Business Studies Multiple Choice Question – 24 October 2017

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

Which of the following subjects might Jenny and Tasmin have MOST likely considered when originally setting up their marketing agency Creative+?

Select ONE answer:

  1. How the business will be financed
  2. The demand for oil in the economy
  3. The level of government spending in the economy
  4. What legal aspects might impact the recycling of printer toner cartridges
  5. Global weather patterns

What three other relevant subjects (and why) should Jenny and Tasmin consider when setting up their business?
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This is multiple choice question is suitable for Business Studies KS4 classes.

The answer is 1 – Whilst these are all questions businesses might consider, how a business will be financed is the most pertinent question facing a small start-up.

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Business Studies Multiple Choice Question – 23 October 2017

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

Jenny and Tasmin run a marketing agency, Creative+, which specialises in the design of holiday brochures and websites for holiday tour companies.

Which ONE of the following is MOST likely to be a customer of Creative+?

Select ONE answer:

  1. The public sector
  2. The general public
  3. A business supplying paper to Creative+
  4. A business selling adventure holidays in Africa
  5. A hotel that caters for business travelers in their home town

What is the benefit for Creative+ in specialising in designing holiday brochures and websites for holiday tour companies?
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This is multiple choice question is suitable for Business Studies KS4 classes.

The answer is 4 – The business selling adventure holidays in Africa per the information given in the question is the most likely to be their customer, compared to the hotel who caters for business travelers in their home town. The business supplying paper would be classed as a supplier.

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Business Studies Multiple Choice Question – 22 October 2017

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

Mass marketing is likely to involve?

Select ONE answer:

  1. Job production
  2. Flow production
  3. Low fixed costs
  4. Large market size
  5. Limited distribution

Give a real life example of mass marketing:
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This is multiple choice question is suitable for Business Studies KS5 classes.

The answer is 4 – Mass marketing is a market strategy in which a firm decides to ignore market segment differences and appeal to the whole market with one offer. This supports the idea of broadcasting a message that will reach the largest number of people possible. Traditionally mass marketing has focused on radio, television and newspapers as the media used to reach this broad audience. By reaching the largest audience possible, exposure to the product is maximized, and in theory this would directly correlate with a larger number of sales or buys into the product.

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Business Studies Multiple Choice Question – 21 October 2017

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

A cash cow product in the Boston Matrix?

Select ONE answer:

  1. Has low sales in a slow-growth market
  2. Has low sales in a high-growth market
  3. Has high sales in a slow-growth market
  4. Has high sales in a high-growth market
  5. Has no sales

Give a real-life example of a cash cow product and explain why it is one:
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This is multiple choice question is suitable for Business Studies KS5 classes.

The answer is 3 – Cash cows are low-growth products with a high market share. These are mature, successful products with relatively little need for investment. They need to be managed for continued profit – so that they continue to generate the strong cash flows that the company needs for its Stars.

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Business Studies Multiple Choice Question – 20 October 2017

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

Price skimming is NOT likely if?

Select ONE answer:

  1. The firm has a unique product
  2. The firm has a patent for the product
  3. Demand for the good is price elastic
  4. Demand for the good is price inelastic
  5. The firm has a heavily branded good

Explain your answer using diagrams:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 3 – Price skimming is a pricing strategy in which a business sets a relatively high initial price for a product or service at first, then lowers the price over time. It is effective only when the firm is facing an inelastic demand curve. If the long run demand schedule is elastic, market equilibrium will be achieved by quantity changes rather than price changes. Penetration pricing is a more suitable strategy in this case.

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