Which of the following is not a definition of a "market"?
- A geographical area where buyers and sellers come together to trade
- Competition to sell a certain type of product
- A type of customer demographic
- Offering short-term price reductions to entice customers
Environmental concerns and sustainability can influence a business through:
- Changes in employee turnover
- Altering the company's recruitment strategy
- Shaping product design and production processes
- Improving workplace safety
Working to reduce damage to the Earth for future generations is know as what?
- Sustainability
- Corporate responsibilty
- Social mobility
- Carbon footprint
In a competitive market, why is price an important factor?
- Luxury goods will always be of high value
- Customers will shop at the lowest-priced business
- There are a reduced number of high street stores
- M-commerce is reducing demand for physical stores
How can changes in the political landscape affect a business?
- By impacting employee motivation
- By altering government regulations and policies
- By influencing consumer preferences
- By enhancing product quality
The legal requirement to list nutrition information on food packaging is an example of which influence on business?
- Social
- Competitive
- Technological
- Legal
What is a potential consequence of a company's failure to comply with environmental regulations?
- Increased employee morale
- Improved product quality
- Legal penalties and damage to reputation
- Enhanced brand image
If prices rise faster than customer income…
- … sales of luxury goods will increase
- … customers will have more money to spend on things they need
- … customers will have less to spend on things they want
- … sales of luxury goods will increase
Which of the following is not a legal requirement for adverts?
- Truthful information
- Accurate descriptions of products and services
- Adverts must be decent
- Must contain the price of the product or service
What is a common reason for businesses to engage in social responsibility?
- To increase employee turnover
- To improve product quality
- To enhance brand image and reputation
- To reduce technological advancements
