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(a) Briefly explain any two elements of a Promotion Mix.(b) Give two reasons for workers joining a Trade Union. (c) What is meant by Orientation or Induction Training? (d) What is ‘Discounting of Bill of Exchange’? (e) Explain ‘contribution’ as a principle of an Insurance contract.

Answer»

(a) Two elements of a Promotion Mix: 

1. Advertising: It is non-personal communication, which is paid for by an identified sponsor. It is aimed at promoting ideas (no smoking), products (BPLtelevision) or services (Dolphin mobile). 

2. Publicity: It is non-paid form of non-personal communication. This is like advertising except that advertising is paid for and it is not. Publicity takes place when media in the form of news, covers some event and information is disseminated about something free of cost. 

(b) 

1. Protection: Trade unions safeguard workers against all sorts of exploitation by the employer and political parties. A union provides protection from unfair labour practices and atrocities of management. It also tries to revise the status of workers in industry and society. Trade unions resist retrenchment of their members and help to ensure steady employment for workers. Unions serve as a check on arbitrary action by employers. 

2. Economic Security: Unions protect their members from various economic hazards such as illness, accidental injuries, unemployment. They secure compensation from employers. Unions also provide financial assistance to workers during distress. 

(c) Orientation or induction training refers to the training given to new employees to familiarise them with the policies, rules and regulations of the organisation and the conditions of the job. A systematic orientation programme enables the new employees to adjust quickly to new surroundings and people. 

(d) Bank purchases bills of exchange at the face value and less the interest at current rate till its due date. This is called discounting of bills. The owner of the bills can get cash immediately and need not to wait for payment until the bills fall due. 

(e) Contribution: The principle of contribution is another corollary of the doctrine of indemnity. It implies that when property is insured for the same risk with two or more insurers, the different insurers will contribute to the total payment in proportion to the amount assured by each. In case one insurer has paid the full compensation for loss, he is entitled to receive proportionate contribution from other insurers.



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