Short Answer TypeDistinguish between 'Selling Concept' and 'Marketing Concept' of Marketing Management Philosophies on the basis of 'main focus'.
Under three-tier machinery where can a legal heir or representative of a deceased consumer file a complaint when the compensation claimed is 25 Lakhs?
Pragya bought an iron of a reputed brand for 1,500 but it caused an electric shock while it was being used. Pragya wants to exercise her 'Right'. Identify the 'Right' under which she can be protected.
Ajay was appointed a marketing head of 'Alfa Enterprise' manufacturers of toothpaste and toothbrushes. His target sale was 2000 units a month. Apart from thinking about various channels of distribution to achieve the target he himself started visiting schools in backward areas. He found that even after taking various steps and counselling, some school children had not started brushing their teeth. He investigated and found that they could not afford to buy toothbrush and toothpaste. So with due permission he started donating 200 toothbrushes and toothpastes every month to the school.
(i) Identify the channel of distribution 'Ajay' would adopt for distribution of toothpaste and toothbrushes and justify it by giving one reason.
(ii) State any two values which Ajay wants to communicate to the society.
'Though branding adds to the cost, it provides several advantages to the consumers'. In the light of the statement, state any three advantages of branding to customers.
What is meant by 'Long-term Investment Decision? State any three factors which affect the long-term investment decision.
Explain any four points of importance of consumer protection from the point of view of business.
In addition to profit-making, the business must give due importance to the consumer protection and their satisfaction. This is important because of the following reasons:
(i) Long-term Interest of Business: Giving importance to consumer protection and their satisfaction makes the consumers delighted and thus they become a loyal customer. Customer loyalty is very beneficial for a business as they will repeat their purchase and also lead to mouth to mouth marketing to their friends and relatives which help in increasing the customer-base of business. Thus, business firms should aim at long-term profit maximisation through customer satisfaction.
(ii) Business uses resources of the society: Business uses resources which actually belongs to the society. Thus they have a moral responsibility towards the consumers to provide quality products.
(iii) Moral Justification: It is the moral duty of any business to take care of consumer’s interest and avoid any form of their exploitation. Thus, a business must avoid exploitative and unfair trade practices like defective and unsafe products, adulteration, false and misleading advertising, hoarding, black marketing etc.
(iv) Government Intervention: A business engaging in any form of exploitative trade practices would invite government intervention or action. This can impair and tarnish the image of the company. Thus, it is advisable that business organisations voluntarily resort to such practices where the customers’ needs and interests will well be taken care of.
Long Answer TypeDifferentiate between ‘capital-market’ and ‘money-market’ on the following basis:
(i) Participants;
(ii) Instruments;
(iii) Investment outlay;
(iv) Duration and
(v) Liquidity.
Explain ‘Price’ as an element of marketing– mix. Also, explain any four factors that affect the fixation of price of a product.
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