The interdependent nature of business (OCR GCSE Business): Quizzes
📚Quizzes
Practise the questions
13 questions from this quiz
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Practise the questions
13 questions from this quiz
Which four functions are closely linked in a business?
Which four functions are closely linked in a business?
Operations, finance, marketing, HR
How does increased production affect marketing?
How does increased production affect marketing?
Requires more marketing to sell products
What does the finance department allocate for marketing?
What does the finance department allocate for marketing?
Budget to promote new products/services
A decision to increase production affects which areas?
A decision to increase production affects which areas?
HR, finance, and marketing
What must a marketing campaign consider besides sales?
What must a marketing campaign consider besides sales?
Production capacity & financial impact
What is business risk defined as?
What is business risk defined as?
Possibility of financial loss
What is a potential reward for businesses?
What is a potential reward for businesses?
Financial gain or market expansion
What is a risk of launching a new product?
What is a risk of launching a new product?
High costs with no guarantee of success
What reward comes from expanding into new markets?
What reward comes from expanding into new markets?
Access to new customers & revenue
What does mitigating risks involve?
What does mitigating risks involve?
Implementing strategies to reduce risks
Why is cash flow monitored?
Why is cash flow monitored?
To ensure liquidity
What does break-even analysis determine?
What does break-even analysis determine?
Sales volume needed to cover all costs
How can high employee morale benefit a business?
How can high employee morale benefit a business?
Better productivity & lower turnover