Explore topic-wise InterviewSolutions in Current Affairs.

Correct option: A) Conventional packaging

Correct option: c) homogenous products

e- Governance

1) Wholesaler deals in large quantities, while retailer deals in small quantities. 

2) Wholesaler sells to retailers, while retailer sells to consumers.

Correct option: a) product

e-Governance

Facilitating function: This function facilitates both the transaction as well as the physical exchange of goods. Traders are guided by the manufacturer to help them in selling goods while the traders also inform manufacturers of the customers’ opinions about the product.

The specific company’s products which get an identity through a name are called branded product.

Correct option: d) Trademarks

Correct option: A) Information Communication Technique

1) Impersonal 

2) Competitive

Correct option: d. Curtains

Management is the act of getting things done through others and with formally organized groups .

 Objectives of Management : 

(i) Organizational Objectives : An organization strives to achieve multiple organization objectives . Mainly : 

• Survival : A business should be able to earn adequate revenues to cover costs in order to ensure its existence .
• Growth : The progress of a business over the years can be assessed through various parameters like expansion of its capital base , increase in the number of employees , surge in production

(ii) Personal Objectives : These objectives relate to the needs of the employees of the organization which must be given due consideration in order to get their constant support and loyalty . E.g. The employees of a company are happy and satisfied only when they get fair remuneration , good working conditions , unbiased promotion policy etc. 

(iii) Social Objectives : It is expected that every organization should undertake certain initiatives for the welfare of the society at large . 

Growth stage Marketing strategies are:

1) Product quality is maintained 

2) Distribution channels are added as demand rises and customers accept the product 

3) The firm seeks to build brand preference and increase market share

Correct option: b) Affordability

No intermediaries are involved, the manufacturer sells directly to the customer, a.k.a. direct channel or direct selling.

For example: McDonald’s

Consumers co-operation was first successful in England.

Correct option: d. Kirana stores

1) Market demand 

2) Cost of product 

3) Competitors’ actions

The Internal Sources of Recruitment offer the following advantages :

• Motivates Employees : When an organization uses internal sources of recruitment , it provides a psychological benefit and helps to maintain peace within the organization . This is because the employees feel motivated . As they tend to develop faith in the organization . This positive change in their attitude results in an increase in their productivity . 
• Simple Process : The process of internal recruitment is relatively simple and more reliable . This is because the employees are already known to the organization . 
• Promotes Training : A systematic transfer policy can be used as an effective tool to foster the knowledge and skill of the employees about different jobs . This would contribute effectively , will enable them to take up higher level jobs in future .

1) Discrimination on the basis of customer segment 

2) Locational discrimination 

3) Time discrimination

Correct option: B) Manufacturer

Correct option: b) Administrative Cost

Correct option: B) Retailer

Correct option: c. Manufacturer and consumer

(a) Wholesaler

1) Objective of the firm 

2) Cost of the product 

3) Size of the Organisation

Pricing Refers to the process of deciding the price of a product . The price of a product represents the sum total of the values that a buyer expects to derive from owning or using a particular Product. Factors affecting the pricing of a product are :

• Product Cost : The first consideration in fixing of the price of a product is Its Cost of Production , Distribution and Selling the Product . These are broadly those types of costs viz. Fixed Costs , Variable Costs and Semi Variable Costs . 
• Extent of Competition in the Market : If the level of competition is high , the firm is likely to fix the prices of its products on the lower limit . Whereas , if the level of competition is low , the price of the product is likely to reach the upper level . 
• Government and Legal Regulations : In order to safeguard the interest of the consumer against unfair trade practices in the area of pricing , the government may intervene and regulate the price of the product .

The important factors are:

1. Physical features – The Mountain and hilly regions are most unstable for human habitation. For example; Northern Mountain, Western and Eastern Ghats, North Eastern hilly regions are moderately populated. The fertile great plains of North India and the river deltas have high density of population.

2. Climate – The density of population is high in good climatic regions. But the-very hot or cold and very dry climatic regions have low density of population.

3. Soils – The fertile soil regions have high crop productivity. So, the Northern, Eastern and Western coastal plains are most densely populated. In contrast, infertile sandy areas are less productive and they are low populated.

4. Resources – Mineral and power resources promote rapid economic development. Therefore, such areas are densly populated. For example, Chhattisgarh, Odisha, West Bengal etc.

5. Industries, Trade and Commerce – Highly industrialized, Commercial and business areas of the country have densly populated. For example Mumbai, Surat, Bhilai, Duigapur, Bangalore etc.

6. Security – People like to stay in a good security of life and property. Hence it is also influenced on population distribution. For example, Border areas of Jammu and Kashmir and Rajasthan are sparsely populated.

Liberalization : These economic reforms signaled the end of the License / Permit Quota Raj and were aimed at liberalizing the Indian business and industry from all unnecessary channels and restrictions . Key features of the Government towards Liberalization are : 

• Abolishing licensing requirement in most of the industries , except a short list . 
• Freedom in deciding the scale of business activities . 
• Removal of restrictions on the movement of goods and services . 
• Freedom in fixing the prices of goods and services . 
• Reduction in tax rates and lifting of unnecessary controls over the economy . 
• Simplifying procedures for imports and exports . 
• Making it easier to attract foreign capital and technology in India .

Selection is the process of choosing the best candidate from the pool of applications . The process of selection varies from organization to organization . Moreover , different methods of selection may be adopted for different positions in same organization . The process of selection involves : 

(i) Preliminary Screening : Preliminary screening is undertaken with the objective of eliminating all those applicants who do not fulfill the minimum requirements . 

