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Two standardization marks are ISI and Agmark.

Before storing, eggs should not be washed just because eggs contain pores in its shell which are usually filled with organic materials. When we wash eggs such organic materials get washed off and cause the opening of such pores this give way to the microorganisms to attack on it.

The two standardization marks are FPO and Agmark.

Selection is said to be a negative process because the number of candidates rejected is much higher than that of the selected persons. It is an elimination process.

Although advertising has a lot of benefits, it has been criticised on the following grounds : 

1. Higher Prices : Advertising increases prices of products to consumers because the expenses incurred on advertisements are passed on to consumers. However, advertising may not increase prices if it leads to large scale production. 

2. Creation of Monopoly : Big firms spend huge amount of money on advertising. Small firms cannot compete with them and ultimately fail. As a result, big firms become monopolies and use their monopoly power to exploit consumers. 

3. Wastage of Resources : Money spent on advertising is sheer waste because it does not add to the utility of products and services. Most of the advertisements are either ignored or escape the attention of consumers. Advertisements do not create new demand but only shift demand from one product to another. 

4. Misleads the Consumer : It is said that advertising is often deceptive and misrepresents • facts to the consumer. Exaggerated or tall claims and flowery language are used to dupe unwary consumers. They are induced or defrauded through bogus testimonials and false comparisons to buy goods of doubtful value. 

5. Undermines Social Values : Modem advertising exerts such a corrupting influence on cultural and social life that it is not only wasteful but immoral. Many advertisements are highly objectionable and socially undesirable as they encourage social evils like drinking and smoking. To some extent advertising spoils the landscape and diverts attention of drivers. Some advertisements may really be in poor taste but majority of them help to improve social standards.

Two methods of off -the-job Training: 

1. Under off-the-job training method, the employee learns outside the work place through lectures, workshop and other ways. 

2. Off-the-job training teaches both the theoretical and practical aspects of the job.

Standardization Of Products : 

Standardization refers to the process of setting up basic measures or standards to which the products must conform and taking steps to ensure that the goods actually produced adhere to these standards. In standardization, the product contains certain desirable qualities like durability, safety, utility and special features such as design, weight, colour and size. Standardization facilitates the purchasing and selling of the products. Goods are sold by description. In India, ISI mark issued by die Bureau of Indian Standard guarantees the quality of the product. 

Benefits of Standardization are : 

1. They facilitate buying and selling of goods by sample or description. When goods are of standardised quality, customers do not insist on detailed inspection. 

2. Standardised goods sell better and fetch a better price to the seller because customers have more faith in them. 

3. Standardised goods enjoy a wider market. 

4. Standardisation help in raising finance because standardised products enjoy a ready market and they are readily accepted as a collateral security for granting loans.

(a) Two disadvantages of Rail Transport: 

1. Door-to-door service is not possible. Its services are available only between certain definite points. 

2. Railway transport is not suitable for carrying perishable and fragile goods due to frequent and careless handling of goods. 

(b) Two characteristics of an Ideal Warehouse: 

1. It must be centrally located so that loading, unloading and transportation of goods takes minimum time and cost. 

2. Goods should be protected from heat, cold, water, insects, corrosion, fire and theft of goods. 

(c) Provident Fund Scheme: Under this schemes the employee and the employer contribute every month ten per cent of the basic wages. The total contributions are invested in specified investments. The accumulated amount of standing credit to an employee is payable on retirement, death or at the time of leaving service. An employee can get advances and permanent withdrawals for construction of house, marriage of dependents and other specified purposes, like serious illness. 

(d) Revenue Expenditure: This expenditure relates to normal functioning of the government departments and provision of various government services. The main examples of such expenditures are salaries, pensions, interest, subsidies, grants to the state governments etc., are known as Revenue Expenditure. These expenditures are incurred to maintain the general services of the government like defence, law and order, administration and to provide-various social services (education, health, etc.) and economic services (agriculture, industry, power, transport and communications etc.) 

(e) Status Barriers: Superior-subordinate relationship in the formal organisation structure may obstruct free flow of information. A manager may convey only selected information to his subordinates so as to maintain status difference. He may feel that if he communicates problems or results which reflect his ability and judgment his position as a superior would be undermined. Similarly, subordinates tend to convey only those things which the superiors would appreciate. Thus, status creates filtering and distorts downward and upward communications.

