1 (a) Which one of the following is an element of the design mix?
Select one answer - Edexcel - GCSE Business - Question 1 - 2019 - Paper 1
Question 1
1 (a) Which one of the following is an element of the design mix?
Select one answer.
A Cost
B Price
C Product
D Quality
(b) Which one of the followin... show full transcript
Worked Solution & Example Answer:1 (a) Which one of the following is an element of the design mix?
Select one answer - Edexcel - GCSE Business - Question 1 - 2019 - Paper 1
Step 1
Which one of the following is an element of the design mix?
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Answer
The correct answer is B. Price. The design mix consists of three elements: function, aesthetics, and cost. Price, while influencing these components, is not a direct element of the design mix.
Step 2
Which one of the following is an example of an internal source of finance?
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Answer
An example of an internal source of finance is retained earnings. This refers to the profits that a business has reinvested in itself rather than distributed to shareholders.
Step 3
Explain one advantage to a business of producing a high quality product.
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Answer
Producing a high-quality product can significantly enhance a business's reputation. A strong reputation for quality can lead to increased customer loyalty, allowing for repeat sales. Moreover, satisfied customers are likely to recommend the product to others, generating more business through positive word-of-mouth. This can also enable the business to charge premium prices, thus enhancing profit margins.
