Correct Answer: To fund its expansion plans and meet capital requirements

Solution : The correct answer is (d) To fund its expansion plans and meet capital requirements

Expanding operations in a business often requires substantial capital investment for various purposes, such as acquiring new assets, increasing production capacity, entering new markets, hiring additional staff, and covering increased operational expenses. Business finance is essential to provide the necessary funding to support these expansion initiatives and ensure the company's growth and sustainability in the market.

Correct Answer: It is a major component in construction and manufacturing

Solution : The iron and steel industry is crucial for construction and manufacturing, as it provides essential materials for buildings, infrastructure, and machinery.

Correct Answer: Both statement 1 and statement 2 are true.
    

Solution : The correct answer is (a) Both statement 1 and statement 2 are true.

Statement 1 is true. Agricultural marketing involves various activities such as market research, price discovery, and supply chain management, which help in the efficient allocation of resources. It allows farmers to understand market demand, make informed decisions about what to produce, and allocate their resources effectively to meet market requirements.

Statement 2 is also true. Through agricultural marketing, farmers gain access to market information, including prices, demand trends, and consumer preferences. This information helps them identify profitable crops or products and make informed decisions regarding production. It enables farmers to align their production with market demand, maximizing their chances of profitability.

Therefore, both statement 1 and statement 2 are true.

Correct Answer: Import substitution
 

Solution : Import substitution refers to a policy of replacement or substitution of imports by domestic production.
Hence Option D is correct.

Correct Answer: Both statements are correct.

Solution : The correct answer is (a) Both statements are correct.

Statement 1 is correct. The marketing concept indeed emphasizes delivering customer value and building customer relationships. It involves understanding customer needs and preferences, creating products or services that satisfy those needs, and building strong relationships with customers to ensure their loyalty and satisfaction.

Statement 2 is also  correct. The production concept does focus on generating short-term profits through mass production. This concept centers on maximizing production efficiency and output, often by mass-producing standardized products, to reduce production costs and, consequently, increase short-term profits.

Both statements accurately describe their respective marketing concepts.

Correct Answer: Both statements are correct.

Solution : The correct answer is (a) Both statements are correct.

Statement 1 is correct. The marketing concept is indeed customer-oriented and aims to satisfy customer needs. It involves understanding customer needs and wants and then developing strategies to meet those needs through the design, production, and promotion of products or services.

Statement 2 is also correct. The production concept does indeed focus on minimizing production costs and maximizing profits. This concept emphasizes efficiency in production processes to lower production costs and increase output, ultimately leading to higher profitability.

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 aim to achieve customer satisfaction and long-term profitability. It involves understanding and meeting customer needs effectively to satisfy customers and ensure long-term business success and profitability.

Statement 2 is false. The production concept does not prioritize understanding customer preferences and needs. It is primarily concerned with efficient and cost-effective production processes to mass-produce standardized products, often without considering specific customer preferences.

Therefore, statement 1 is correct, and statement 2 is false.

Correct Answer: Marketing Concept

Solution : The correct answer is  (c) Marketing Concept

The marketing concept focuses on understanding and meeting customers' needs and preferences by analyzing market trends and implementing innovative marketing strategies. It is customer-centric and aims to deliver superior value to customers in order to achieve the organization's goals and objectives.

Correct Answer: Technological environment

Solution : The correct answer is (C) Technological environment

The dimension of the business environment highlighted in this case is the technological environment. The case involves a company (ABC Corp.) that is heavily reliant on fossil fuels and is facing pressure to adopt eco-friendly practices. Adapting to more environmentally sustainable practices often involves changes in technology, processes, and innovations to reduce reliance on fossil fuels and embrace cleaner, more sustainable energy sources and production methods.

Correct Answer: Production Concept

Solution : The correct answer is (d) Production Concept.

The Production Concept is a marketing philosophy that emphasizes producing high-quality products at the lowest possible cost and making them widely available to consumers. The primary focus is on production efficiency, streamlining operations, and reducing production costs to ensure that products are affordable and readily accessible to customers. This approach assumes that customers will favor products that are easily available and affordable, placing the emphasis on the production and distribution aspects of the business.