Industrial dispute is any dispute or difference between the employees and employers or between employees and employees, which is concerned with the employment or the terms of employment or with the conditions of work of any person. Such disputes result in strikes, gheraos and lock-outs etc.

Off-the-Job Training: When an employee is trained outside the job, 

it is called off

the-job 

training. 

Various methods of off-the-job training are : 

(i) Internship Training : This is a joint programme of training in which business houses collaborate with technical institutions Internship training involves a balance between theory and practice. The trainees are given theoretical instructions in technical institutions. After completing theoretical learning, they receive practical training in factories and offices. This method is used in medical, accountancy and legal professions. It is very useful for technical and professional jobs which require advanced theoretical knowledge and practical experience on the job. But it is very time-consuming. 

(ii) Vestibule Training : It is the most common off-the-job training method. Vestibule means a room between the outer door and the interior of a building. Workers are trained in a classroom or hall within the plant. A large number of workers are trained under the guidance of expert trainers. Special instructors teach the theoretical and practical aspects of the job. Same machines and equipment are used in the vestibule which are employed at the workplace. Vestibule method permits greater emphasis on teaching the best method of work. 

Trainees get accustomed to the work routine and can overcome initial nervousness before working on the actual job. Training does not hamper actual work of production and trainees can better concentrate on learning. But vestibule training is very expensive.

Two disadvantages of water transport: 

1. Water transport is very slow. 

2. Water transport is not suitable for carring perishable goods as its speed is low.

Consumer Protection Act was passed: 

1. To protect the interest of the consumers. 

2. To promote and protect the right of the consumers. 

3. To encourage fair trade practices. 

4. To make it obligatory on the seller to supply the right products at reasonable price to the public.

Functions of the Central Bank of India are : 

(i) Issue of Currency Notes : The central bank has monopoly over issuing currency notes in the country. In order to inspire public confidence in paper currency, the central bank keeps reserves of gold, silver, etc., for issuing currency notes. Central bank is given monopoly of note issue in order to maintain uniformity in currency, to avoid over-issue and to lend prestige to the currency system. 

(ii) Banker to the Government : The central bank acts as a banker, agent and advisor to the Government. As a banker, it receives and makes payments on behalf of the Government. The central bank serves as the Government’s agent in financial matters. It advises the Government in matters relating to monetary and banking policies. It manages the national debt and issue of Government securities. It also represents the Government in international conferences on monetary and banking matters. 

(iii) Banker’s Bank : The central bank acts as the bank for all commercial banks in the country. When a commercial bank needs funds it can obtain loans and re discount its bills with the central bank. Therefore, central bank is called ‘Lender of last resort’. Commercial banks are required to keep a cash reserve with the central bank so as to control credit in the country. The central bank advises commercial banks on matters relating to their business. 

(iv) Credit Control : The central bank exercises both qualitative and quantitative control over credit granting capacity of commercial banks in order to maintain stability in prices and foreign exchange. In the absence of such control, commercial banks may lend too much or too little. They may lend to wrong parties or for unproductive purposes. They may also charge very high rates of interest. 

(v) Custodian of Foreign Currency Reserves : The central bank is the sole custodian of gold, foreign exchange and all other reserves of the country. It manages these reserves judiciously so as to overcome difficulties in balance of payments and to stabilise the exchange rates. 

(vi) Maintenance of Exchange Rate : The central bank monitors the exchange rate of the home currency in relation to foreign currencies. It tries to maintain stability in the exchange rate in order to promote the country’s foreign trade and to encourage the flow of foreign investment. The central bank buys and sells foreign currencies in order to maintain a stable exchange rate.

Two documents used in warehousing are: 

1. Warehouse Warrant: When goods are stored in a public bonded warehouse, the warehouse keeper issues a warrant in favour of the owner of the goods. It is a document certifying that the specified goods have been deposited in the warehouse for safe keeping. 

2. Warehouse keeper’s receipt: This is a receipt of the acknowledgement of the goods by the warehouse keeper. It serves as a proof of storing the specified goods in the warehouse.

Principles of Insurance are as follows : 

1. Utmost Good Faith (uberrimae fedie) : The contract of insurance are based on the principle of utmost good faith. It implies that both the parties to the contract must disclose all material information truly and correctly. Misrepresentation or failure to reveal material information gives the aggrieved party the right to regard the contract as void. 

