QUESTIONS WITH CORRECT ANSWERS
sole trader benefits and drawbacks - correct answer-you keep all profits but limited access to finance
Private limited company benefits and drawbacks - correct answer-
simple to set up but has division of ownership
public limited company benefits and drawbacks - correct answer-
can gain finance through share capital but shareholders will expect to receive dividends (have limited lia
bility)
non-profit organization - correct answer-
profits reinvested back into organisation in order to meet its objectives rather than being distributed -
red cross
Public sector organisations - correct answer-
government provides public services to all citizens in the country - NHS
3 marketing objectives - correct answer-market share, sales growth, market size and growth
internal influences on marketing objectives - correct answer-corporate objectives, finance, HR
external influences on marketing objectives - correct answer-
technology, competitors, market/state of economy
market growth formula - correct answer-(new market size - old market size) / old market size x 100
sales growth formula - correct answer-(sales this year - sales last year) / sales last year x 100
market share formula - correct answer-sales / total market size x 100
, market size formula - correct answer-revenue / market share
positive correlation - correct answer-
exists where independent variable increases in value, so does the dependant
negative correlation - correct answer-
where independent variable increases in value but dependant variable falls in value
primary research benefit and drawback - correct answer-
for the specific purpose its needed for but is labour intensive
Secondary Research benefit and drawback - correct answer-
its faster and easier but the purpose maybe unsuitable
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marketvmappingvbenefitvandvdrawbackv-vcorrectvanswer-
spotvgapsvinvmarketvbutvcanvovervsimplifyvthingsv(mattervofvopinion
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3 factorsvthatvinfluencevpedv-vcorrectvanswer-
typevofvproduct,vdifferentiationvtovcreatevbrandvloyalty,vandvthevinterne
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3 factorsvthatvinfluencevyedv-vcorrectvanswer-
normalvnecessities,vluxuryvgoods,vandv'inferior'vgoods
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3 waysvofvsegmentingvavmarketv-vcorrectvanswer-
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