1 (a) |
Distinguish between ‘strategy’ and ‘tactics’. |
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[2] |
(b) Briefly explain two stages of business decision-making. |
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2 (a) Define ‘marginal costs’. |
[2] |
(b) |
Briefly explain two other types of business costs. |
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[3] |
3 Explain the possible consequences for a business of high labour turnover. |
4 (a) Define ‘inventory management’. |
(b) |
Briefly explain two reasons why a business might decide to hold a high level of inventory. [3] |
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(a) Analyse why it is important for a business to have policies on diversity and equality. [8]
(b) Discuss the importance of ‘work-life’ balance for employee welfare in a tertiary sector business [12]
‘Because there is a conflict between profit and corporate social responsibility (CSR), private sector businesses should not have CSR as an objective.’ Do you agree? Justify your view
(a) Analyse how a business might use price elasticity of demand for pricing decisions. [8]
(b) Discuss the best ways a car manufacturer could use the marketing mix to increase its share of the market.
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