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Edexcel Business A Level Year 1 Includes AS 1st Edition Ian Marcouse, Andrew Hammond, Nigel Watson - Solutions
3 In mid-2013, UK households were suffering a 2 per cent fall in real incomes. In that period, sales at Aldi rose by 18 per cent.a) Calculate the implied income elasticity figure for Aldi.b) Assess two possible factors that may be distorting the apparent correlation between Aldi’s sales and
2 Assess what the text and diagram imply about the income elasticity of:a) Tescob) Aldi (no need for calculations).
1 Explain what the graph is showing about real wages in the UK between 2001 and 2014.
6 Pol Roger champagne sells 10,000 bottles a month in the UK at£30 a time. Its PED is −0.4 and its YED is +6.a) Calculate the value of its UK sales next year if real incomes rise by 2.5 per cent.b) Briefly explain how Pol Roger might use the data on its price elasticity of demand.
5 Explain the circumstances that might lead a product that is a normal good to become an inferior good over a period of two or three years.
4 See the quote by Larry Light on page 53. Explain the implications of the quote for the income elasticity of demand for a product or service of your choice.
3 Are these products normal, luxury or inferior?a) Product A: income elasticity −1.5b) Product B: income elasticity +4.5c) Product C: income elasticity +0.9.
2 For each of the following, explain whether you think the product/service is a normal, a luxury or an inferior good. Make your reasoning clear.a) a railway commuter’s return ticketb) a trip for the family to Disneyland Parisc) a can of Tesco Value tomato soup.
1 Calculate the income elasticity of demand for a product that sold 20,000 units in 2008, and 22,400 in 2009, when real incomes in the UK fell by 6 per cent.
2 Evaluate how the price elasticity of demand for a product such as the iPhone 6 might change over the four phases of its life cycle:birth, growth, maturity and decline.
1 You have been appointed marketing director of Topshop and set the goal of reducing the price elasticity of its retail sales. Evaluate how you might go about achieving this objective.
3 The figures suggest that Heinz Tomato Ketchup has a significantly lower price elasticity of demand than that of Reggae Reggae Sauce.Assess the implications of that for Heinz.
2a) Calculate the price elasticity of demand for Reggae Reggae Sauce in 2013.b) It is believed that the price elasticity of demand for Reggae Reggae Sauce is higher now than in the past. Explain two possible reasons why this might have occurred.
1a) Calculate the price elasticity of demand for Heinz Tomato Ketchup in 2013.b) Assess two reasons why this product may have this degree of price elasticity of demand.
2 If the firm started producing mass-market white pillow cases, would their price elasticity of demand be higher or lower than the Manchester United ones? Explain your reasoning.
1 Given that the price elasticity of demand of the product is believed to be −0.4, calculate:a) the old and the new sales volumeb) the new revenue.
7 Why is price elasticity always negative?
6 A firm has a sales target of 60,000 units per month. Current sales are 50,000 per month at a price of £1.50. If its products have a price elasticity of demand of −2, what price should the firm charge to meet the target sales volume?(5)
5 Identify three external factors that could increase the price elasticity of demand of a brand of chocolate.(3)
4 Explain three ways a firm could make use of information about the price elasticity of demand of its brands.
3 A firm selling 20,000 units at £8 is considering a 4 per cent price increase. It believes its price elasticity is −0.5.a) Calculate the effect on revenue.b) Outline two reasons why the revenue may prove to be different from the firm’s expectations.
2 Outline two ways in which Nestlé could try to reduce the price elasticity of its Aero chocolate bars.
1a) If a product’s sales have fallen by 21 per cent since a price rise from £2 to £2.07, what is its price elasticity of demand?b) Is the demand for the product price elastic or price inelastic?
2 China is the world’s biggest purchaser of almost every commodity and the world’s biggest producer of most industrial items. Evaluate how a sharp economic downturn in China might affect the equilibrium of markets worldwide.
1 Look at the ‘Real business’ box on page 40. How can an old 50p concert ticket be worth £850? Explain your reasoning.
4 Assess whether Pembo is likely to prove a really successful businessman in the longer term.
3 Assess whether this business idea of out-of-season tomato growing will continue to succeed.
2 Assess the understanding of supply and demand shown in Pembo’s start-up of his tomato patch. Use a diagram to aid your answer.
