.

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Business Studies Multiple Choice Question – 27 November 2017

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

The size of a market is best measured by?

Select ONE answer:

  1. The number of firms
  2. The number of employees
  3. The cash-flow
  4. The volume of sales
  5. The number of surveys

Give an example of (a) a growing and (b) a declining market for consumer electronics products:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Business Studies KS5 classes.

The answer is 4 – how to determine the size of a market? Define your target customer; Estimate the number of target customers; Determine your penetration rate; Calculate the potential market size: Volume and value; Apply the market-size data….

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