Unit 1 Introduction to business management

1.1 What is a business?

1.2 Types of business entities

1.3 Business objectives

1.4 Stakeholders

1.5 Growth and evolution

1.6 Multinational companies (MNCs)

Unit 2 Human resource management

2.1 Introduction to human resource management

2.2 Organizational structure

2.3 Leadership and management

2.4 Motivation and demotivation

2.6 Communication

Unit 3 Finance and accounts

3.1 Introduction to finance

3.2 Sources of finance

3.3 Costs and revenues

3.4 Final accounts

3.5 Profitability and liquidity ratio analysis

3.7 Cash flow

3.8 Investment appraisal

Unit 4 Marketing

4.1 Introduction to marketing

4.2 Marketing planning

4.4 Market research

4.5 The seven Ps of the marketing mix

Unit 5 Operations management

5.1 Introduction to operations management

5.2 Operations methods

5.4 Location

5.5 Break-even analysis

Unit 6 Business management toolkit

6.1 Business management tools

IB Business Management SL 4.4 Market research Question Bank

(a)

With reference to D A, outline two suitable methods of sampling (lines 112-113).

[ 4 ]

(a)

Anna Holstein believes that "the marketing department should start carrying out market research" (lines 114-115). Analyse the roles that primary and secondary research could play for R D B.

[ 7 ]

(a)

Explain why General Diane Pierce decided to order Colonel Michael Donovan to carry out surveys and also to organize focus groups (lines 97-101).

[ 4 ]

(a)

Describe two reasons why secondary market research may not be useful to Accord.

[ 4 ]

[Maximum number: 2]

Fru-Yo (FY)

Fru-Yo (FY) produces premium-priced yoghurts. FY has strong brand loyalty and relies only on word-of mouth promotion. FYs target market is consumers who may have health problems.

FY created two new zero-sugar fruit yoghurts. FY did no market research into the new yoghurts but is confident that FYs brand loyalty will ensure success. The market constantly changes because competitors regularly introduce new healthy yoghurts.

Table 2 shows forecasted financial information for the two new zero-sugar fruit yoghurts, Yoghurt A and Yoghurt B.

Table 2: Forecasted financial information for FY's new zero-sugar fruit yoghurts

(a)

Explain one reason why F Y should carry out market research into Yoghurt B.

Answer one question from this section. Answers must be written within the answer boxes provided.

[ 2 ]

(a)

Describe one method of primary market research and one method of secondary market research that could be useful to LadyA.

[ 4 ]

(a)

Analyse two methods of market research that Alejandra could have used to help her establish her brand (lines 111-112).

[ 7 ]

(a)

Outline two types of secondary market research that B R D could have used to identify the reasons for the decline in sales of model train sets and plastic model kits (lines 114-115).

[ 4 ]

[Maximum number: 2]

2. Daytona Go-Carts
In 2020, Ron James aims to open Daytona Go-Carts, a race track where individuals as young as twelve can rent go-carts and participate in races. Through primary market research, Ron has discovered that many teenagers would enjoy participating in go-cart races.
Ron has two options for locations for the go-cart race track:
- Option 1: The cost of the site would be $ 1.2 million
- Option 2: The cost of the site would be $ 1.8 million.

Forecasted profits for Option 1 are:

Forecasted profits for Option 2 are $ 300000 in the first year, with profits growing by 20 % per year for the next four years.

(a)

State two methods of primary market research.

[ 2 ]

[Maximum number: 4]

The trustees of P U have made proposals to introduce new working patterns for lecturers:
- Compulsory training in IT use for teaching, including online teaching and creating libraries of online resources.
- Contracts that require all lecturers to work at home three days a week. There would be a schedule of who is on site on each day.
- Vacations reduced in length to enable sufficient face-to-face contact with all students. Lecturers would receive a compensatory increase in basic pay.
- Introduction of performance-related pay (PRP).
P U is considering a joint venture with Country B's government. Country B is performing well economically and is planning to expand its university sector. The trustees of $P \cup$ believe that the university has a sufficiently strong reputation that the government of Country B will be interested in P U opening a campus there.

Country B's government would provide the facilities and recruit local lecturers and other staff to work at the university. P U would be responsible for all the other costs that it incurs setting up the campus.

PU would:
- design degree courses, syllabuses and course materials
- train all staff
- monitor the progress of each course to ensure that academic standards are good enough to award degrees.

In addition, PU would undertake all market research needed for planning and monitoring new courses, including primary research into the market for university courses.

PU would receive an annual payment from the government of Country B and a fee for each student that successfully completes a degree course.

(a)

Explain two methods of primary market research that $P \cup$ could use to monitor the progress of each course.

[ 4 ]

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