MTL is a sizeable business that sells children’s toys. MTL aims to behave ethically towards all of its stakeholder groups, including its 430 employees. The market in which MTL operates has become more competitive. The business uses several methods to promote its products. A strong brand image matters. MTL’s directors are thinking about entering a new market in another country. They recognise that there could be problems if they decide to do so.
(a)[2]
Define what is meant by ‘brand image’.
(b)[2]
Identify two causes of increased competition in some markets.
(c)[4]
Outline one way MTL could behave ethically with each of the following stakeholder groups: Employees; Customers.
(d)[6]
Explain two problems MTL may face when entering a new market in another country.
(e)[6]
Explain two methods of promotion a business could use for its products. Which method is likely to be the best for a large business to use? 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 image or identity associated with a product/business that differentiates it from competitors brand” …