YOGO is a newly established business that Amelia has just created with Government support. YOGO produces a variety of sweets (candy) aimed at adults, so it operates in a niche market. Amelia has been examining the marketing section of her business plan, and she must choose the pricing method to use. She is also spending a large amount of money on packaging. She carried out no primary market research because she thinks secondary data will be enough for decision-making. She assumes that every adult likes sweets.
(a)[2]
State any two reasons why a Government may give support to business start-ups.
(b)[2]
Identify two sections, other than marketing, that are included in a business plan.
(c)[4]
Identify and explain two pricing methods that Amelia could use.
(d)[6]
Identify and explain two reasons why packaging is important for YOGO’s products.
(e)[6]
Do you think Amelia’s business would gain from primary market research? 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: “Cut unemployment levels” …