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Business Management

Higher and Standard level

Specimen papers 1, 2 and 3

For first examinations in 2024

CONTENTS

Business Management higher level and standard level paper 1: specimen pre-

released statement

Business Management higher level and standard level paper 1: specimen

question paper

Business Management higher level and standard level paper 1: specimen

markscheme

Business Management higher level paper 2: specimen question paper

Business Management higher level paper 2: specimen markscheme

Business Management higher level paper 3: specimen question paper

Business Management higher level paper 3: specimen markscheme

Business Management standard level paper 2: specimen question paper

Business Management standard level paper 2: specimen markscheme

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SPEC/ 3 /BUSMT/BP1/ENG/TZ 0 /XX/CS

This statement, released three months prior to the examination, notifies candidates of topics and terminology not in the Business management guide that will be in the case study in the final examination. Candidates are to spend a maximum of five hours researching these topics and learning the terminology. Topics in this statement build on those contained in the syllabus. The primary aim is to assess candidates knowledge of important contemporary business topics that could not have been anticipated when the guide was written.

The case study for the specimen papers is related to: y precision agriculture y the use of drones y software and hardware development and sales.

Candidates are expected to have some basic familiarity with these topics, rather than comprehensive or exhaustive knowledge.

Additional terminology that candidates may want to know includes: y aerial mapping y cloud-based licensed software y consultant y hardware y licensing agreement y multispectral camera y patch (a software patch) y project manager/project management y software y software development.

The following page contains the first two paragraphs of the case study. Candidates should familiarize themselves with the context of the case study before the examination. Candidates will be given the full version of the case study in the examination, including these first two paragraphs.

– 3 – 0000 – XXXX

SPEC/ 3 /BUSMT/BP1/ENG/TZ 0 /XX/CS

Mapping Tech Ltd. (MT)

Mapping Tech Ltd. ( MT ), owned by Jackie Beasley, was founded in 2010. MT originally wrote software to help farmers use drones for aerial mapping, which allows for precision agriculture. With the information gathered from aerial mapping, farmers can determine which areas of their farms need more (or less) human attention, such as more (or less) fertilizer and what types of fertilizer to use. Through precision agriculture, farmers can increase yields, lower costs and reduce the environmental impact of farming. Later, MT began to manufacture hardware related to precision agriculture.

Jackie founded MT when studying computer science at the University of Nebraska (UoN), located in Lincoln, Nebraska, United States of America (USA). One major focus of UoN is the use of drones for precision agriculture. Jackie saw the benefits of aerial mapping as well as the positive impact that precision agriculture has on the environment: with the world’s population growing and humans’ total ecological footprint increasing, she believed that precision agriculture could increase the food supply and reduce environmental impact. With her expertise in software mapping, Jackie felt a responsibility to advance the field of precision agriculture.

© International Baccalaureate Organization 20 21

SPEC/ 3 /BUSMT/BP1/ENG/TZ 0 /XX/CS

0000 – 5001 4 pages

Specimen paper

1 hour 30 minutes

Business management

Higher level and standard level

Paper 1

Instructions to candidates

y Do not open this examination paper until instructed to do so. y Read the case study carefully. y Section A: answer all questions. y Section B: answer one question. y A calculator is required for this examination paper. y The maximum mark for this examination paper is [30 marks].

SPEC/ 3 /BUSMT/BP1/ENG/TZ 0 /XX/CS

Mapping Tech Ltd. (MT)

Mapping Tech Ltd. ( MT ), owned by Jackie Beasley, was founded in 2010. MT originally wrote software to help farmers use drones for aerial mapping, which allows for precision agriculture. With the information gathered from aerial mapping, farmers can determine which areas of their farms need more (or less) human attention, such as more (or less) fertilizer and what types of fertilizer to use. Through precision agriculture, farmers can increase yields, lower costs and reduce the environmental impact of farming. Later, MT began to manufacture hardware related to precision agriculture.

Jackie founded MT when studying computer science at the University of Nebraska (UoN), located in Lincoln, Nebraska, United States of America (USA). One major focus of UoN is the use of drones for precision agriculture. Jackie saw the benefits of aerial mapping as well as the positive impact that precision agriculture has on the environment: with the world’s population growing and humans’ total ecological footprint increasing, she believed that precision agriculture could increase the food supply and reduce environmental impact. With her expertise in software mapping, Jackie felt a responsibility to advance the field of precision agriculture.

MT ’s vision statement is, “Towards a more sustainable world and reduced hunger through drone-assisted precision agriculture”. The company also has four ethical objectives: encouraging environmentally friendly practices, treating employees fairly, practicing corporate social responsibility (CSR), and being open in sharing information with stakeholders.

Although large companies created the hardware and software for precision agriculture, Jackie believed that small businesses like MT had advantages in the field. MT grew rapidly in the USA and evolved from a software company to both a software and hardware company. This shift occurred when MT received a patent for what became its main product, MT Snap, a device that attaches to multispectral cameras mounted on drones. The digital data collected with the camera and the device are then fed through cloud-based licensed software developed by MT. The software, MT Map, maps the data with coordinates, allowing farmers to identify the exact location of the images on the ground. MT Snap costs $6000, a multispectral camera costs $5000, and the cloud-based software requires a $3500 annual license fee. The licensing agreement that comes with the software gives MT the right to use the data for its own purposes, such as improving its devices and software or researching agriculture (comparing data from several farms).

