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3 (a) Procurement involves a business having a strong relationship with which one of the following stakeholder groups? Select one answer - Edexcel - GCSE Business - Question 3 - 2021 - Paper 1
Question 3
3 (a) Procurement involves a business having a strong relationship with which one of the following stakeholder groups? Select one answer. A Local community B Man... show full transcript
Worked Solution & Example Answer:3 (a) Procurement involves a business having a strong relationship with which one of the following stakeholder groups? Select one answer - Edexcel - GCSE Business - Question 3 - 2021 - Paper 1
Step 1
Procurement involves a business having a strong relationship with which one of the following stakeholder groups?
Answer
The correct answer is D: Suppliers. Procurement is primarily concerned with the acquisition of goods and services, which necessitates a strong relationship with suppliers to ensure a steady flow of materials and favorable terms.
Step 2
Using the information in Figure 2, calculate the market share of Business E.
Answer
To find the market share of Business E, we first note the percentages indicated in Figure 2 for the other businesses:
- Business A: 12.5%
- Business B: 34.2%
- Business C: 21.3%
- Business D: 23.8%
The total market share for these four businesses is:
%
To find the market share of Business E, we subtract the total from 100%:
%
Therefore, the market share of Business E is 8.2%.