Tag: Business Studies

Business Studies Multiple Choice Question – 6 September 2017

Secondary market research involves?

Select ONE answer:

  1. Field research
  2. Focus groups
  3. Collecting new data
  4. Using data already gathered
  5. Using surveys

Give ONE example of the type of data that would be gathered via secondary research rather than primary research. Explain why:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 4 – Secondary Market Research’s definition: Market research that’s already compiled and organised for you. Examples of secondary information include reports and studies by government agencies, trade associations or other businesses within your industry.

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

Business Studies Multiple Choice Question – 5 September 2017

Primary market research is?

Select ONE answer:

  1. The firm is 95% confident that a new product will succeed
  2. 95% of its customers say they will buy the firm’s new product
  3. The firm is 95% confident of the results of its findings
  4. 95 out of 100 of its products are likely to succeed
  5. There is a 95% chance of failure

State TWO factors that might influence the success of a new product:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 3 – If repeated samples were taken and the 95% confidence interval was computed for each sample, 95% of the intervals would contain the population mean. A 95% confidence interval has a 0.95 probability of containing the population mean. 95% of the population distribution is contained in the confidence interval.

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

Business Studies Multiple Choice Question – 4 September 2017

Primary market research is?

Select ONE answer:

Is known as desk research
Uses data already gathered
Uses data gathered by the government
Uses data gathered for the first time
Is free

State ONE situation when primary research would have to be used:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 4 – Primary research involves the collection of original primary data.  It can be accomplished through various methods, including questionnaires and telephone interviews in market research, or experiments and direct observations in the physical sciences, among others.

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

Business Studies Multiple Choice Question – 3 September 2017

Market share measures?

Select ONE answer:

Total Sales
Total Revenue
Sales of one brand compared to total market sales
Sales of all brands compared to total market sales
Profits of one brand compared to total market sales

Explain one possible benefit of producing a business plan for potential investors:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 3 – A company’s market share is its sales of its brands measured as a percentage of an industry’s total revenues. Determine a company’s market share by dividing its total sales or revenues by the industry’s total sales over a set period of time. Use this measure to get a general idea of the size of a company relative to the industry.

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

Business Studies Multiple Choice Question – 10 August 2017

A small UK retailer sells china plates in the UK. Its main competitors are foreign firms. The value of the pound increases compared to the US$.

Which of the following would be the MOST LIKELY results of this change in the £/US$ exchange rate for the UK retailer?

Select ONE answer:

  1. The retailer’s UK sales will increase as the UK retailer’s products will seem cheaper
  2. His competitors plates will seem more expensive
  3. The businesses products will seem more expensive in comparison to the foreign imports
  4. The businesses sales will fall
  5. The business will be more competitive

A strong £ means lots of $ to the £. This means that £1 buys more foreign currency, e.g. £1 today buys $2 compared to £1 a month ago when it bought $1.50. Goods imported into the UK will be cheaper for consumers. An iPad might cost £300 instead of the price a month ago of £400. For businesses exporting to the US, a strong £ means their products will appear more expensive to US consumers, e.g. a Dyson vacuum goes up to $500 compared to $400 the month before. If a strong £ continues, exporters cannot sell products abroad and businesses in the UK cannot compete with cheap imports. What might be the financial impact for these businesses if this continues?
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 3 – The cost of selling china plates at $50 per plate in the UK at an exchange rate of $2 to £1 is £25 for a foreign firm. The cost of selling china plates at $50 per plate in the UK at an exchange rate of $4 to £1 is £12.55 for a foreign firm, a price improvement of £12.5 for a foreign firm selling into the UK.

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