MT owns an industrial building, without a mortgage or any other debt, where its workers manufacture MT Snap. This building, located in an industrial park, also holds stock of multispectral cameras. Software developers work in project teams, and they and other employees are based in leased office spaces in the city centre (downtown) of Lincoln. MT ’s salespeople provide a personalized service to farm owners, which contributed to the company’s rapid growth, and additional sales are generated from the company’s website. Jackie attends conferences on precision agriculture to promote her company’s products. Although the number of MT employees has grown every year, Jackie knows each of them individually.

In 2020 and 2021, MT upgraded MT Map. However, the upgrade was expensive for MT to produce and for end-users to buy, and MT hired additional software developers and a full-time licensed project manager, Kumar, to oversee the software upgrade. During 2020 and 2021, despite strong revenue growth, MT was running out of cash because of the cost of the software upgrade.

SPEC/ 3 /BUSMT/BP1/ENG/TZ 0 /XX/CS

Section A

Answer all questions from this section.

1. Define the term democratic leadership (line 42). [2] 2. Define the term multinational company ( MNC ) (line 58). [2] 3. Describe two elements of MT ’s marketing mix. [4] 4. Explain one advantage and one disadvantage for MT of being a small business (line 20). [4] 5. Explain why KC could only purchase MT if it had permission from Jackie (line 67). [2] 6. Explain one way in which Jackie is potentially meeting MT ’s ethical objectives (lines 16–18) and one way in which she is not. [6]

Section B

Answer one question from this section_._

7. Discuss two appropriate sources of finance that MT could use to pay for the fixing of the software upgrade. [10] 8. Discuss whether Jackie should accept or reject KC ’s offer to buy MT. [10]

SPEC/3/BUSMT/BP1/ENG/TZ0/XX/M

10 pages

Markscheme

Specimen paper

Business management

Higher level and standard level

Paper 1

– 6 – SPEC/3/BUSMT/BP1/ENG/TZ0/XX/M

Section A

1. Define the term democratic leadership (line 42). [2]

Democratic leadership refers to the type of leadership whereby employees are consulted and asked to participate in the decision-making process. Democratic leaders often use this approach because they value the ideas of others.

Candidates are not expected to word their definition exactly as above.

Award [1] for partial understanding. Award [2] if the candidate conveys understanding that democratic leadership involves consulting employees in decision-making.

2. Define the term multinational company (MNC) (line 58). [2]

A multinational company (MNC) is a company that operates in at least one country other than its home country or is legally registered in more than one country.

Candidates are not expected to word their definition exactly as above.

Award [1] for partial understanding. Award [2] if the candidate conveys understanding that a multinational company operates in two or more countries.

3. Describe two elements of MT’s marketing mix. [4] - Price: MT Snap, $6000; multispectral camera, $5000; cloud-based software, $3500 per year. - Place: online and through sales representatives - Product: device, camera and software - Promotion: website and promotion at conferences

The case study addresses in only a limited way, the issue of people and does not at all touch on processes and physical evidence. Up to [1] may be awarded for people, provided the response includes some application and explanation. Therefore, do not accept processes or physical evidence

Mark as 2+2.

Award [1] for each element of the marketing mix identified and an additional [1] for a description of each marketing mix identified, up to a maximum of [2].

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4. Explain one advantage and one disadvantage for MT of being a small business (line 20). [4]

One advantage for MT of being small is that it can offer more personalized services than the very large firms with which it competes. Because of its personalized service, MT was able to grow very rapidly.

One disadvantage for MT of being small is that it has fewer resources compared to large companies. This disadvantage is particularly relevant when it comes to research and development (R&D), as MT now finds itself with very little cash.

Accept any other relevant advantage / disadvantage.

Mark as 2+2.

Award [1] for a relevant advantage / disadvantage identified and an additional [1] for a relevant explanation of that advantage / disadvantage in the context of MT, up to a maximum of [2].

5. Explain why KC could only purchase MT if it had permission from Jackie (line 67). [2]

MT is a private limited company owned 100 % by Jackie. In the case of private limited companies, shareholders must agree to the sale of shares to anyone not currently an owner. In MT ’s case, since Jackie owns it 100 % she has complete authority to determine whether someone else or some other company may buy all or a portion of MT.

Award [1] for explaining that with private limited companies all shareholders must agree to the sale of shares to outsiders. Award an additional [1] for application to the case study, up to a maximum of [2].

