Answer laterQuestion : Statement 1: The marketing concept focuses on creating and delivering superior customer value.
Statement 2: Production concept solely relies on aggressive advertising to drive sales.
Option 1: Both statements are correct.
Option 2: Statement 1 is correct, and statement 2 is false.
Option 3: Both statements are incorrect.
Option 4: Statement 2 is correct, and statement 1 is incorrect.
Correct Answer: Statement 1 is correct, and statement 2 is false.
Solution : The correct answer is (b) Statement 1 is correct, and statement 2 is false.
Statement 1 is correct. The marketing concept does indeed focus on creating and delivering superior customer value. It emphasizes understanding and meeting customer needs effectively to provide value to customers and achieve long-term customer satisfaction and loyalty.
Statement 2 is false. The production concept does not solely rely on aggressive advertising to drive sales. The production concept focuses on efficient and cost-effective production processes to mass-produce standardized products.
Therefore, statement 1 is correct, and statement 2 is false.
Question : It encourage the present employees and helps in finding reliable candidates. Which external source of recruitment is highlighted in the given statement?
Option 1: Recommendation of employees
Option 2: Labour contractors
Option 3: Web publishing
Option 4: Advertising on television
Correct Answer: Recommendation of employees
Solution : Under this method existing employees are encourage to recommended suitable persons among their friends and relatives for employment.
Hence, option A is correct.
Question : Case Study 34:
A consumer purchased a set of expensive speakers from a well-known store. After a few days, the speakers stopped functioning. The consumer contacted the store for a replacement, but they refused, stating that electronic items are non-returnable. What action can the consumer take in this situation?
Option 1: File a complaint with the National Consumer Disputes Redressal Commission.
Option 2: Lodge a complaint with the District Consumer Disputes Redressal Forum.
Option 3: Contact the Advertising Standards Council of India (ASCI) for assistance.
Option 4: Accept the store's policy and give up on any hope of a replacement.
Correct Answer: Lodge a complaint with the District Consumer Disputes Redressal Forum.
Solution : The correct answer is (b) Lodging a complaint with the District Consumer Disputes Redressal Forum.
The District Consumer Disputes Redressal Forum is the appropriate authority to address consumer complaints and disputes, including issues with defective products. They can help resolve the matter, and in many cases, they may rule in favor of the consumer, ensuring that the store follows consumer protection laws.
Question : Statement 1: Selling concept focuses on building long-term customer loyalty through value creation.
Statement 2: Marketing concept solely relies on aggressive advertising for sales.
Option 1: Both statements are correct.
Option 2: Statement 1 is correct, and statement 2 is false.
Option 3: Both statements are incorrect.
Option 4: Statement 2 is correct, and statement 1 is incorrect.
Correct Answer: Both statements are incorrect.
Solution : The correct answer is (c) Both statements are incorrect.
Statement 1 is incorrect. The selling concept primarily focuses on short-term sales and transactions rather than building long-term customer loyalty. It often involves aggressive sales tactics to close deals.
Statement 2 is false. The marketing concept does not solely rely on aggressive advertising for sales. The marketing concept involves understanding customer needs, creating valuable products or services, and effectively promoting them, considering a holistic approach to meet both customer satisfaction and business goals.
Therefore, statement 1 is incorrect, and statement 2 is false.
Question : Case Study 33:
A consumer purchased a laptop and found that the technical specifications were misrepresented in the advertisement. The consumer feels cheated and wants to take action against the manufacturer. Which authority can the consumer approach for redressal?
Option 1: District Consumer Disputes Redressal Forum
Option 2: State Consumer Disputes Redressal Commission
Option 3: Advertising Standards Council of India (ASCI)
Option 4: National Consumer Disputes Redressal Commission
Correct Answer: Advertising Standards Council of India (ASCI)
Solution : The correct answer is (c) Advertising Standards Council of India (ASCI)
The Advertising Standards Council of India (ASCI) is a self-regulatory body that oversees advertising in India. It has a code of conduct that advertisers are expected to follow, and it investigates complaints about misleading advertising.
However, the first step for a consumer who has been misled by an advertisement is to complain to ASCI. If ASCI finds that the advertisement is misleading, it will ask the advertiser to withdraw it. If the advertiser does not withdraw the advertisement, ASCI can publish its findings on its website, which can damage the advertiser's reputation.
Question : If the contractor himself decides to leave the organisation all the workers employed through him will follow suit. Which external source of recruitment demerit is highlighted in the given statement?
Option 1: Placement agencies and management consultants
Option 2: Labour contractors
Option 3: Advertising on television
Option 4: Web publishing
Correct Answer: Labour contractors
Solution : Under labour contractors, if the contractor himself decides to leave the organisation all the workers employed through him will follow suit. This is a demerit.
Hence, option B is correct.
Question : What is the best possible explanation for a shift in the market supply curve for a product?
Option 1: Price increases in raw materials
Option 2: Introduction of a government tax on that product.
Option 3: Introduction of a new technique that makes the production of that commodity less expensive.
Option 4: A successful advertising campaign that promotes the product.
Correct Answer: Introduction of a new technique that makes the production of that commodity less expensive.
Solution : A new technique that makes it cheaper to produce the goods best explains a shift to the right in the market supply curve. A shift to the right in the supply curve, such as from new manufacturing technology, results in a lower equilibrium price and a higher quantity.
Hence option c is the correct answer.
Question : Which of the following is an example of price adjustment as a marketing mix strategy?
Option 1: Developing a new advertising campaign
Option 2: Introducing a loyalty program
Option 3: Changing the product design
Option 4: Implementing seasonal discounts
Correct Answer: Implementing seasonal discounts
Solution : The correct answer is (d) Implementing seasonal discounts.
Implementing seasonal discounts is an example of price adjustment as a marketing mix strategy. Price adjustment involves changing the pricing strategy for a product or service to align with market conditions, customer preferences, or specific marketing objectives. Offering seasonal discounts is a common pricing strategy used to incentivize customers to make purchases during specific times of the year, such as holidays or low-demand periods. These discounts can attract new customers, encourage repeat purchases, and stimulate sales during certain seasons or promotional periods.
Question : Case Study:
ABC Corporation promotes its energy-efficient home appliances through advertisements that emphasize the long-term cost savings for consumers. What objection to advertising is minimized through this approach?
Option 1: Lack of Credibility
Option 2: Overexposure
Option 3: Irrelevance
Option 4: Exaggeration and Deception
Correct Answer: Irrelevance
Solution : The correct answer is (c) Irrelevance.
By highlighting the long-term cost savings, ABC Corporation makes the advertisement more relevant to consumers who are likely interested in saving money over an extended period. It directly addresses a significant concern for consumers, making the advertisement more pertinent and appealing to their needs and interests.
