Tag: Business Studies

The firm’s cost-plus strategy in the figure adds?

Select ONE answer:

1. 10% to costs
2. 20% to costs
3. 33% to costs
4. 25% to costs
5. 40% to costs

Show your workings to arrive at your answer, and explain and justify your reasons & what would be the price if it added 50% to costs – show your workings:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 4 – If the cost equals £40 then assume it is equal to 100%. Adding the £10 then equates to 25% of the £40 total costs i.e. £10 / £40 = 25%

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The strategy at X in the figure is known as?

Select ONE answer:

1. Extrusion
2. Extension
3. Depreciation
4. Anti-declension
5. Forensic

Give and describe a real-life example of this strategy in the soft drinks market:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 2 – An extension strategy is a practice used to increase the market share for a given product or service and thus keep it in the maturity phase of the marketing product lifecycle rather than going into decline. Extension strategies include rebranding, price discounting and seeking new markets.

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A market has grown by 25% and is now worth £50,000. What was it worth before?

Select ONE answer:

1. £60,000
2. £50,000
3. £25,000
4. £40,000
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 4 – £50,000 / 1.25 = £40,000. Or £40,000 * 1.25 or 25% = £50,000

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Qualitative research focuses on?

Select ONE answer:

1. The feelings and behaviours of consumers
2. The younger population
3. The company’s own data
4. Government statistics
5. Economic data

When might qualitative research be useful:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 1 – The qualitative approach to gathering information focuses on describing a phenomenon in a deep comprehensive manner. This is generally done in interviews, open-ended questions, or focus groups. In most cases, a small number of participants participate in this type of research, because to carry out such a research endeavor requires many resources and much time. Interviews can vary from being highly structured and guided by open-ended questions, or be less structured and take the form of a conversational interview. Because of the investment in this type of research and the relatively few number of participants, findings from qualitative research cannot be generalized to the whole population. However, such research serves as a spring board for larger studies and deeper understanding that can inform theory, practice, and specific situations.

This work is licensed under a Creative Commons Attribution 4.0 International License.