Distinguish between advertising and personal selling.
Basis | Advertising | Personal Selling |
---|---|---|
Form | It is an important form of communication. | It is a personal form of communication. |
Reach | It reaches masses, i.e. a large number of people can be approached at the same time. | Only a limited number of people can be contacted. |
Cost | In advertising, the cost per person of reaching is very low. | In this case, the cost per person is very high. |
Medium | It makes use of mass media such as TV, Radio, Newspaper, etc. | It makes use of salesperson to contact the prospective buyer. |
Flexibility | It is inflexible as the message delivered cannot be adjusted to the buyer's needs. | It is flxible as the sales presentation can be adjusted to fit customer's needs. |
Time | It can cover wide market in short time. | It takes a lot of time to cover the entire market. |
Feedback | It lacks direct feedback from the customers. | It provides direct and immediate feedback from the customers. |
Role | It helps in creating interest of consumer in the firm's product. | It helps in the process of decision-making by a consumer. |
What are the factors affecting determination of the price of a product or service? Explain.
A marketer of colour TV having 20% of the current market share of the country aims at enhancing the market share to 50 per cent in next three years. For achieving this objective he specified an action programme. Name the function of marketing being discussed above. (Ans. Marketing planning.)
What is marketing mix? What are its main elements? Explain.
For buyers of consumer durable products, what ‘customer care services’ would you plan as a manager of a firm marketing new brand of motorcycle. Discuss.
How does branding help in differential pricing?
Distinguish between convenience product and shopping product.
Discuss the role of intermediaries in the distribution of consumer non-durable products.
What information is generally placed on the package of a food product? Design a label for one of the food products of your choice.
What are industrial products? How are they different from consumer products? Explain.
Product is a bundle of utilities. Explain.
How does planning provide direction?
What is meant by staffing?
Identify the network of social relationships which arises spontaneously due to interaction at work.
What is informal communication?
State the meaning of controlling.
What is meant by capital structure?v
What is meant by management?
What is a Treasury Bill?
What makes principles of management flexible?
Under which consumer right does a business firm set up consumer grievance cell?
What is the role of the Central Consumer Protection Authority (CCPA)?
Do you think management has the characteristics of a full-fledged profession?
Explain the term ‘Trading on Equity’.
The quality of production is not as per standards. On investigation it was observed that most of the workers were not fully aware of the proper operation of the machinery. What could be the way to improve the quality of production to meet the standards? (training)
Name any two Specific forces of business environment affecting business.
Why is it that organisations are not always able to accomplish all their objectives?
What is meant by 'Scalar Chain'?
‘Planning is looking ahead and controlling is looking back.’ Comment.
The government of India announced Demonetization of ₹ 500 and ₹ 1,000 currency notes with effect from the midnight of November 8, 2016. As a result, the existing ₹ 500 and ₹ 1,000 currency notes ceased to be legal tender from that date. New currency notes of the denomination of ₹ 500 and ₹ 2,000 were issued by Reserve Bank of India after the announcement.
This step resulted in a substantial increase in the awareness about and use of Point of Sale machines, e-wallets, digital cash and other modes of cashless transactions. Also, increased transparency in monetary transactions and disclosure led to a rise in government revenue in the form of tax collection.
a. Enumerate the dimensions of the business environment highlighted above.
b. State the features of Demonetization.
What is the meaning of staffing?