Business Studies Multiple Choice Question – 15 October 2017

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

A “Question Mark” product in the Boston Matrix has?

Select ONE answer:

  1. Low sales in a slow-growth market
  2. Low sales in a high-growth market
  3. High sales in a slow-growth market
  4. High sales in a high-growth market
  5. is a mature product

Identify and give an example of ONE high-growth and ONE mature market you have seen recently:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 2 – A Question Mark has a low market share or sales in a fast-growing market. Whilst this type of product is likely to generate some revenue it may not be enough to sustain rapid growth and it may become a net consumer of cash as it struggles to retain its market share.

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Business Studies Multiple Choice Question – 14 October 2017

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

Attempts to prevent the sales of a product from declining are called?

Select ONE answer:

  1. Extrapolation strategies
  2. Extension strategies
  3. Expulsion strategies
  4. Extensive strategies
  5. Excellent strategies

Give THREE example of this strategy you have seen recently:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 2 – An extension strategy is a practice used by businesses to increase the market share for a given product or service in order to keep it in the maturity phase of the marketing product lifecycle rather than see it going into decline.

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Business Studies Multiple Choice Question – 13 October 2017

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

The Boston Matrix…?

Select ONE answer:

  1. Measures the sales of one product over time
  2. Measures the cash-flow position of a firm over time
  3. Shows the profits of one company relative to others
  4. Shows the position of a firm’s products in terms of market share and market growth
  5. Forecasts the sales of a firm’s product

How is the Boston Matrix used in marketing planning?
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 4 – Like Ansoff’s matrix, the Boston Matrix is a well known tool for the marketing manager. It was developed by a large US consulting group called Boston Consulting and is an approach to product portfolio planning. It has two determining aspects namely relative market share (which is relative to your competition) and market growth.

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Business Studies Multiple Choice Question – 22 September 2017

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

Which ONE of the following are the benefits of conducting secondary research instead of primary market research?

Select ONE answer:

  1. It is less time consuming
  2. It adds value to products
  3. It offers a limited range of information
  4. It is more specific to the target market
  5. It will lower the costs of production

What another advantage can you explain as being an advantage of conducting secondary research instead of primary market research?
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 1 – Secondary research (also known as desk research) involves the summary, review, collation and/or synthesis of existing sources of information and research such as Yellow Pages, and as such can be done very quickly.

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Business Studies Multiple Choice Question – 21 September 2017

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

Which ONE of the following are advantages of primary market research over secondary research?

Select ONE answer:

  1. It is very cheap
  2. It is less time-consuming than secondary research
  3. It is less up to date than secondary research
  4. It can be done only by market-research agencies
  5. It is more specific to the needs of a business

What is another advantage that can you explain as being an advantage of primary market research over secondary research?
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 4 – Primary research involves the collection of original primary data. It can be accomplished through various methods, including focus groups, questionnaires and telephone interviews in market research. As such it can be specific to the needs of a business.

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Business Studies Multiple Choice Question – 20 September 2017

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

Lisa believes there is a growing market for her gardening services. She has conducted some market research to test her idea and has summarised her findings below.

According to the data above, which TWO conclusions can Lisa draw from the data?

Select TWO answers:

  1. 100% more single pensioners than pensioner couples are interested in Lisa’s business
  2. Lisa should not offer services 2 or 3 as there is no demand
  3. Lisa should focus more on Single households than households with Couples.
  4. Her main 2 segments are couples with children and single pensioners
  5. Less than half of people prefer something other than service 1
  6. Couples with children are more likely to use service 1

Explain you answers:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answers are 1 & 4 – 28% of single pensioners are interested in her service compared to 14% of pensioner couples, double the number. Single Pensioners and Couple with children, make up 59% of the people interested in Lisa’s business.

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Business Studies Multiple Choice Question – 19 September 2017

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

Samir works as a bus driver for a local transport company in Stafford. He is keen to start his own business providing express bus service between Stafford and Birmingham Airport. He spent a week doing market research. Samir interviewed 200 airport users in Stafford town center and the results are shown below.

According to the data based, which TWO conclusions can Samit draw from the data?

Select TWO answers:

  1. Only a minority of elderly customers (60+) would use the service
  2. Only six people of those interviewed would pay more than £36 for the service
  3. The best price to charge would be under £25
  4. The 18-30 age group is the largest market segment
  5. It is not worth trying to market the service to the over 45s
  6. The business could make a profit only if £19 was charged for the service

Explain you answers:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answers are 2 & 4 – 3% of 200 people interviewed is equal to 6 people. The 18-30 segment of the age profile is the largest noted that would use the service at 51%.

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