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(1a)
Manufacturing is the process of creating physical goods, usually using specialized machinery, and often involves producing items in large quantities for a broad market without a specific customer in mind WHILE Construction involves creating physical structures and is typically project-based, tailored to the requirements of a specific client or location. Construction projects are usually larger in scale, take longer to complete, and require a wider range of skills, including engineering, design, and project management.
(1b)
(i) Convenience: Customers can shop 24/7 from any location with internet access.
(ii) Wider Market Reach: Businesses can reach a global audience without needing physical stores.
(iii) Lower Operating Costs: E-commerce reduces expenses related to rent, utilities, and in-store staff.
(iv) Personalized Shopping Experience: E-commerce platforms can track customer behavior to suggest relevant products and promotions.
(1c)
Distribution: Ensures goods move from producers to final consumers.
(ii) Financing: Provides funds through banks and other institutions to support trade activities.
(iii) Insurance: Offers protection against risks like damage, theft, or loss during transport.
(iv) Warehousing: Stores goods until they are needed, ensuring steady supply and price stability.
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(2ai)
Cartel is a group of independent companies that collude to control prices, limit production, or divide markets. Cartels often operate in secret and can be anti-competitive WHILE Consortium is a temporary alliance of companies or organizations that pool their resources, expertise, and risk to achieve a specific project or goal. Consortia often involve collaborative efforts and shared benefits.
(2aii)
Holding Company is a parent company that owns a controlling interest in another company, allowing it to exert significant influence or control over the subsidiary’s operations and decisions WHILE Subsidiary Company is a company controlled by a holding company, which may operate independently but is ultimately accountable to the parent company.
(2bi)
(i) Capital Contributions
(ii) Loans
(iii) Retained Earnings
(iv) Investors
(2bii)
(i) Loss of Control: Saul might fear losing autonomy over his business decisions.
(ii) Liability Concerns: As a partner, Saul would share liability for partnership debts.
(iii) Different Business Goals: Abu and Saul might have differing visions for their businesses.
(iv) Trust Issues: Saul might be hesitant to trust Abu with his business’s financial or operational aspects.
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(3a)
Export Promotion Council
(3b)
(i) Market Research: Conducts research to identify potential foreign markets for local products.
(ii) Trade Fairs/Exhibitions: Organizes and sponsors participation in international trade fairs and exhibitions.
(iii) Advisory Services: Provides guidance and advice to local exporters on export procedures, documentation, and regulations.
(iv) Promotion and Publicity: Promotes local products abroad through advertising, trade missions, and publicity campaigns.
(3c)
(i) To earn foreign exchange: By exporting goods and services, the country earns valuable foreign currency.
(ii) To obtain goods not produced locally: Imports allow access to products and raw materials not available domestically.
(iii) To promote economic growth: Foreign trade stimulates investment, production, and job creation.
(iv) To enjoy a wider variety of goods and services: Trade increases consumer choice and improves living standards.
(v) To foster international relations: Trade strengthens diplomatic and economic ties with other countries.
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(4a)
(i) Personalized customer service: Small retailers often provide better and more personalized service.
(ii) Proximity to customers: They are usually located close to residential areas for customer convenience.
(iii) Flexibility: They can quickly adapt to changes in customer preferences and market trends.
(iv) Low overhead costs: Smaller scale operations mean lower rent, wages, and utility expenses.
(v) Credit facilities: They may offer informal credit to regular customers, building loyalty.
(4b)
(i) Export promotion: Encourage and support the export of goods and services.
(ii) Import restriction: Impose tariffs, quotas, or bans to reduce unnecessary imports.
(iii) Devaluation of currency: Lower the value of the national currency to make exports cheaper and imports more expensive.
(iv) Attract foreign investment: Encourage foreign direct investment to bring in foreign currency.
(v) Seek foreign aid or loans: Obtain financial assistance from international organizations or other countries.
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(5a)
Seasonal Discount
(5b)
(i) To boost sales during off-peak periods: Encourages customers to buy when demand is low.
(ii) To clear excess stock: Helps reduce inventory of unsold goods.
(iii) To maintain steady cash flow: Generates revenue even in slow seasons.
(iv) To attract new customers: Discounts can bring in new buyers who may become regular customers.
(5c)
(i) Revenue collection: Collects import and export duties/taxes for the government.
(ii) Prevention of smuggling: Monitors and prevents illegal import/export of goods.
(iii) Enforcement of trade regulations: Ensures compliance with national and international trade laws.
(iv) Protection of local industries: Implements tariffs and restrictions to protect domestic producers.
(v) Compilation of trade statistics: Gathers and reports data on imports and exports for economic planning.
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(6a)
(i) Commercial banks
(ii) Central banks
(iii) Development banks
(iv) Merchant banks
(v) Microfinance banks
(6b)
(i) Reserve Requirements: The central bank can set reserve requirements, dictating the percentage of deposits commercial banks must hold in reserve rather than lending out. This helps ensure banks have sufficient liquidity.
(ii) Interest Rate Regulation: The central bank can influence interest rates to control borrowing costs and money supply. By adjusting rates, it can encourage or discourage lending and spending.
(iii) Capital Adequacy Requirements: The central bank can enforce capital adequacy ratios, ensuring banks maintain sufficient capital relative to their risk-weighted assets. This promotes financial stability.
(iv) Supervision and Monitoring: The central bank can conduct regular inspections and monitoring to ensure banks comply with regulations, manage risks effectively, and maintain sound financial practices.
(v) Liquidity Requirements: The central bank can impose liquidity requirements, ensuring banks can meet short-term obligations. This helps prevent liquidity crises and maintains financial stability.
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(7a)
Marketing is the process of identifying, anticipating, and satisfying customer needs and wants through the creation and delivery of value.
(7b)
(i) Market Research: Gathering and analyzing data to understand customer needs, preferences, and behaviors.
(ii) Product Development: Creating and improving products or services to meet customer needs and stay competitive.
(iii) Promotion: Communicating the value of products or services to target audiences through various channels.
(7c)
(i) Customer Service: Providing support and assistance to customers before, during, and after a purchase to ensure their needs are met and build loyalty.
(ii) Sales Promotion: Short-term incentives or activities designed to stimulate sales, such as discounts, coupons, or special offers.
(iii) Exhibition: An event or platform where businesses showcase their products or services to potential customers, often to build brand awareness, generate leads, or drive sales.
(iv) After-Sales Service: Support and assistance provided to customers after a purchase, including maintenance, repairs, or troubleshooting, to ensure customer satisfaction and build long-term relationships.
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