Reasons for Staying Small (Edexcel A-Level Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the current VAT threshold that some small business owners prefer to stay below?
What is the current VAT threshold that some small business owners prefer to stay below?
£85,000 annual turnover
Why are customers willing to pay premium prices to small businesses?
Why are customers willing to pay premium prices to small businesses?
They value direct contact with owners
What decision-making advantage do small businesses have over large corporations?
What decision-making advantage do small businesses have over large corporations?
Can make decisions quickly
How do local shops compete despite having slightly higher prices?
How do local shops compete despite having slightly higher prices?
Proximity and convenience for customers
How many vehicles did Rolls-Royce sell in 2014, demonstrating small-scale profitability?
How many vehicles did Rolls-Royce sell in 2014, demonstrating small-scale profitability?
4,063 vehicles
What is the approximate cost to set up a complete online business package?
What is the approximate cost to set up a complete online business package?
£2,000
What is a USP in business strategy?
What is a USP in business strategy?
A unique selling point
Why do small firms typically demonstrate greater innovation than large corporations?
Why do small firms typically demonstrate greater innovation than large corporations?
No bureaucratic processes to slow them
What communication advantage do small businesses offer customers?
What communication advantage do small businesses offer customers?
Direct access to speak with the owner
What strategy involves creating products distinctly different from competitors?
What strategy involves creating products distinctly different from competitors?
Product differentiation