2. Insurable Interest : Every insured person must have the insurable interest in the subject matter of insurance. There can be no insurance if there is no insurable interest. Insurable interest implies monitary interest, without which no insurance contract is valid in the eye of law. Insurable interest is said to exist when the insured party is benefited by safety of the property and is prejudiced by its loss. If a person goes in for insurance without insurable interest in the insured commodity, the contract will be null and void. 

3. Contract of Indemnity : The word ‘indemnity’ means security against loss. In other words, indemnity implies a promise to compensate in case of a loss. The principle of indemnity is applicable to all types of insurance policies, except life insurance. The insured will be compensated only up to the amount of loss suffered by him. The insured party cannot make a profit out of this insurance contract. An insured can get nothing more than the actual amount of the loss suffered. Here, the insurer undertakes to compensate the insured for the loss caused to him by the damage or destruction of the property insured. The principle of indemnity is applicable in case of fire insurance and marine insurance. 

4. Doctrine of Subrogation : According to the doctrine of subrogation, after the insured is compensated for the loss caused by the damage to die property insured by him, the right of ownership of such property passes on to the insurer. It signifies that, if the insurer indemnifies the insured the loss in full, the insurer is entided to recover any benefit due to the insured from a third party. If the insured party gets compensation for the loss suffered by him, he cannot claim the same amount of loss from any other party. If the insured claims compensation from both the sides, he will be in a better position than earlier. The principle of subrogation is applicable to fire insurance and marine insurance. 

5. Causa Proxima (or proximate cause) : Causa proxima means the nearest cause and not the remote cause to be looked into. 

Causes of loss may be of two kinds : 

(a) insured perils ; and (b) uninsured perils. The insurer is liable for a loss when such loss must have been proximately caused by the insured perils. The insurer is, in no case, liable to compensate for the damages arising directly or indirectly on uninsured perils. Suppose, a property is insured against fire, but it is damaged due to a road accident; in this case the insurance company is not responsible. Therefore, an insured can recover damages, if the cause is immediate or proximate to the loss.

Importance of Warehousing are as follows : 

1. Seasonal Production : Several commodities such as rice, wheat, sugar, etc., are produced during a particular season but they are consumed throughout the year. For example, potato is produced mostly in winter season but is demanded throughout the year. Perishable products like vegetables, fruits, eggs, butter etc. are stored in cold storage to make them available to consumers throughout the year. 

2. Production in Anticipation of Demand : Factory goods are generally produced in anticipation of future demand. All the goods are not sold off as and when they are produced. They have to be kept in warehouses until the demand is created. Manufacturers store goods for wholesalers, wholesalers store goods for retailers and retailers store goods for consumers. Thus, need for warehousing arises at every stage in the process of marketing. 

3. Storage of Raw Materials : Manufacturers have to store raw materials in order to ensure uninterrupted or regular production. Raw material prices are low dining certain seasons. Manufacturers buy them in bulk and store them for use throughout the year. 

4. Seasonal Demand : Some products such as electric fans, coolers, umbrellas, rain coats, woollen cloth, etc., are demanded in a particular season. But they are produced throughout the year. Such products have to be stored in warehouses so that the demand during the particular season can be met. 

5. Stability in Prices : It is necessary to store goods to avoid violent fluctuations in prices. Producers and merchants can secure better prices by storing goods in warehouses.

(a) Eco Efficiency : These are those technologies which help us to increase the productivity in less time. These also lower the cost that is involved in the production of the goods, products and services. In this, high efficiency production methods and technologies are used. Eco efficient technologies preserve natural resources, it also improve the industrial efficiency and the economic development. Conceptually, Eco efficient technology is a “cleaner approach”. Eco efficiency provides both environmental and economic benefits through production efficiency. 

• It increase the resource productivity 

• Reduce the material and energy usage 

• Reduce pollution 

• Increase service intensity of goods and services 

• Improve recyclability of materials 

Eco-Friendly Technology : This technology can help to preserve the environment through energy efficiency and reducing the harmful waste. It does not have any negative effect on ecology or on the natural environment. This technology mainly involves reduction in the usage amount of raw material and energy. It also reduce pollution, recycle material. By using renewable material it ensure that goods are durable and judicious and we should use these resources by keeping in mind their effects on the future. 

