Which of these statements describes a competitor?
A business that sells something completely different
A business that sells a similar product but at a much higher quality and price
A business that sells a similar product at a similar level of quality and price
What does USP stand for?
Unique selling point
Unique selling price
Unique selling potential
What does ‘product range’ mean?
The number of products sold by a business
The range of prices of the products sold by a business
Selling just one type of product
How might a business respond to a competitor bringing out a new product?
Keep selling the same products
Release a new product
Promote its existing products more
What does a dynamic environment refer to?
A slowly changing environment
A business environment with lots of competitors
A business environment that is rapidly changing
What does ‘the interdependent nature of business activity’ refer to?
Businesses working closely together to achieve success
Businesses avoiding working with any other business
Where one department in a business works closely with one other department
Which of the following refers to numerical data?
Qualitative
Graphs and charts
Quantitative
What does a percentage mean?
Out of 50
Out of 100
Out of 10
What is the calculation for averages?
Add all of the number in a set ÷ the amount of values there are
Add all of the number in a set ÷ the amount of values there are then × 100
Add all of the number in a set ÷ the amount of values there are then – 100
What is the calculation for a percentage increase?
% increase = increase × Original Number - 100
% decrease = decrease ÷ Original Number × 100
% increase = Increase ÷ Original Number × 100