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IGCSE BS 1.5 & 3.1 Review

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  • Identify TWO common objectives of social enterprises.
    Provide jobs to support disadvantages in society, to protect the environment, reinvest to expand social enterprise operations
  • Identify TWO objectives that the local community would typically have when a new business enters the area.
    job creation, ensuring environmental conservation / sustainability
  • What are TWO advantages of operating in the mass market?
    Total sales are high, Economies of scale, Spread out risks, opportunities for growth
  • Briefly outline what marketing is about.
    Marketing is about identifying customer wants and satisfying them profitably.
  • Outline TWO appropriate ways to segment the laptop market.
    By income (high-end vs. basic models), use of product (corporate vs. individual use)
  • Identify TWO internal stakeholders of the MTR corporation.
    Shareholders, employees, managers etc.
  • Identify TWO ways in which companies can segment for market.
    By age, income, gender, location, lifestyle, use of product etc.
  • Identify THREE external stakeholders of the MTR corporation.
    Government, banks, local community, passengers of MTR etc.
  • 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
  • Outline ONE objective that a public limited company would likely have.
    Maximizing returns to shareholders (as they're held accountable to shareholders)
  • 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.
  • 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.
  • 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%)
  • Outline ONE objective that a start-up business would likely have.
    Survival in a competitive industry, growth in size to build up brand awareness
  • 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
  • Outline two reasons why consumer spending patterns are constantly changing.
    Technological changes, changes in taste, changes in income, ageing population
  • 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
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