Role of Eco-efficiency and Eco-friendly technology : 

• Adoption of efficient and eco-friendly technologies helps in achieving sustainable development. 

• Use of solar cooker, solar heaters, solar cells and bio-gas plants leads to saving of energy. 

• Greater use of fuel cells and alternative fuels like hydrogen, ethanol etc. can save natural resources. 

• We should tap solar energy and hydel energy, nuclear energy etc. for development in sustained manner. 

• They improved recyclability of materials.

The role of Trade Unions in business concerns are as follows: 

1. Intra-mural activities: The intra-mural activities refer to those efforts of trade unions which are mainly performed for the betterment of workers in relation to their employment. Through these activities, trade unions ensure adequate wages, better working conditions, better treatment and a reasonable share and control in the management and profit of industry. 

2. Extra-mural activities: These activities refer to those activities of the trade union, which are performed, for providing help to workers in times of need. Thus, trade unions help the workers in case of sickness and accident and give them financial support during the period of unemployment, strikes and lock-out. They also foster a spirit of co-operation and diffuse education among labourers. 

3. Political activities: Trade unions also contest elections and try to send their representatives ift Parliament and State Legislatures. In India, such development is not yet significant and trade unions are politically unorganized.

A budget is a plan expressed in quantitative or monetary terms for a specific period of time, usually one year. It is a financial statement prepared prior to a defined period of time, of the policy to be purchased during that period for the purpose of attaining a given objective. 

The uses of budget is as follows: 

1. Operationalise plans: Budget makes business plans operational. They serve as a means of implementary different plans, goals of an organisation and its basic plans cannot be concerted into performance without budgets and other operational plans. 

2. Higher efficiency: Budget bring efficiency and economy in the working of a business firm. They help management in obtaining the most profitable combination of different factors of production. 

3. Sense of responsibility: Budget puts a sense of responsibility on the shoulders of management. Budget motivates them to act responsibly and escape from extravagance. 

4. Source of motivation: The projected cost cuts results into the profit expansion. This acts as the motivation and leads an enterprise to stick to the budget. 

5. Co-ordination: The various budgets made in the organisation are to be coordinated and should follow the same objectives. Hence it makes co-ordination mandatory. 

6. Delegation of authority: The budget is prepared by the management but the responsibility to carry on the budget is vested to the respective department. Thus the budget helps to delegate the authority and fix the responsibility. 

7. Effective control: Management keeps effective control and help the various departments in the organisation to keep an effective control and check on extravagance. 

8. Sound planning: The good budget helps to have sound planning. This is also necessary for the organisation to have a sound planning structure.

Budgets are very useful in management. They offer the following advantages. 

1. Sound Hanning : Budgets make planning purposeful and precise. Objectives and programmes are expressed in physical or monetary units in budgets. Budgets are prepared on the basis of forecasts. Therefore, budgets force managers to think about the future. Budgets help to minimise snap judgments and unplanned actions. Budgets guard against undue optimism, because budgetary targets are fixed after careful thought. Budgets also act as a safeguard by providing an automatic check on the judgement of executives. 

2. Higher Efficiency : Budgets bring efficiency and economy to the working of a business firm. They help management in obtaining the most profitable combination of different factors of production. 

3. Sense of Responsibility : Budgets helps to establish divisional and departmental responsibility. They prevent “buckpassing” and create a sense of responsibility among managers. 

4. Source of Motivation : Budgets represent the ‘milestones’ to be reached. They tell people what is expected. Budgets become the goals or targets to be attained. The budget is an impersonal policeman that maintains ordered effort in the organisation. 

5. Coordination : Budgets force executives to think as a group. Budgets are prepared in consultation with one another. Therefore, they help in achieving coordination between different departments of the enterprise. The interaction between persons working in different departments that takes place during the process of budgeting facilitates uniformity of policies and united action. 

6. Effective Control : Budgets are an important tool of managerial control. Use of budgets for evaluation and control of performance is known as ‘budgetary control’. Budgetary control facilitates ‘control by exception’ by focusing attention on deviations from budgeted targets. Budgets provide exact standards with which actual results can be evaluated and variations between actual performance and budgetary targets can be analysed.

