IJMB 2026 BUSINESS MANAGEMENT PAPER II
IJMB 2026 BUSINESS MANAGEMENT PAPER II QUESTIONS
IJMB 2026 BUSINESS MANAGEMENT PAPER II QUESTIONS BELOW
*IJMB BUSINESS MANAGEMENT*
*NUMBER ONE*
(1)
Partnership is a form of business organization in which two or more persons agree to contribute capital, skills, or resources and jointly carry on a lawful business to share profits and losses according to an agreed ratio.
=CHARACTERISTICS=
(i) Agreement: Partnership is created through an agreement between two or more persons. The agreement may be written, oral, or implied by conduct. It specifies the rights, duties, responsibilities, profit-sharing ratio, and other terms governing the relationship among the partners. Without a valid agreement, a partnership cannot exist.
(ii) Membership of Two or More Persons: A partnership must consist of at least two persons. One individual alone cannot form a partnership, as a partnership involves a relationship among persons who agree to operate a business together. The law also places a maximum limit on the number of partners depending on the nature of the business and jurisdiction.
(iii) Existence of a Lawful Business: The partners must engage in a legal business activity. Any association formed for an unlawful purpose cannot be regarded as a valid partnership. The business may involve trading, manufacturing, professional services, or any other lawful economic activity intended to generate income.
(iv) Profit-Sharing Arrangement: One of the most important tests of partnership is the sharing of profits. Partners agree to divide the profits generated from the business according to a predetermined ratio. Although profit sharing is a strong indication of partnership, it must be accompanied by other partnership elements before a partnership relationship can be conclusively established.
(v) Mutual Agency: Every partner acts as both an agent and a principal of the firm. As an agent, a partner can enter into contracts and make decisions on behalf of the partnership. As a principal, the partner is bound by the actions of other partners carried out within the scope of the business. This principle makes each partner responsible for acts performed by fellow partners.
(vi) Joint Ownership and Contribution of Capital: Partners usually contribute money, property, skills, labour, or expertise to the business. The assets of the partnership are jointly owned by the partners and are used for the operation and growth of the business. The contributions made by partners often determine their rights and interests in the partnership.
(vii) Unlimited Liability: In an ordinary partnership, partners have unlimited liability for the debts and obligations of the business. If the partnership assets are insufficient to settle liabilities, creditors can claim against the personal assets of the partners. Each partner may be held personally responsible for the firm’s obligations, making trust and prudence essential in partnership operations.
*IJMB BUSINESS MANAGEMENT*
*NUMBER TWO*
(2)
Production process refers to the series of activities, methods, and operations through which raw materials are transformed into finished goods or services, while production management refers to the planning, organizing, directing, coordinating, and controlling of all production activities to ensure efficient and effective use of resources.
=BASIC PATTERNS OR TYPES OF PRODUCTION PROCESS=
(i) Job Production: This type of production involves manufacturing a single product or a small quantity of products according to the specific requirements of a customer. Each job is unique and may require different materials, equipment, and skills. The work is usually carried out by highly skilled workers. Examples include shipbuilding, tailoring, furniture making, and construction projects.
(ii) Batch Production: Batch production involves producing goods in groups or batches. A certain quantity of products is completed before the production system is adjusted to manufacture another batch. This method allows flexibility and variety in production. Examples include bakery products, pharmaceuticals, garments, and textbooks.
(iii) Mass Production: Mass production involves the continuous manufacture of large quantities of standardized products using specialized machinery and assembly-line techniques. The products are identical, and production is highly efficient. This method reduces production costs through economies of scale. Examples include motor vehicles, soft drinks, and household appliances.
(iv) Continuous Production: Continuous production is a system in which production activities operate without interruption for long periods. Raw materials move continuously through the production process, and output is produced on a regular basis. It is commonly used in industries where production must be maintained around the clock. Examples include oil refining, cement manufacturing, electricity generation, and chemical processing.
(v) Process Production: Process production involves transforming raw materials through a sequence of processes or stages until the final product is obtained. The production flow is continuous, and products are often homogeneous in nature. Examples include the production of paper, sugar, paint, glass, and petroleum products.
(vi) Unit Production: Unit production refers to the manufacture of a product one unit at a time. Each unit receives individual attention and may differ from others based on customer specifications. It is suitable for products that require customization and high-quality workmanship. Examples include custom-made machinery, artworks, and specialized equipment.
(vii) Project Production: Project production is used for large-scale, complex, and non-repetitive undertakings that are completed within a specific time frame. Each project has clearly defined objectives, budgets, and schedules. Examples include the construction of bridges, airports, dams, highways, and large industrial plants.
*IJMB BUSINESS MANAGEMENT*
*NUMBER THREE*
(3)
Marketing research is the systematic and scientific process of collecting, recording, analyzing, and interpreting information relating to markets, customers, competitors, and marketing activities for the purpose of assisting management in making effective marketing decisions.
=FIVE MAJOR OBJECTIVES OF MARKETING RESEARCH=
(i) To Identify Consumer Needs and Wants: Marketing research helps organizations understand the preferences, tastes, expectations, and buying behaviour of consumers. This enables firms to produce goods and services that satisfy customer needs and increase customer satisfaction.
(ii) To Forecast Market Demand: It assists businesses in estimating the present and future demand for products and services. Accurate demand forecasting helps firms determine production levels, inventory requirements, and marketing strategies.
(iii) To Evaluate Marketing Performance: Marketing research helps management assess the effectiveness of marketing activities such as advertising, pricing, sales promotion, and distribution. It reveals whether marketing objectives are being achieved and where improvements are needed.
