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Michael Brennan has recently completed his degree in Administration and Marketing - Leaving Cert Business - Question Question 1 - 2007
Question Question 1
Michael Brennan has recently completed his degree in Administration and Marketing. He has started his first job as overall Marketing Manager with Stewart Chemists Lt... show full transcript
Worked Solution & Example Answer:Michael Brennan has recently completed his degree in Administration and Marketing - Leaving Cert Business - Question Question 1 - 2007
Step 1
Explain the term ‘franchise’
Answer
A franchise is a license granted by the franchisor to the franchisee, which allows the franchisee to operate a business using the franchisor's brand and business model. The franchisee pays an initial fee and ongoing royalties based on sales, benefiting from an established brand and support from the franchisor. Examples include well-known brands such as McDonald’s, Supermac’s, and The Body Shop.
Step 2
Outline three reasons why businesses carry out market research
Answer
- To find out information about the target market, ensuring they understand customer needs and preferences.
- To assess if there is a demand for a new product or service.
- To help position their product by analyzing the marketing mix, which includes Price, Product, Place, and Promotion.
Step 3
Using examples, explain the terms (i) field research and (ii) desk research
Answer
(i) Field Research involves collecting new data directly from the market through methods such as surveys, interviews, and focus groups. For example, a company might send representatives into stores to gather customer feedback on a new product.
(ii) Desk Research involves analyzing existing data that has already been collected. This can include sources like company records, academic journals, and market reports. For instance, a business may review online analytics and previous sales data to inform its marketing strategy.
Step 4
Outline one financial reward and one non-financial reward that Michael may receive in his job
Answer
A financial reward that Michael may receive in his job is a salary, which compensates him for his work and responsibilities. A non-financial reward could be job satisfaction, derived from the fulfillment he gains from successfully managing the marketing strategies and contributing to the company’s growth.
Step 5
Outline the purpose of two of these forms
Answer
- Form P21 is used as a balancing statement for employees and shows the total amount of tax credits or payments due for the tax year. It summarizes the tax position of an employee.
- Form P60 is given to employees at the end of the tax year and details their total pay and deductions for that year, including PAYE and PRSI contributions, which are essential for ensuring accurate tax accounting.