Edexcel GCSE: Business Fundamentals Quiz

To produce goods and products for customers.

To gain profit by producing products.

To sell goods or a service to consumers.

To produce good or a service to meet the needs of customers.

Sells raw materials to another business.

Purchases materials for a business.

Creates products using raw materials.

Supplies a business with money.

Quality, customer service, growth and shrink in the market and price.

Quality, product range, convenient locations, good customer service and price.

Features, convenient locations, after care service, price and age and gender.

Price, main competitors, good quality, location and product range.

Features, quality of products, price, age and gender, location and the growth and shrink of a market.

Price, location, quality of products, product range, customer service and age and gender.

Features, price, location, age and gender, competitors and the growth and shrink of a market.

Customer service, product quality, location and competitors.

Primary and secondary research is collecting data.

Primary research is collecting data that already exists and secondary is data that does not exist.

Secondary and primary research is collecting data that already exists.

Primary research is collecting data that did not exist and secondary is data that already exists.

Examples are focus groups, observations, experiments, questionnaires and surveys.

Examples are focus groups, experiments, observations, questionnaires, surveys and the benefits are it is accurate, up to date, specific, effective at retrieving qualitative data and allows direct customer contact.

The benefits are it is accurate, up to date, retrieve qualitative data, specific and allows direct customer contact.

Examples are sites, newspapers, government statistics, market reports, telephone directories and sales data and the benefits are it is quick and effective at retrieving quantitative data.

Examples are sites, newspapers, government statistics, market reports, telephone directories and sales data.

Examples are sites, newspapers, government statistics, market reports, telephone directories and sales data and the benefits are it is general, quicker and effective at quantitative data.

Examples are focus groups, experiments, observations, questionnaires, surveys and the benefits are it is accurate, up to date, specific, effective at retrieving qualitative data and allows direct customer contact.

Examples are sites, newspapers, market reports, telephone directories and sales data and the benefits is it effective at quantitative data.

Age, gender, location, ethnicity, religious groups and income.

Gender, age, income.

Location, ethnicity, religious groups, income, gender and lifestyle.

Age, gender, income and lifestyle.

Focus on target market activity and develop a USP to increase profit by enabling repeat purchases.

It allows a business to gather qualitative and quantitative data.

It allows a business to identify gaps in the market where customer needs are not being met.

Meet specific needs, differentiate its product (USP), focus on specific groups, target market activity, develop a unique brand image and close customer relationships.

Develop a unique selling point.

Improve its product range, quality, after sales service, experience, design, brand image and features of the product.

Reduce its prices so that customers are attracted to the products that the business offers.

Improve its product range, experience, design, brand image and features of the product.

When a business develops a unique brand image.

When a customer associates and identifies with a product, and sees it as being different which allows it to develop a unique brand image.

Putting labels onto products to attempt to increase purchases.

Gaining brand recognition.

Making a product different in a way which increases the chance of customers buying it.

The increased worth a business creates for a product and the difference between supplying expenses and the selling price.

Making a product more convenient, increasing the speed of a service, adding a better design, improving the quality and branding and developing a USP.

The increased worth a business creates for a product.

A franchisor is the business that gives the franchisee the right to sell its good/service.

A business that agrees to manufacture, distribute or provide a branded product under license.

A business that gives the right to sell its product in exchange for products.

A franchisor is business like McDonald's.

It increases the chance of survival.

Established brand name, constant support, training, equipment, access to goods and services, advertising and promotion and operating in an exclusive area.

They are able to close down the business whenever they like.

Support, training, equipment, access to goods and services, advertising and promotion, guaranteed success and cheaper to set up.

Established brand name, equipment, access to goods and services, advertising and promotion and operating in an exclusive area.

Higher chance of survival.

There are less risks than starting up your own business, as all starting costs are covered, there is a large amount of control and high success rate.

Expensive marketing costs are covered, established brand image, higher chance of survival, established customer base, tried and tested products and on going support and training.

There are none - a franchise is a guaranteed way for an entrepreneur to start a business which generates large sums of profit.

It reduces the chance of added value which causes the chance of survival and long term growth to also decrease as your control over the business is limited.

Unable to change the product/service sold and the store which increases the chance of failure.

You have limited control, the start up is expensive as well as the royalty payments and there is a complicated application process.

Competition proximity, cost, passing trade and accessibility.

Existing market, demand for the product and the buying characteristics of the people in the area.

Cost, demand for the product and existing competition.

All of the above.