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Identify TWO internal stakeholders of the MTR corporation.
Shareholders, employees, managers etc.
Identify THREE external stakeholders of the MTR corporation.
Government, banks, local community, passengers of MTR etc.
Identify TWO common objectives of social enterprises.
Provide jobs to support disadvantages in society, to protect the environment, reinvest to expand social enterprise operations
Outline ONE objective that a start-up business would likely have.
Survival in a competitive industry, growth in size to build up brand awareness
Outline ONE objective that a public limited company would likely have.
Maximizing returns to shareholders (as they're held accountable to shareholders)
If the total global market sales of electric vehicles in 2021 is US$200 billion, and Tesla’s sales is US$40 billion, what is Tesla’s market share?
20% (40 billion / 200 billion x 100%)
Identify TWO situations when 'survival' might be a business objective for businesses.
Newly start up company, when the economy isn't doing well, change in trends causing reduced demand etc.
Identify TWO objectives that the local community would typically have when a new business enters the area.
job creation, ensuring environmental conservation / sustainability
Briefly outline what marketing is about.
Marketing is about identifying customer wants and satisfying them profitably.
Outline two reasons why consumer spending patterns are constantly changing.
Technological changes, changes in taste, changes in income, ageing population
Define mass marketing.
Mass marketing: products are designed to appeal to the whole market so advertising and promotions are intended to appeal to most customers.
Provide TWO examples of a niche market product.
E.g. gamer's mechanical keyboard, Rolex watches
What are TWO advantages of operating in the mass market?
Total sales are high, Economies of scale, Spread out risks, opportunities for growth
What are TWO advantages of operating in the mass market?
Total sales are high, Economies of scale, Spread out risks, opportunities for growth
What are TWO advantages of operating in the niche market?
Less competition, Cater to needs of customer, Higher levels of customer loyalty and better customer relations
Identify TWO factors that firms consider before choosing appropriate method of segmentation.
Size and sales potential of each segment, Cost of entering each segment, company image / brand image
