MTL is a large business that sells children’s toys. It aims to behave ethically towards every stakeholder group, including its 430 employees. Competition in the market where MTL operates has intensified. The business relies on several different ways to promote its products. A strong brand image matters. MTL’s directors are thinking about moving into a new market in another country, and they recognise that this could create difficulties.
(a)[2]
Define ‘brand image’ in your own words.
(b)[2]
Identify two reasons why some markets have become more competitive.
(c)[4]
Outline one way MTL could act ethically with each of the following stakeholder groups: Employees; Customers.
(d)[6]
Explain two problems MTL might face when entering a new market in another country.
(e)[6]
Explain two promotion methods that a business might use for its products. Which method is likely to be best for a large business? Justify your answer.
Worked solution & mark scheme
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “The impression or identity attached to a product/business that sets it apart from competitors brand” …