IB BUSINESS MANAGEMENT HL, Paper 1, November, 2016, TZ0, Solved Past Paper

This part of the question asks you to describe two steps involved in setting up a new business, with specific reference to Medimatters.

This part of the question asks you to explain suitable sources of finance for Medimatters to cover the additional setup cost of $50,000.

This question asks you to describe two benefits of having a marketing plan for Medimatters, a new business with a completely new product. A marketing plan is essential for guiding the business's marketing efforts and ensuring that all activities are aligned with the company's goals and objectives.

This question asks you to explain the factors influencing a suitable promotional strategy for the IBAT app. The IBAT app is a unique product consisting of an app and a lens, targeting both the medical profession and final consumers. The promotional strategy must consider various factors to effectively reach and communicate with these diverse target audiences.

This part of the question asks you to describe two features of batch production, specifically in the context of Medimatters. Batch production is a manufacturing technique where products are produced in groups or batches rather than in a continuous stream. This method is often used when the production volume is not large enough to justify mass production, and when customization or variation between batches is required.

This part of the question asks you to explain the differences in how Medimatters would manage operations for its products (the lenses) and its service (the app), assuming the production of the lenses is outsourced. Outsourcing involves contracting another company to produce the lenses, while the app development and maintenance would be managed in-house by Medimatters.