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A compendium of business studies questions

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What are the 4 p’s?

What is product orientation?

What is market segmentation?

List the socio economic groups?

Explain Mass, niche and test markets?

What is primary research?

What is secondary research?

List the ways that primary research can be done?

What does SWOT stand for?

What is a franchise?

What is ethical behaviour in business?

What are a persons basic needs?

What is the difference between a need and a want?

Explain what happens if a business does not supply what the customer

wants

Explain the difference between Primary Secondary and Tertiary

sector industries

Name the three main types of industry

What is Specialisation?

What is the difference between boom and recession?

How does inflation affect a business?

List 4 examples of legislation that might affect a business

What are imports?

What are exports?

How can the exchange rate affect businesses?

What is the difference between an import and an export?

Why do changes in price affect the demand?

What is a socially responsible business?

What are the functions of packaging?

Give 5 examples of businesses that need to locate near to their

customers

Why would a government offer incentives for a business to locate in a particular area?

What is a stakeholder?

Name 5 stakeholders you would find in a business

What is a shareholder?

Why might the people who own a company be interested in how well

it is doing?

What is the first objective of any new business?

What is breakeven?

How do you work out the breakeven point?

What is a sole trader?

How many people are in a partnership?

Why is it easy for a sole trader to set up a business?

Why would a lack of specialisation cause problems for a Sole Trader?

What does unlimited liability mean?

What are the disadvantages of a partnership?

What are the advantages of a partnership?

What are the advantages of being a sole trader?

What is meant by divorce of ownership from control?

When a company has Ltd after its name what does this mean?

What are the manager’s functions?

What is the definition of manager?

What are the differences between a manager and a leader?

Who owns a company?

Give the name of 4 companies that sell products in a mass

market

What is market?

What is market research?

Why might a person decide to become a franchisee?

What is a multinational company?

Name the characteristics of a leader

What problems might a multinational company face?

What is the difference between product departamentalization

and function departamentalization

?

What is the public sector?

Name 3 organisations in the public sector

Give 5 examples of goods and services produced by the public

sector?

What does privatisation mean?

What does nationalisation mean?

What does span of control mean?

What does chain of command mean?

What is the meaning of the word delayering?

What is an organisation chart?

What are formal groups?

What are informal groups?

What does the word delegation mean?

The span of control is very small – what does this mean?

What is a business?

List 5 functions of the Human Resource department

What does the Marketing department do?

What does the Production department do?

What does the Finance department do?

What is meant by recruitment?

What is the role of an employment agency?

What does internal recruitment mean?

What does word of mouth mean?

Why might a business need to recruit new staff?

Why do businesses need to ask for references for potential

employees?

What is a CV used for?

Why would a business use application forms?

What is motivation?

Name 3 leadership styles

State and explain two methods of market research that could be

used to see whether a new product is likely to succeed.

What is skimming pricing?

What is the product life cycle?

What is cash flow?

What is net flow?

What is a variable cost?Give an example

What is a fixed cost?Give an example

Name 3 methods of paying employees

What is commission?

What is a fringe benefit?Give an example

Name three different laws that affect businesses

What does Added Value mean?Give an example

Name 3 motivation experts

Give the name of 4 market segments that can be used to

identify your market

What is the first objective any business has?

Explain what is meant by a merger?

What in your opinion is the motivator for why people work

Name the main responsibilities managers have

Explain the meaning of labour turnover?

Name 3 departments that most businesses will have

What is the difference between a NGO and a business?

Does a NGO make money?

What is an overdraft used for?

What does the Purchasing department do?

Is it possible to motivate people with fringe benefits?

What is an entrepreneur?

How has technology changed the work place?

What does hierarchy mean?

What is empowerment?

What is the opportunity cost?

What is Gross Domestic Product?

What is a pressure group?

What is the formula for contribution?

What is a market gap?

State three situations in which a firm could use market research

Distinguish between qualitative and quantitative research

What is a brand?

Why carry out a SWOT analysis?

Give one benefit of operating in a Niche market

Give one drawback of operating in a Niche market

Identify two advantages of operating in a mass market

Identify two problems of operating in a mass market

What is a strategy?

Which are the three type of plans?

List three ways of promoting a product

What are the three main channels of distribution?

Why might a business initially receive low income from a product newly introduced onto the market?

Do you think that you can train someone to change their

management style?

Identify 4 groups with whom managers need to communicate

regularly ?

How have improvements in technology improved

communication?

What are the steps of a decision making process?

Explain Management by objectives?

Explain why it is important to know what your competitors are doing?

How do we find out what our customers want?

Outline three features of good objectives

Distinguish between product oriented and market oriented

companies

What is batch production?

Distinguish between a random and a quota sample

Do companies have the right to do what they want with their

employees, give a full answer?

Are ethics always bad for a business?

How do ethics influence brand image?

What is the difference between the law and ethics?

What is the mission of a company?

What is the meaning of a tax?

What is the 360º feedback?

Can high labour turnover ever be good for a business and if so

how?

What effect does high labour turnover have on a business?

How can a manufacturing business become more

efficient?

Define production capacity

Define marketing

What is the difference between one way and two way

communication?

How can changes in the law affect a business?

Name 4 important stakeholders in most businesses.

What does VAT stand for?

Name three steps in the recruitment and selection

process

Give one reason why rebranding may be used

Outline two advantages of evaluating employees

State two possible drawbacks of a firm having a wide span of control

Explain two advantages of a firm having a narrow span of

control

Place is one of the 4 p’s what is meant by place?

What is vertical integration?

What is horizontal integration?