Moral principles guiding environmental affairs are called environmental values or ethics. It is concerned with our duty towards our planet. Environmental ethics and values can be developed in children by parents, teachers and social activities. 

1. Awareness and education about the importance of ecology and its conservation should be taught to the students. 

2. Values are developed more through example and influence than through classroom teaching. The biographies of great men and women can inspire students to become value oriented. 

3. Short stories, film shows and other audio-visual material for students and teachers are also useful. 

4. Suitable training programmes for teachers and parents can be held to enable them to provide value education to young men and women. 

5. All school teachers must be considered as teachers of value education. All subjects must be used to inculcate right values in students.

(a) The elements in the process of communication: 

1. Sender: The sender is a person, group or organisation which initiates the communication process. Sender may be a speaker, a writer or an actor. 

2. Message: Message is the physical form in which an idea is expressed. It consist of facts, opinions, feeling, decision, etc. Message may take the form of oral or written words. 

3. Encoding: Encoding is the process by which the message is translated into symbols which can be transmitted. The symbol may be language, numbers, codes, signs, sounds, pictures etc. 

4. Channel: Channel means the medium which carries the message to the receiver. It serves as a link between the sender and the receiver. Face to face conversation, telephone calls, letters, telegrams, fax, E-mail etc., are example of channel. 

5. Receiver: Receiver is the person, group or organisation to whom the message is directed. Receiver may be a listener, a reader or a viewer. 

6. Decoding: Decoding is the process by which the receiver translates the message into meaning from the symbols encoded by the sender. 

7. Feedback: Once, the message is understood the receiver sends his reaction or response. This response is known as feedback. It verifies the message. 

(b) 

1. Foundation of business: Marketing is the focal point of all business activities. The end of all production is consumption and the success of a business enterprise depends on efficient marketing. Manufacturing, finance, personnel and other activities of business revolve around marketing. Marketing has become vital for the survival and growth of business due to large scale production, changing technology, and sophisticated tastes and preferences of customers. 

2. Source of revenue: Marketing is the only source of generating revenue for business. Other activities of business such as manufacturing, finance, research and development and personnel incur expenditure. Marketing provides funds for all other departments by generating revenue. Efficient marketing creates demand and enlarges the market so that more revenue is earned for meeting costs. Marketing helps to reduce costs through optimum utilisation of resources. 

3. Satisfaction of customers’ Needs: Marketing satisfies human needs and determines the pattern of consumption. It helps in assessing customer wants and facilitates transfer of ownership of goods. Marketing creates time, place and possession utilities. 

4. Higher standard of living: Marketing helps in improving the standard of living by providing new and better varieties of goods to people. It brings to their knowledge new products and their uses. It brings about improvements in the quality of life of the common man.

Internal Sources of Recruitment: 

1. Promotion: This means upgrading an employee to a position of greater responsibility and more salary on the basis of employee’s seniority, merit, job knowledge and career record. 

2. Transfer: This involves shifting of an employee from one job or branch to another without changing the profile and salary. It is used to fill the vacancy at the place to which the employee is transferred. 

3. The employment: This refers to employing the employees who served the organisation in the past but have retired or have quit voluntarily. 

4. Apprentices: Persons working as apprentices in the company may also be hired whenever a vacancy exists. 

5. The existing employees can recommend their relatives or friends about the existing vacancy.

(i). Role of trade unions: Trade unions perform the following main functions: 

• 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. 

• Proper standard of living: Unions attempt to secure for workers fair wages, proper working conditions and welfare facilities like health, housing, recreation and social security so as to ensure desirable living standard for them. 

• 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 dining distress. 

• Collective bargaining: A trade union negotiates and bargains with the management to settle terms and conditions of employment. 

• Participation: Trade unions work for achieving a better say of workers in the management of matters which directly influence the interests of workers. In this way unions attempt to establish democracy in industry. 

• Protests: Unions organise demonstrations, strikes and other forms of protest to press the demands of workers. During a strike the union may provide financial and other help to members when the employer stops wages. 

• Education: Many trade unions make arrangements for the education of workers and their family members. Unions make workers conscious of their rights and duties and aware of the need for techno-logical changes. 

• Welfare and recreation: Some unions provide recreation, sports, and other welfare facilities for their members. 

