2 Mark Question: 1. Define the term ‘market research’ in the context of business studies.

3 Mark Question: 2. Explain three advantages of using social media as a marketing tool for a small business.

6 Mark Question: 3. Analyze the impact of inflation on a business’s costs and pricing strategies.

12 Mark Question: 4. Evaluate the factors that influence the choice of location for a new business, considering both internal and external factors.