Business Exam Prep Tips and Strategies
Prepare effectively for your business exam by understanding question types, paper layout, and key topics such as management skills, marketing mix, new product development, and promotional mix. Learn how to evaluate exam questions, organize your answers, and create a lasting impression on examiners with clear and concise responses. Stay focused, practice time management, and showcase your knowledge confidently to excel in your business exam.
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Leaving Cert Business Philip Curry DCU Seminar 28thApril 2018
Exam Plan Thursday 14thJune Time Exam Plan 9:30 Read the paper and Do all SAQs 10:00 ABQ 10:40 First Long Question 11:05 Second Long Question 11:30 Third Long Question 11:55 Fourth Long Question 12:20 Final Sweep of Paper
Question Types Evaluate In my opinion or judgement Two Sentences explaining your opinion Discuss Explain and Explain Use mini paragraphs, Do NOT USE HEADINGS
Reading an Exam Question Evaluate how the SOGSOS Act helps to protect the consumer Evaluate.......... SOGSOS ACT ........... Protects the Consumer......
Paper Layout and your Answer Book Label all questions clearly One part per page or pages Leave gaps between mini paragraphs Straight to the point No long winded intro Name and explain Practise writing neatly against the clock Neatness and layout create an impression in examiners mind
Management Skills Leadership Motivation Communication
Management Activities Planning Organising Controlling
Marketing Mix Product Price Place Promotion
New Product Development Idea Generation Screening of Ideas Concept Development Feasibility Study Prototype Development Test Marketing
Promotional Mix Advertising Public Relations and Sponsorship Sales Promotion Personal Selling
ABQ Topics Unit 5 Market research and new ideas Marketing Mix NPD stages Promotional mix Business plan Types of Expansion
ABQ Topics Unit 6 Social and Economic benefits of Community Development Social Responsibility towards Stakeholders Impact of Business on Economy Impact of Economy on Business Types of Business Organisations
ABQ Topics Unit 7 The EU decision making process and the impact on business Changing nature of the international economy Opportunities and challenges of engaging in international trade Global Marketing Mix
Short answer questions Q1 Question National Consumer Agency NCA Foreign Direct Investment FDI Extraordinary General Meeting EGM Research and development R&D IBEC Irish Business and Employer s Confederation
Q2 Distinguish between a Condition and a Warranty? A condition is a fundamental part of a contract and if broken the contract is cancelled A warranty is a less important part of a contract and if broken contract is not cancelled but one party can sue for damages
Q3 Define each of the following terms Product screening Eliminating poor or unsuitable ideas Feasibility Study An investigative report into viability of a product Prototype development A mock up or original of the untested product
Q4 Distinguish between a Fidelity Guarantee and Employer Liability ? Fidelity Guarantee covers against dishonest employees who may steal cash stock or ideas Employer liability covers against claims due to employee accidents due to employer negligence
Q5 Outline the 2 appropriate liquidity ratios for a business? Briefly comment on the ideal ratios? The Acid Test ratio excludes closing stock from Current assets and then divides the answer by current liabilities Current ratio is current assets; current liabilities The Current ratio should be 2:1 The Acid Test ratio should be 1:1
Q6 Define Ethical Business Outline two examples of ethical business This refers to business with a moral attitude to stakeholders Right versus wrong is more important than profit Examples Fair Trade coffee Patagonia donates 1% of sales to help save the planet
Q7 Distinguish between Packaging and Branding as part of the product component of the Marketing Mix? Packaging refers to the protective material that attracts customers, distinguishes the product and keeps the product fresh or safe Branding refers to the trademark that identifies a product It is associate with quality and consistency and helps the customer to recognize the product and develop loyalty
Q8 Define Terms of Reference as used in Report writing? Outline what is meant by a quorum in relation to Business meetings? Terms of Reference are the instructions given to the report writer by the Person who asked for the report It keeps the content accurate and relevant Quorum This is the minimum number of people that must be present to make a meeting legal as per the Articles of Association
Q9 Illustrate what is meant by Delegation? Outline two benefits of Delegation to the Business? This is the sharing of tasks by a manager in an organization. It involves authority, responsibility and power. It improves productivity as the tasks are shared among the employees It frees up managerial time and allows managers to concentrate on strategic planning
Q10 Distinguish between an EU Regulation and an EU Directive. A regulation is a legal instrument that takes immediate effect across Europe It overrules national law A Directive suggests that a law is changed but leaves it up to each member State to comply by a certain date
Most Likely Topics - Unit 5 Market research types and purpose Market segmentation Marketing Mix New Product Development Promotional Mix Reasons for Business Expansion Debt and equity funding Challenges of setting up a new business Business plan
UNIT 6 Services of a community development agency Social and Economic benefits of Community Development Economic variables and impact on the BUSINESS Impact of business on the local and national ECONOMY Social Responsibility of business towards STAKEHOLDERS Types of Business Organisations advantages and disadvantages
UNIT 7 The EU decision making process and the impact on a business Changing nature of the International economy and its impact Opportunities and Challenges of engaging in International trade Global Marketing mix
Applied Business Question METHOD 1. Read the Questions before reading the passage 2. Jot down the main headings at the back of your answer book 3. Read the passage at least twice 4. The links are usually very obvious 5. Name Explain and Link 6. You can use the same link in separate questions A and B and C if relevant
Harrys Handmade Chocolate (A) Outline the stages involved in the product development process of Harry s handmade chocolates new dark chocolate bar (30)
Harrys Handmade chocolates (B) Outline the use of social responsibility by Harry towards his stakeholders in the above passage. (25)
Harrys Handmade chocolates (C) Evaluate the opportunities and challenges faced by the company as it enters International markets (25)
Mo Jalone (A) Analyse the components of the Marketing Mix of the above firm. Use relevant information from the above text in your answer (30 marks)
Mo Jalone (B) Outline the benefits of Franchising for the above firm and the franchised outlets. Refer to the above text in your answer (25 marks)
Mo Jalone (C) Describe how the problems associated with International trade are relevant to the above firm. Refer to the above text in your answer (25 marks)
Long Questions Worth 60% of the paper Most Common Combinations Q1,4,6,7 Watch for Discuss and Evaluate
(A) Outline, using examples, the relationship that can exist between Investors and Entrepreneurs in business.
Explain how consumers may benefit from the existence of a competitive relationship between producers.
LCHL 2003 Q1 Illustrate the role of interest groups in business
LCHL 2002 Q1 Describe, using examples, one co-operative and one competitive relationship that may exist either between or within organisations
LCHL 2002 Q1 Define contract. Outline why an invitation to treat is not a contract
Evaluate how under the terms of the Industrial Relations Act 1990 the Labour Court deals with Industrial Relations conflict.
Evaluate how under the terms of the Industrial Relations Act 1990 the Labour Court deals with Industrial Relations conflict.
Identify the personal characteristics normally associated with entrepreneurial business people.
Define Intrapreneurship and outline methods that EDUCAPRINT can use to encourage it
Differentiate between enterprise and management. Illustrate your answer.
Differentiate between enterprise and management. Illustrate your answer.
Explain, using examples from a business, how each of Maslow s hierarchy of needs can be met. (20 marks)
Draft a memo from management to all staff in an enterprise, outlining to them a recently agreed method of staff reward.