(iv) To Identify Market Opportunities: Through research, firms can discover new markets, new customer segments, and emerging trends. This information enables businesses to expand operations and gain competitive advantages.
(v) To Reduce Business Risks in Decision-Making: Marketing research provides reliable information that guides managerial decisions. By relying on factual data rather than guesswork, organizations can minimize uncertainty and reduce the risks associated with launching products or entering new markets.
=PROCEDURE FOR CONDUCTING MARKETING RESEARCH=
(i) Identification and Definition of the Problem: The first step is to clearly identify and define the marketing problem or opportunity that requires investigation. A well-defined problem helps researchers focus on relevant information and avoid wasting time and resources.
(ii) Setting Research Objectives: After identifying the problem, specific objectives are established. These objectives state what the research intends to achieve and provide direction for the entire study.
(iii) Development of the Research Plan: A detailed plan is prepared showing the methods of data collection, sources of information, sampling techniques, budget, and schedule. This ensures that the research is conducted systematically.
(iv) Collection of Data: Relevant data are gathered from primary sources such as questionnaires, interviews, observations, and experiments, or from secondary sources such as books, journals, company records, government publications, and online databases.
(v) Organization and Analysis of Data: The collected data are edited, classified, tabulated, and analyzed using appropriate statistical and analytical techniques. The purpose is to transform raw data into meaningful information.
(vi) Interpretation of Findings: The analyzed data are carefully interpreted to determine their implications for the research objectives. Researchers identify patterns, relationships, trends, and significant findings that can assist management.
(vii) Preparation and Presentation of Report: The final stage involves preparing a comprehensive report containing the findings, conclusions, and recommendations. The report is presented to management to facilitate informed decision-making and the formulation of effective marketing strategies.
*IJMB BUSINESS MANAGEMENT*
*NUMBER FOUR*
(4)
Plant layout is the systematic arrangement of machines, equipment, departments, workstations, storage facilities, and service areas within a factory in such a way that materials, workers, and information flow smoothly and efficiently from one stage of production to another at minimum cost and effort.
=FACTORS TO CONSIDER WHEN SELECTING THE LOCATION OF A FACTORY=
(i) Availability of Raw Materials: The proximity of the factory to sources of raw materials is an important consideration. Locating near raw material sources reduces transportation costs, minimizes delays in supply, and ensures a steady flow of materials for production activities. This is particularly important for industries that use bulky or perishable raw materials.
(ii) Availability of Labour: The supply of skilled, semi-skilled, and unskilled labour in the area should be considered. A factory should be located where adequate labour is available at reasonable wages to ensure efficient production and smooth operations.
(iii) Proximity to Market: Factories should be located close to their target markets whenever possible. Nearness to consumers reduces distribution and transportation costs, facilitates quick delivery of products, and enables firms to respond rapidly to customer demands.
(iv) Transportation Facilities: Good transportation networks such as roads, railways, airports, and seaports are essential for moving raw materials into the factory and finished goods to the market. Efficient transport systems reduce operational costs and improve business efficiency.
(v) Availability of Power and Utilities: A factory requires a reliable supply of electricity, water, fuel, and communication facilities. Areas with adequate utility services are preferred because uninterrupted production depends heavily on these essential facilities.
(vi) Government Policies and Incentives: Government regulations, taxation policies, environmental laws, and investment incentives influence factory location decisions. Areas offering tax relief, grants, subsidies, or industrial development programmes may attract manufacturers.
(vii) Availability and Cost of Land: The cost, size, and suitability of land are important factors. The selected site should provide enough space for current operations as well as future expansion. The land should also be affordable and suitable for industrial activities.
(viii) Security and Environmental Conditions: The location should provide a safe and secure environment for workers, machinery, and products. Factors such as crime rates, political stability, climate, susceptibility to floods, and other environmental conditions should be carefully assessed before choosing a factory site.
*IJMB BUSINESS MANAGEMENT*
*NUMBER FIVE*
(5)
Training is a short-term process aimed at improving an employee’s knowledge, skills, and abilities to perform a specific job effectively, while development is a long-term process designed to enhance an employee’s overall capabilities, growth, and potential for future responsibilities and higher positions within the organization.
=FIVE MAJOR REASONS WHY HUMAN RESOURCE MANAGEMENT IS IMPORTANT=
(i) Recruitment and Selection of Qualified Employees: Human Resource Management (HRM) ensures that the organization attracts, selects, and retains competent employees. Through proper recruitment and selection procedures, the organization obtains the right people with the necessary skills, knowledge, and experience to achieve its objectives efficiently.
(ii) Employee Training and Development: HRM organizes training and development programmes to improve employees’ performance and productivity. These programmes help workers acquire new skills, adapt to technological changes, and prepare for higher responsibilities, thereby contributing to organizational growth.
(iii) Improvement of Employee Performance and Productivity: Human Resource Management establishes performance standards, monitors employee output, and provides guidance for improvement. Through effective supervision, motivation, and appraisal systems, employees are encouraged to work efficiently and achieve organizational goals.
(iv) Maintenance of Good Employer-Employee Relations: HRM promotes harmony between management and employees by addressing grievances, resolving disputes, and encouraging effective communication. Good industrial relations create a peaceful working environment, reduce conflicts, and enhance cooperation within the organization.
(v) Motivation and Welfare of Employees: Human Resource Management develops policies relating to compensation, incentives, health services, safety measures, promotions, and other welfare programmes. When employees are properly motivated and their welfare is protected, job satisfaction increases, leading to higher commitment, loyalty, and productivity.
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