1 Assess two possible motives for Pembo’s business start-up.
4 Assess the possible impact of ‘speculative buying by market traders’on the market for rice.
3 Construct a labelled graph of the changes in the supply and demand for rice in India in 2013.
2 Assess two implications for the market price of rice of ‘world output of 480 million tonnes forecast to exceed demand by 2.8 million tonnes’.
1 Explain why production of rice in India may be significant for the world market price.
7 Examine Figure 7.2 (supply and demand for J.K. Rowling in Manchester) on page 40 and answer the following:a) Why is £68 the right price to charge for the tickets?b) What would the effect be of setting a price of £80 for the tickets?
6 Explain how market movements might ensure that a sharp rise in the price of apples proves temporary.
5 Consider the following.a) Draw supply and demand curves for oranges, based on the data shown in Table 7.4.b) Why may orange growers be unwilling to supply any oranges at 10p each? Price Demand Supply 20p 900,000 100,000 25p 800,000 300,000 30p 700,000 500,000 35p 600,000 700,000 40p 500,000
4 Explain why the price of a hotel room might be high on a Wednesday night.
3 When a shortage of Ed Sheeran tickets allows touts to charge£400, only wealthy people can get to the concerts. Most people would not worry about this. But why might people be concerned about a high ‘market price’ if there was a shortage of water at a time of drought?
2 State the probable impact on price of:a) falling demand, while supply remains unchangedb) rising supply at a time when demand is unchangedc) rising demand at a time of falling supply.
1 Choose one of the following terms, and explain what it means:a) stock marketb) labour marketc) foreign exchange market.
2 Evaluate the possible effects on the supply of commodities of a continuing sharp rise in global temperatures as a result of climate change.
1 Some farmers specialise in a single crop; others have a mixed farm with different crops plus livestock. Evaluate the strengths and weaknesses of each in a world where market prices are affected by changing supply conditions globally.
3 Explain in your own words how the change in the price of potatoes would have affected fish and chip shop profits in 2013.
2 Explain why the potato price fell in 2014.
1 Construct a labelled diagram to show the impact of the bad weather on the 2013 UK supply of potatoes. Briefly explain what it shows.
7 Explain how a government fish subsidy might affect the supply of cod to UK consumers.
6 China produces half the world’s steel. Explain the implications of this for suppliers of iron ore to China.
5 Use your knowledge of one of the following to explain the two factors you believe are the most important in determining the supply of:a) Arsenal season ticketsb) Vittel bottled waterc) Vogue magazined) KitKat four-finger pack. Price Supply 20p 25p 1m 30p 6m 35p 15m 40p 32m 45p 65m 50p 80m
4 Consider the following.a) Draw a supply curve for Cadbury Creme Eggs, based on the data shown in Table 6.2.b) Why might Cadburys be unwilling to supply any Creme Eggs at a price of 20p each?
3 Identify two possible physical constraints that could stop a railway company from completing engineering works on time.
2 How might a rise in the national minimum wage affect the supply of goods in the UK?
1 Explain why a fall in supply increases price.
2 In a declining market for boxed chocolate assortments (such as Quality Street), Lindt Lindor has been enjoying sharply rising sales.Evaluate how a business might set about boosting sales of its brands despite a decline in the market as a whole.
1 In late 2014, the global price of oil collapsed – partly because of a fall in demand in countries such as the UK. Evaluate the key factors that might lead to a recovery in UK demand for oil in the future.
4 From the information provided and your wider knowledge, evaluate two factors that might affect the total market size for cereals over the coming 12 months. Figs in ms* 2007 2008 2009 2010 2011 2012 2013 Weetabix 99.3 103.7 104.6 104.4 135.1 145.8 143 Special K 96.5 101.2 97.4 94.6 119.4 103.5
3a) Calculate the market share for Frosties (to two decimal points) in 2007 and again for 2013.b) Explain why this information might be important to Kellogg’s, owners of the Frosties brand.
2 Assess two factors that may have affected the demand for Alpen between 2007 and 2013.
1 Following a decline in its sales in 2009 and 2010, Special K had a great year in 2011. Explain two factors that may have caused this.
