A-AS Level (CIE) Business Studies Paper-1: Specimen Questions with Answers 26 - 27 of 50

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Question 26

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Write in Short

Short Answer▾

Distinguish between Mean and Median

Explanation

Distinguish between Mean and Median
S. no.MeanMedian
1.Average value of a data setCentral numeric value of a data set
2.Add all the values of the data set together and divide this sum by the number of values in the data setArrange all the values in the data set ascending order, and determine which is the value at the middle
3.Considers every value in the data setDoes not take every value into account
4.May be affected by extreme scores and will not accurately representNot affected by extreme scores

Question 27

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Describe in Detail

Essay▾

Explain the old concept of marketing.

Explanation

This concept of marketing was popular when business was done on small scale and there was little or no competition. Marketing consists of activities of buying and selling activities that lead to the transfer of ownership of goods and services. According to Clark and Clark - Marketing consists of those efforts which effect transfer in the ownership of goods and services and which provide for physical distribution. According to American. “Marketing Association - Marketing is the performance of business activities that direct the flow of goods and services from producer to consumer or user.”

Characteristics of Old Concept of Marketing

  • It consists of only production, purchases and sales activities.
  • It is product oriented, i.e.. , it focuses attention only on product to be sold ignoring, interest, and tastes.
  • Its activities ended on sale, i.e.. , it does not provide after sale services.
  • It does not give importance to consumer satisfaction.
  • It aims at earning maximum profits.

Criticism

  • It focuses only on production, purchases and sale activities and ignores other activities of marketing.
  • It ignores consumer research.
  • It is a product-oriented concept.

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