BTEC Level 3 Business -Unit 7 | Exam Questions and
Answers Verified Solutions Latest Update
Question 1.
Shows a hierarchy of responsibilities and authority showing who is responsible for
what and who has
authority to make decisions regarding business operations
Correct Answer: Hierarchical Structure
Question 2.
Previous market research
- Trade journals
- Websites
- Books and newspapers
- Census data and public records
Correct Answer: Secondary research sources
Question 3.
Info should be kept secure in accordance with the nature and sensitivity of that
information. There is a
legal requirement to store info securely and there are rules dictating how info is
stored and for what
period of time
Correct Answer: Security of information
Question 4.
It is vital businesses are up to date with the legal requirements around data storage.
Data protection act
1998 is the main legislation they must follow
Correct Answer: Legislative
Question 5.
Regulatory and ethical issues
Correct Answer: Businesses will need to ensure they are frequently monitoring
impending changes to any legislation or
regulation
Question 6.
Porters 5 forces
Correct Answer: 1. Existing competitive rivalry between suppliers
2. Threat of new entrants
3. Bargaining power of buyers
, Question 7.
4. Power of suppliers
5. Threat of substitute products
5C'S
Correct Answer: 1. Customer
2. Company
3. Climate
4. Collaborators
5. Competitors
Question 8.
Ansoff matrix
Correct Answer: This model is used to enable a business to make decisions about
the opportunity for growth in the market
place
Question 9.
Boston matrix
Correct Answer: This model is used to aid the decisions making process by helping
predict where a business should invest
in the future.
The matrix helps with analysis concerned with market trends and considering the
opportunities for
increasing market share.
Question 10.
Boston matrix - cash cow
Correct Answer: A product that has high market share but in a low growth market.
They are successful, established
products that won't require much investment
Question 11.
Boston matrix - stars
Correct Answer: HIGH market share
HIGH market growth
needs investment to be profitable
Question 12.
Boston matrix - question marks
Correct Answer: low market share, high market growth, little to no profit but could
become a star or cash cows as they are
in a growth market
Answers Verified Solutions Latest Update
Question 1.
Shows a hierarchy of responsibilities and authority showing who is responsible for
what and who has
authority to make decisions regarding business operations
Correct Answer: Hierarchical Structure
Question 2.
Previous market research
- Trade journals
- Websites
- Books and newspapers
- Census data and public records
Correct Answer: Secondary research sources
Question 3.
Info should be kept secure in accordance with the nature and sensitivity of that
information. There is a
legal requirement to store info securely and there are rules dictating how info is
stored and for what
period of time
Correct Answer: Security of information
Question 4.
It is vital businesses are up to date with the legal requirements around data storage.
Data protection act
1998 is the main legislation they must follow
Correct Answer: Legislative
Question 5.
Regulatory and ethical issues
Correct Answer: Businesses will need to ensure they are frequently monitoring
impending changes to any legislation or
regulation
Question 6.
Porters 5 forces
Correct Answer: 1. Existing competitive rivalry between suppliers
2. Threat of new entrants
3. Bargaining power of buyers
, Question 7.
4. Power of suppliers
5. Threat of substitute products
5C'S
Correct Answer: 1. Customer
2. Company
3. Climate
4. Collaborators
5. Competitors
Question 8.
Ansoff matrix
Correct Answer: This model is used to enable a business to make decisions about
the opportunity for growth in the market
place
Question 9.
Boston matrix
Correct Answer: This model is used to aid the decisions making process by helping
predict where a business should invest
in the future.
The matrix helps with analysis concerned with market trends and considering the
opportunities for
increasing market share.
Question 10.
Boston matrix - cash cow
Correct Answer: A product that has high market share but in a low growth market.
They are successful, established
products that won't require much investment
Question 11.
Boston matrix - stars
Correct Answer: HIGH market share
HIGH market growth
needs investment to be profitable
Question 12.
Boston matrix - question marks
Correct Answer: low market share, high market growth, little to no profit but could
become a star or cash cows as they are
in a growth market