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Section B

7. Discuss two appropriate sources of finance that MT could use to pay for the fixing of the software upgrade. [10]

MT has four appropriate sources of finance for fixing the software upgrade:

• Sale of shares. This sale could be to family and friends or a business angel. Going public would not be desirable at this time, given that the company is having problems and thus would not be able to fetch the most advantageous price. In addition, going public would not be feasible because of how long it takes and how much money it costs to do all of the paperwork and to pay the lawyers and investment bankers. Selling to family and friends would be easier, but it may not raise as much capital as MT needs. With the right angel investor, MT could probably raise considerable capital, but depending on how much capital MT needs, the angel investor may require Jackie to lose a greater percentage of ownership than she would like. If she is desperate for capital, she might even have to lose majority control. Further, some angel investors may not align with MT ’s socially responsible sense of vision.
• Obtain a bank loan or mortgage secured by the industrial building MT owns. The case does not indicate how valuable the building is, so some question exists as to whether the bank would, with the building as collateral, lend as much money as MT requires. Bank loans can usually be obtained fairly quickly, although a bank loan comes with increased expenses—namely, interest—and a schedule of principal and interest payments.
• Sell the building with an agreement to lease it back. With a sale-leaseback, MT would obtain funds as if it were selling the building, but this would come without the expense and business interruption of relocation. However, finding a buyer is not always easy unless MT were to sell the building at a price lower than the building’s true value. In addition, MT would now have lease payments, an extra expense.
• A combination of equity and debt. Jackie could sell some shares to family and friends. For any other funds MT requires, it could get a bank loan secured by the industrial building.

N.B. Do not accept any form of short-term finance, as short-term finance is not appropriate in this instance. MT requires more working capital, which can only be obtained by increasing long-term debt or raising equity capital.

Marks should be allocated according to the markbands on page 5.

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8. Discuss whether Jackie should accept or reject the KC ’s offer to buy MT. [10]

Reasons why Jackie should consider selling the business include:

• A company like KiltChem ( KC ) would have the resources to provide finance for MT to complete the software upgrade.
• Being owned by a multinational corporation, MT would have easier access to foreign markets, where regulations on the use of drones are less strict than in the USA. Farmers in those markets would represent a great opportunity for MT.
• Domestically, the predicted synergy between KC and MT would probably lift MT ’s sales and market share.
• Because the market is highly competitive, with many large companies competing in it, being part of a major corporation would give MT some protection. MT would probably benefit from at least some of the economies of scale that KC has.
• KC has said that a condition of the sale is that Jackie stay on as CEO for at least three years, which means that, at a minimum, she can continue working for the company that she founded and loves for at least three years.
• Jackie would become independently wealthy by selling her company.

Reasons why Jackie may not want to sell MT include:

• She would lose control of the business. Even though she would still be CEO of MT , she would not be the owner. KC would be unlikely to allow autonomous corporate governance for MT. Thus, regardless of the downstream corporate governance structure, an executive at KC would effectively be her boss.
• A clear misalignment exists between Jackie and MT ’s vision and purpose and KC ’s vision and purpose. Jackie is interested in helping the world create sustainable solutions to agriculture, whereas KC wants to sell more fertilizer. If she sells, Jackie may forever feel as though she compromised her values.
• One of the hidden assets of MT is the data it has obtained from its clients. As noted in the case study, the licensing agreement allows MT the right to use the data. Jackie’s original purpose for this data was to use it to improve hardware and software and conduct agricultural research. KC , however, might use that data for more commercial purposes, which somewhat contradicts the socially responsible ethos of MT.
• After three years, KC may no longer want to employ Jackie. Although she would now be independently wealthy, MT is her life’s work and she may not want to be separated.

Marks should be allocated according to the markbands on page 5.

Candidate session number

© International Baccalaureate Organization 20 21

SPEC/ 3 /BUSMT/HP2/ENG/TZ 0 /XX

0000 – 5012 20 pages

1 hour 45 minutes

Specimen paper

Business management

Higher level

Paper 2

Instructions to candidates

y Do not open this examination paper until instructed to do so. y A clean copy of the business management formulae sheet is required for this examination paper. y Section A: answer all questions. y Section B: answer one question. y Answers must be written within the answer boxes provided. y A calculator is required for this examination paper. y The maximum mark for this examination paper is [50 marks].

20EP

SPEC/ 3 /BUSMT/HP2/ENG/TZ 0 /XX

Section A

Answer all questions in this section.

1. Prime Pies (PP)

Prime Pies ( PP ) produces the highest quality luxury pies. The pies contain organic* ingredients and are priced at $20 each, which is significantly more expensive than the pies of PP ’s competitors. PP ’s profits have fallen, so PP ’s operations manager is looking at producing a cheaper pie that is not made from organic ingredients to meet the needs of the mass market. To finance the production of this new pie, PP is planning to sell older non-current assets rather than increase its long-term liabilities, such as loans.

Forecasted financial information on the production of the new pie for 2023 is given in Table 1.

Table 1: Forecasted financial information on the production of PP ’s new pie

Direct cost of each new pie $4.

Dividends to shareholders 10 % of profit per period

Expenses: administration $28 400

Expenses: marketing 20 % of sales revenue

Forecast sales volume 42 000 pies

Interest on loans 10 % of cost of sales

Price of the new pie $

Tax on profits 20 % on profit before tax

• organic: food produced without the use of chemical fertilizers, pesticides, or other artificial chemicals

(a) Define the term mass market. [2]

(This question continues on the following page)

20EP