8 Examine two possible reasons for the boost to demand outlined in the following quote from Dundee FC website in 2014:‘The Club has been bowled over with the sales of season tickets to date, with an incredible increase of 150 per cent on the same period last year. The Manager and Board of
7 Suggest one way in which a business could try to estimate the future demand for its brand new product.
6 Use your knowledge of one of the following to explain the two factors you believe are the most important in determining the demand for:a) Arsenal season ticketsb) Vittel bottled waterc) Vogue magazined) KitKat four-finger pack.
5 Outline three conclusions the chief executive of Tesco might draw from the following United Nations’ population forecasts. 2015 United Kingdom 64 million Nigeria 2050 2100 74 million 77 million 183 million 440 million 900 million
4 How might demand for UK hotel rooms be affected by a sharp economic downturn in America?
3 In your own words, explain the term ‘inferior good’ and give your own example.
2 The giant Procter & Gamble cut its 2014 spend on UK advertisingby 9 per cent and switched spending away from TV towards social media. UK sales in 2014 were flat, meaning a slight fall in volume terms. What does this imply about the effect of marketing spending upon demand?
1 Demand up or down?a) When a substitute good cuts its prices.b) When a complementary good increases its prices.
2 To what extent is there effective product differentiation within the market of your choice? Evaluate how that differentiation has been achieved.
1 Choose one of these products/services: Burger King, Domino’s Pizza, Topshop, Pepsi. Evaluate whether their current market positioning is right for the brand.
3 Evaluate how Mars, India, might add more value to its Galaxy brand to enable it to charge a higher price.
2 From the text, assess how well Mars has used market positioning in its launch of Mars Premium chocolate in India?
1 Assess two possible reasons why Mars wants to build a market share in India.
7 Explain how your school or college differentiates itself.
6 Suggest four ways in which value could be added to a plank of wood.
5 What would you say is the USP of each of the following:a) Maltesersb) the latest iPhonec) Marmite?
4 Why might it be difficult to differentiate a mass market brand?
3 Give three possible sources of competitive advantage for an independent clothes shop.
2 The UK population is growing older, with a rising proportion of over 60s. Outline two business opportunities that may arise as the population gets older.
1 Identify three markets where age is a crucial factor in drawing up a market map.
2 Steve Jobs, boss of Apple, once said that he ignored market research in the early stages of the iPad. He believes that research is useful in relation to existing products, but does not work with innovative new products.a) Why might this be?b) How could research be used to best effect for
1 ‘Market research is like an insurance policy. You pay a premium to reduce your marketing risks.’ Evaluate this statement.
3a) Explain one method of qualitative research that could be used in this case.b) Assess two ways in which qualitative research may help the marketing director.
2 Assess the marketing director’s conclusion that ‘none of the new product ideas has done brilliantly’, but that she is ‘happy that there’s one clear winner’.
2 Explain one possible drawback of using an online survey.
1 Explain whether the sample size of 150 was appropriate in this case.
9 Explain why street interviewing may become less common in the future.
8 Identify three possible sources of bias in primary market research.
7 Outline the pros and cons of using a large sample size.
6 Explain two aspects of marketing in which consumer psychology is important.
5 State three key factors to take into account when writing a questionnaire.
4 What advantages are there in using secondary research rather than primary?
3 Distinguish between primary and secondary research.
2 Outline three reasons why market research information may prove inaccurate.
1 State three ways in which a cosmetics firm could use market research.
2 Evaluate the view held by some commentators that it is virtually impossible to succeed when trying to turn a niche market into a mass market product.
1 Choose one of the following markets: women’s fashion retailing;computer console software; chocolate bars. For the market of your choice, evaluate whether sales are dominated by mass market or niche market products/brands.
4 Evaluate whether the local producers of Asian traditional drinks will be able to survive in the long term given that their products now have to compete against me-too brands produced by foreign multinationals such as Coca-Cola and Pepsi.
3 Niche market products are normally more expensive than most mass market products. Using the example of traditional Asian drinks, explain why this is so.
2 Assess two ways in which the producers of traditional drinks, such as winter melon tea and grass jelly drink, created product differentiation.
1a) What is meant by a mass market product?b) Explain why Asian traditional drinks are examples of niche market products.
6 Evaluate whether companies such as Tata Motors should take into account the concerns of environmentalists when making their business decisions.
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