(ii) Selection Tests : Different types of selection test may be carried out in order to evaluate a candidate of different parameters . Important tests used in selection process are : 

• Intelligence Tests : These includes important psychological tests which are useful in measuring the intelligence quotient of an individual . . 
• Aptitude Tests : These tests seek to evaluate the potential of a candidate in acquiring new skills and development . Thus the future success rate of a candidate can be anticipated . 
• Personality Tests : These tests seek to provide an insight into a person’s emotions , reactions , maturity and value systems etc. 
• Trade Tests : These tests seek to measure the knowledge , skills and proficiency that a candidate possess with regard to a particular job position . 
• Interest Tests : These tests are used to define the interests of the candidates , Activities that appeal Him / Her the most and determine the inclinations of a person towards certain career choices .

(iii) Employment Interview : An Interview involves a face to face interaction between the prospective candidate and the interviewer(s) . . 

(iv) Reference and Background Checking : In the job application form , the applicant is asked to give two to three references of the people in the same profession . 

(v) Selection Decision : Once the genuineness of the candidate has been ascertained , the organization has to take the final decision about hiring the candidate(s) . 

(vi) Medical Examination : A medical examination is advise in order to ascertain that the candidate does not suffer from any serious ailments which is likely to affect His / Her job performance . 

(vii) Contract of Employment : If selected candidates accepts the job offer , He / She is issued a Letter of Appointment which is the document that contains important details about the job like Job Title , Duties / Responsibilities , Date of Joining , Pay and Allowance etc.

B. increasing the PSU profits 

D. rapid employment generation through infrastructural projects

C. do not lead to an increase in liability 

Answer: 8, 1952.

C. M3 = M2 + net time deposits of commercial banks 

State Finance Commission.

Correct option is B. only Q

A. store of value

A Responsibility Centre is a segment of an organization for which a particular Executive is responsible . There are THREE types of Responsibility Centre : 

• Expense / Cost Centre : Expense / Cost centre is a responsibility centre in which inputs or expenses are measured in monetary terms , whereas outputs are measured in monetary terms . 
• Profit Centre : A Profit Centre is a part of a business which is expected to make an identifiable contribution to organization’s profits . 
• Investment Centre : An Investment Centre is a business unit that can utilize capital to contribute directly to a company’s profitability . Companies evaluate the performance of investment centre according to the revenue it brings in through investment in capital assets compared to the overall expenses . 

1) Ownership 

a) manufacturer’s brand 

b) store brand 

2) market area 

a) local area 

b) national brand 

3) number of products 

a) family brand 

b) individual brand

Correct option: a) 2

Despite of newer techniques of Planning and Control , some of the traditional techniques are still very popular because of their special significance and continuing utility .

•  Budgetary Control : Budget as a plan that represents a statement of anticipated inflows and expected outflows , expressed numerically, exercising control over day-to-day operations of the enterprise for the purpose of executing budgets is known Budgetary Control . 
• Standard Costing : Expenses / Costs associated with every activity are recorded and classified and then compared with the standard or budgeted costs . The concerned Manager takes corrective action if any deviation is found . This technique helps in finding out which activity is profitable and which is not . 
• Financial Ratio Analysis : All business organization prepare Profit and Loss Account and Balance Sheet . When a comparative study of these financial statements are made, trends of changes in Profits , Assets , Liabilities , Turnover etc. can be assessed. 
• Internal Audit : It is another effective and widely used tool of managerial control . Internal Auditing signifies regular and independent appraisal of the accounting and financial and other operations of a business by a staff of internal Auditors . 
• Break Even Analysis : Break Even Analysis is a point of “No Profit – No Loss” . For instance when a firm is able to sell 24,000 bags , it would Break-Even. It indicates that a sale below this level will cause a Loss and any sale above this level will earn Profits . 
• Statistical Control : In order to find out the causes for the deviations , comparison of various Ratios, Averages, Percentages of Statistical Data are undertaken . Statistical Reports compiled after the analysis are presented in the form of charts or graphs which helps in visualizing the trends and weaknesses in the respective areas of operation, and necessary remedial steps are suggested . Charts and Diagrams are used by the Production , Sales , Purchase, and Personnel and even more frequently by the Executive Heads of Companies .  

Marketing Mix is the set of controllable variables that the firm can use to influence the Buyer’s Mix . The main elements of marketing mix are : 

• Product : A Product refers to an item that satisfies the consumer’s needs or wants . From the customer’s point of view , a product is perceived as a bundle of utilities i.e. Functional Benefits , Psychological Benefits and Social Benefits .
• Price : Price refers to the value of a product in monetary terms . Price is the only variable that has its affect on the revenue . 
• Place : Place or Physical Distribution are all those activities that ensures the availability of the product at the right place , at the right time and the right position to the target customer . 
• Promotion : Promotion includes the set of activities that are undertaken by the prospective buyers . 

A. Advertisement Campaign

Series of advertisement messages that share a single idea or theme is Advertisement Campaign.

(a) Hire Vendor -Hire vendor is a person who delivers the goods along with its possession to the hire purchaser under a hire purchase agreement. 

(b) Down payment- The initial payment made to the hire purchaser to the lender bank, at the time of entering into a hire purchase agreement.

The first four steps involved in the process of selling are:- 

(a) Enquiry from intending buyer 

(b) Providing quotations to the intending buyer 

(c) Receipt of order from the buyer 

(d) Execution of order and Invoicing

a) price goods are available at moderate price 

b) promotion heavy advertising & personal selling 

c) place more time required 

d) products any suitable example

Advertising- Advertising is a most commonly used tool of promotion. It is an impersonal form of communication, which is paid by the marketers to promote some goods or services. 

OR 

Sales promotion refers to short term incentives which are designed to encourage the buyers to make immediate purchase of a product or service.

C. Direct Mail Advertising

Direct Mail Advertising is more of personal medium of advertisement.