Section I - Multiple Choice (2 Viewers)

[McLovinFanboy]

Phew. Had me worried there for a second.

Would not have been happy to have an ER question wrong

I have to say. That question did advantage those who do economics. A student who does economics would instantly know the answer.

 

[Keelan134]

keelan waht did u put for q8? and 6? and 15?

Let me stress now that my reasoning may not be correct, this is just what I thought in the exam.

6: B It was obvious not to be C or A. I went with Marketing because they developed an item that I assumed customers would want, whereas Selling approach businesses make whatever they can and try and impose it upon you. The people arguing for selling make valid points, but I went Marketing as it does involve promotion (advertising) and I made the assumption that their innovation was implied. I dare somebody to say the assume quote I wont be too astonished if the answer is Selling, it was only a question 6, too early for a mindfuck.

8: B. Both cost centres and fixed costs can be used to improve a gross profit. I went with reduce fixed costs due to the verb technique I learn from Legal studies in determining the most correct answer. The cost centre says use, meaning you can identify the cost centres, but what will you do with that, there is a second step and that would be taking corrective action or removing that cost/expense, and I say expense because you can use cost centres towards expenses also. The verb reduce in fixed costs directly affects the gross profit, so I went with that. Again it was only question 8, I may have looked too much into it.

15: D. There was no doubt here. I think we all understand why it was psychographic so I wont explain that. I went Demographic as it said office worker, therefore a class and an income bracket. Behavioural is more what benefits are sought from the product and usage of the product

 

[Keelan134]

I have to say. That question did advantage those who do economics. A student who does economics would instantly know the answer.

We do it in Finance section. Global Influences or something. If you had general understanding of currency and reasoning you could deduce that three were bad one was good

 

[gr_111]

So cost centers focuses on minimizing expenses. Anyone know if COGS are fixed costs? that question was confusing.

no, they are variable, the magnitude depends on the level of sales.

 

[McLovinFanboy]

We do it in Finance section. Global Influences or something. If you had general understanding of currency and reasoning you could deduce that three were bad one was good

Yes, but still as a business student, it isn't all that easy. I am saying as economics students we have actually chapters on Currency lol, So it is quite drilled in our heads. Not saying business students don't understand

 

[zb123]

when they said minimise expenses, that could imply variable costs as well couldnt it?

 

[McLovinFanboy]

when they said minimise expenses, that could imply variable costs as well couldnt it?

Variable expenses are harder to minimise. They change according to demand etc.

Which fixed costs are easier to reduce, as it involves electricity etc. (Change providers can lower it)

 

[zb123]

fixed costs dont affect GP though..

 

[Rawf]

I'm really cbs to go through all these posts cause I just got home. Can anyone tell me if my answers are right?
1 D
2 C
3 A
4 B
5 C
6 D
7 A
8 B - I'm not really sure about this one
9 B
10 C
11 C
12 B
13 D
14 C
15 D
16 A
17 A
18 D
19 D
20 B

 

[McLovinFanboy]

I'm really cbs to go through all these posts cause I just got home. Can anyone tell me if my answers are right?
1 D
2 C
3 A
4 B
5 C
6 D
7 A
8 B - I'm not really sure about this one
9 B
10 C
11 C
12 B
13 D
14 C
15 D
16 A
17 A
18 D
19 D
20 B

Most of them.

 

[Rawf]

Most of them.

Most? which ones are wrong?

 

[McLovinFanboy]

Most? which ones are wrong?

19 is b

 

[Zenox]

19 is b

wtf

 

[Rawf]

19 is b

How can you assume that the 'TOTAL' car market increased though? Doesn't total car market refer to how many cars there are sold in the market? (as in... not just Star Car Sales, but the country's car sales as a whole?).
When you look at 'D' it says the total car market increased, and Star Car's market decreased - cannot this be assumed? Because their have the same amount of sales ie. 10million in both years, however their market share has reduced, thus meaning that the level of car sales in the market as a whole has increased, however Star's remained the same and thus resulting to a fall in marketshare?

 

[gr_111]

How can you assume that the 'TOTAL' car market increased though? Doesn't total car market refer to how many cars there are sold in the market? (as in... not just Star Car Sales, but the country's car sales as a whole?).
When you look at 'D' it says the total car market increased, and Star Car's market decreased - cannot this be assumed? Because their have the same amount of sales ie. 10million in both years, however their market share has reduced, thus meaning that the level of car sales in the market as a whole has increased, however Star's remained the same and thus resulting to a fall in marketshare?

100% correct. It is D.

 

[Zenox]

With all due respect, you're wrong.

We can all agree that the answer is definitely not A (industrial), since that's a type of market, not a type of marketing approach.

Now the production approach was for stuff like the T-Model Ford and stuff, where it was produced in bulk and bought simply because it was being made. The fact that the question stated that the business "runs an advertising campaign to inform people" about the product clearly rules out production approach as well.

As for the marketing approach, you need to consider the entire question:

"A business develops a shirt made from fabric which never stains or looks crushed. It then runs an advertising campaign to inform people about this product."

Nowhere in there does it mention anything about the wants/needs of any customers, which is key to the marketing approach. Take the dishwasher, for example. If the guy who invented the dishwasher had used a marketing approach, he would have done market research and asked people what they wanted, and they would have said more effective dishwashing liquid and better sponges. Instead, he developed an innovative product, and advertised it to "inform people about this product" and thus persuade them to buy it - ie the selling approach.

Finally, a person who understands the difference between selling and marketing approach. The key is market research which differentiates the answers. FFS!

 

[Rawf]

Finally, a person who understands the difference between selling and marketing approach. The key is market research which differentiates the answers. FFS!

Lolol yeah, I put selling as well It doesn't state that they took any market research or tried to find out what the consumers want.. and you cant just assume that they did.
Rather, they created a product, and attempted to advertise/promote it... thus it's selling.

 

[McLovinFanboy]

How can you assume that the 'TOTAL' car market increased though? Doesn't total car market refer to how many cars there are sold in the market? (as in... not just Star Car Sales, but the country's car sales as a whole?).
When you look at 'D' it says the total car market increased, and Star Car's market decreased - cannot this be assumed? Because their have the same amount of sales ie. 10million in both years, however their market share has reduced, thus meaning that the level of car sales in the market as a whole has increased, however Star's remained the same and thus resulting to a fall in marketshare?

Of fml. derp.

I see.

 

[Zenox]

abcbdabaadbcdababaadcbddbd

any mistakes? ^^^

stop trolling you imbecile.

 

[Zenox]

I am not you downer

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There were 20 multiple choice questions, clearly you are troll. + your fallacious posts on other threads prove otherwise