(ii). Outdoor advertising takes place in the form of posters, bill-boards, electrical displays, wall writing etc. It is employed by business concerns to attract the attention of the people quickly. It is a relatively cheap medium of advertisement. 

Outdoor media of advertising refers to the media used to reach people when they are out of the doors. Therefore, outdoor advertising means exhibition of advertisements at street comers, railway stations, bus stations, on moving vehicles, etc., through posters, hoardings, electric or neon signs, sky writing, loud speakers, travelling announcers etc. It has a wide appeal and long life. Outdoor advertising is highly flexible and economical. Timeliness and repetition is another advantage of outdoor advertising. But outdoor advertising fails to tell the complete message and has a low retention value. It has a temporary appeal.

(a) Experimentation Method of Marketing Research: Under this method consumer’s behaviour, their characteristics, facts on market condition, various forces operating in the market and market trends is analysed. Under this experimentation method, a control market is established in which all forces except those being tested are kept under check and reactions are recorded under controlled conditions to test a theory. It is based on an assumption that small scale experiment will furnish valuable information about a large scale marketing programme. 

(b) Importance of Budgets in management: Budget are’prepared on the basis of forecasts, so it gives a sound foundation to the management to think about future. It is based on the objectives to be achieved and a detailed plan of future action which makes the daily operation of a firm easy and smooth. Budgets bring efficiency and economy in the working of a business firm, by making optimum use of the available resources. It promotes the sense of responsibility among the managers, as everybody has a fixed plan of future action to be accomplished. Budgeting inculcates the team spirit which leads to uniformity of policies and united action. It is an important tool of management control, as the output can always be compared to the set standards.

Five qualities of a successful salesman are: 

1. Knowledgeable: A good salesman should possess knowledge about his organization, product, market, customer and competitor. He should have knowledge about his product so that if any query is put to him by customer he can handle it easily and confidently. He should have knowledge about the customer related to his habits, tastes, preferences and time of buying so that the repeated sales can be made. 

2. Physically and mentally fit: A good salesperson is one who is physically and mentally fit. Selling often requires extensive travelling and even visits to the prospects at odd hours; thereby putting the strain on salesman. Therefore, the salesman should be physically fit to overcome such strain. He should be mentally fit to understand what prospect says on one hand and on the other to make prospect understand what he says. 

3. Cheerful: Any person having cheerful disposition and pleasing manners gets acceptance very easily. Same is the case in selling. A salesman who has a smiling face and is social, will get the acceptance from the prospect easily. To be a successful salesman, he should possess pleasing manners, politeness, sincerity and should be alert and attentive to the needs of customers. 

4. Communication: Communication skill is an asset for the salesman. He should be able to speak freely, clearly and in a well-pitched voice. He must be a person who has a natural ability for conversation. 

5. Determination: The salesman must have a sense of determination to secure the customer. He should not loose confidence and give up the customer so easily.

Role of Commercial Banks in the Economic Development of a Country: 

Banks mobilise small savings of the public and channelise those savings into productive purpose. This increases the flow of money in any economy, which is the life good of its growth. The role of commercial banks in economic, development rests chiefly on their role as financial intermediaries. In this capacity, commercial banks help drive the flow of investment through out the market place through several forms of lending. 

It helps an individual to start his business by providing capital and necessary information and then helps in running the business and expanding it by supplying credit as and when required. The aggregate effect of business activity generates employment around the country, and promotes self dependency or financial independence. It also helps the government of a country by financing to general welfare programmes for the benefit of the country. It also helps in transfer of funds from one place to another and help in the settlement of debts which in result promotes trade. Thus hanks are the life blood of commerce and holds a significant position in the modem economy of any nation.

The five technical qualities of a successful salesman are: 

1. A good salesman should have adequate and up-to-date knowledge of selling techniques. 

2. A good salesman should have adequate knowledge of his product. 

3. A good salesman should have adequate knowledge of his competitors. 

4. Knowledge about the customer like buying motives, likes and dislikes etc. 

5. Knowledge about the company like history, policy and activities.

Difference between Consumer goods and Industrial goods. 

Consumer Goods : 

Consumer goods are those goods which are directly used by the ultimate consumers or households. 

Industrial Goods : 

Industrial goods are those goods which are purchased for use in manufacturing other goods.

Difference between Standardisation and Grading. 

