1 (a) Define ‘joint venture’. [2]

(b) Briefly explain two advantages of joint ventures to the businesses involved. [3]

2 (a) Define ‘leadership’. [2]

(b) Briefly explain two advantages of autocratic leadership. [3]

3 Explain why cost information is important for business decision-making. [5]

4 (a) Define ‘secondary market research’. [2]

(b) Briefly explain two advantages of using ‘focus groups’ as a method of market research. [3]

Qualititave research: into depth motivations behind consumers buying patterns

Advantages of focus groups

Decision collected from the group have a big impact on the businesses final product or advertising decisions

Considered to be more accurate and reliable information than surveys.

More opportunity for views, ideas, comments than in individual interviews or questionnaires – rich discussion.

Section B (Essay) Answer one question only. 5 (a) Analyse, using examples, why packaging could be important in the marketing mix. [8]

Packing- Protect and contain the product, Give instructions to the consumer about the product

Aid in the recognition of the product by the consumer

Distinciive packing form the promotional theme eg cocacola

Packaging is often advanced as an additional P to the 4P's – the quality, design, colour of a product's packaging is often considered to be very important.(eg: perfume/fragrance as a luxury product) • Packaging can perform a number of functions – protect and contain the product – give instructions to the customer about the product (contents, ingredients, how to use) – support and sustain the image of the product – support the recognition/brand of the product. • If packaging is poor it can destroy the quality image that is sought for a product. • If packaging is seen to be too wasteful of resources, consumers may respond negatively in an environmentally concerned time. • Packaging has to support the overall objective of the business. • So packaging is functional (protects product) – it attracts the customer – it promotes the product – it differentiates the product – it encourages purchasing.