Standardisation : 

Standardisation refers to the process of setting up basic measures or standards to which the products must conform and taking steps to ensure that it actually adhere to standards. 

Grading : 

Grading is the process of sorting individual units of a product into well defined classes or grades of quality.

Yes. Advertising encourages artificial living because: 

1. Extravagance: Advertising tempts people to buy goods which they can not afford. They become extravagent and do not hesitate even to adopt corrupt practices to earn more. This creates frustration and corruption in society. People become greedy and self contened, causing unrest and jealousy. 

2. Wastage of resources: Money spent on advertisement is sheer wastage because it does not add to the utility of products and services. Most of the advertisements are either ignored or escape the attention of consumers.

1. Nature of the Product: The advertisement media should be in accordance with the nature of the product i.e., consumer goods or industrial goods. 

2. Target Customers: Selection of media depends upon the type of target customers to be approached. The target customers are rural, urban or illiterate, males or females etc. 

3. Cost of Advertisement: If the cost of advertising is lower, it may be adopted by small business enterprises. Costly advertising media will be suitable for enterprises of bigger size. 

4. Nature of the Market: Fairs and exhibitions, outdoor displays and films are more useful for advertising in local markets. On the other hand, newspapers, radio and T.V. are more appropriate for advertising on a national level. 

5. Life of Advertisement: Long life advertisements can better be conveyed through magazines, outdoor displays and direct mail. Short advertisements should be transmitted through newspaper, radio and T.V.

Differences between Stakeholders and Customers of a Company:

Group Insurance: It is a scheme which provides insurance to many people under one insurance policy. It is generally provided to the employees working under one employer. It is very economical for the employees, it terms of premium payable, as it is very less, due to the government support which encourages it as a strong tool of social security.

The three main features of it are as follows: 

1. Insurance provides risk coverage to the employees as long as they remain in the service of the employer. 

2. It is a contract between the insurance company and the employer. 

3. The premium is generally paid jointly by the employee and the employer.

Difference between Shut down costs and Sunk costs. 

Shut Down Costs : 

A business firm may have to suspend its operations for a period due to some temporary problems e.g., shortage of raw-material. 

Sunk Costs : Sunk costs are historical or past costs which cannot be changed by any future decisions e.g., Investment in plant and machinery.

(a) Distinguish between Shut Down Cost and Sunk Cost as follows 

1. Shut down costs are the expenses that have to be incurred during the shut down or stoppage of business operations. On the other hand, sunk costs are the expenses which have been committed and cannot be changed. 

2. Rent and insurance of factory during its closure is a shut down cost. Investment already made in factory building is a sunk cost. 

(b) Dialogue is an important element in Public relations because : 

1. If a person goes on talking without allowing others to participate in the discussion or talk, then it becomes a monologue. 

2. Dialogue reveals the true personality of a person. 

3. It helps to reduce prejudice and builds up mutual confidence.

4. Effective dialogue requires impartial listening and understanding. 

(c) Features of a Balance Sheet of a company are : 

1. Balance Sheet is always prepared on a particular date. 

2. It is prepared after the preparation of Income and Expenditure Account and Profit and Loss Account. 

3. It shows financial position on a particular date. 

4. It is not an account but a statement. 

(d) Employee Relations : The expansion in the industrial work force has created serious problems in communication and relations with employees. Poor communication create misunderstanding. The foundation to good employee relations are sound personnel policies and their impartial implementation. Employees judge a company by its personnel policies and the practices of management in carrying out these policies. 

(e) Current Assets : Current assets are those assets which are converted into cash within a short period, generally one year. No depreciation is charged on current assets. Examples of current assets are, cash in hand, debtors, stock etc.

Two uses of cash flow statement: 

1. Cash flow statement is helpful in judging the cash position of the enterprise. 

2. It provides information about the liquidity position and solvency of the enterprises.

Tools or techniques of Brand Promotion are: 

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. Personal Selling: It involves direct face to face personal interactions ‘between the sales person and potential customer. For instance, when Eureka Forbes salesman demonstrates, provides information, answers the questions and book orders. In this way he does personal selling. 

3. Sales promotion: It includes a variety of non recurrent activities like coupons, samples, special discount offers etc. These stimulate trial or purchase immediately. 

4. 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. 

5. Quality Control: Brands become popular and continue to enjoy confidence of buyers only when quality of the brand is maintained.