Bus 102 questions

MARKETING
Selling activities start after the product has been developed while marketing activities start
much before the product is produced and continue even after the product has been sold.
True or False

Production Concept which assumes that availability and affordability of the product are the
key to the success of a firm and puts greater emphasis on improving the production and
distribution efficiency of the firms.

Product Concept assumes that product improvement is, the key to profit maximization of a
firm

Selling Concept assumes that the customers would not buy, or not buy enough, unless they
are adequately convinced and motivated to do so through aggressive selling and
promotional efforts.

Marketing Concept implies that focus on satisfaction of customer’s needs is the key to the
success of any organization in the market

Societal Marketing Concept is the extension of the marketing concept as supplemented by

the concern for the long-term welfare of the society.

In marketing, product is a mixture of tangible and intangible attributes, which are capable of
being exchanged for a value, with ability to satisfy customer needs.

Channel Distribution covers all the activities required to physically move goods from
manufacturers to the customers. True or False

------------------- is an impersonal form of communication, which is paid for by identified

marketers (Sponsors) to promote some goods or service.

------------------ involves oral presentation of message in the form of conversation with one
or more prospective customers for the purpose of making sales.

------------------ refers to short-term incentives, which are designed to encourage the buyers
to make immediate purchase of a product service.

Publicity is a non-personal form of communication. However, as against advertising it is a

non-paid form of communication. True or False

Effective distribution and price reduction techniques are the right strategies for selling
concept. True or False

Effective distribution and price reduction techniques are the right strategies for production
concept. True or False

Product, price, promotion and place are also called marketing stimuli. True or False

Which of the following is based on consumer buying inertia?

a. selling concept b. product concept c. production concept d. marketing concept

……………………………….is a strategy of pricing a product above average competitors price

in the market.
……………………………….is a strategy of pricing a product below average competitors price
in the market.

Staffing has been described as the managerial function of filling and keeping filled, the
positions in an organization structure. True or False

Staffing process encapsulates the following: Estimating the Manpower Requirements,

Recruitment, Selection, Placement and Orientation, and Training and Development. True or
False

Staffing process encapsulates the following: Estimating the Manpower Requirements,

Recruitment, Selection, Placement and pricing, and Training and Development. True or
False

Recruitment refers to the process of attracting, screening, and selecting qualified people for
a job at an organization or firm.

Selection is the process of choosing from among the pool of the prospective job candidates
developed at the stage of recruitment.

Placement and Orientation: Orientation is introducing the selected employee to other

employees and familiarizing him with the rules and policies of the organization. Placement
refers to the employee occupying the position or post for which the person has been
selected.

A "headhunter" is industry term for a third-party recruiter who seeks out candidates, often
when normal recruitment efforts have failed. True or False

Transfers and promotions are two important sources of internal recruitment.

External Sources of recruitment includes all the following: Casual Callers, Advertisements,
Web Publishing, Transfers, Agencies and Management Consultants, True or False

The combination of job description and job …………………………………. forms

job…………………………………………………

The stability of employment and protection against unfair dismissal is

called…………………………………………………….

The process of matching applicant to job is called……………………………………………….

The list of duties, responsibility and equipment to be used as well as working conditions is
called……………………………

A document containing required qualifications and skills to do a particular job is

called……………………………………………
ENTREPRENEURSHIP
1. Entrepreneurs undertake... a. Calculated risks b. High risks c. Low risks d. Moderate and
calculated risks

2. In economics, which of the following is not a function of the entrepreneur?

a. Risk-taking b. Provision of capital and organization of production c. Innovation d. Day to
day conduct of business

3. Which of the following statements does not clearly distinguish between entrepreneurship
and management?
a. Entrepreneurs found the business; managers operate it b. Entrepreneurs are the owners
of their businesses; managers are employees c. Entrepreneurs earn profits; managers earn
salaries d. Entrepreneurship is once for all activity; management is a continuous activity

4. In the roles and functions of the entrepreneur identified by Kilby, which of the following is
not an aspect ofn ‘political administration’? a. Dealing with public bureaucracy b. managing
human relations within the firm
c. Introducing new production techniques and products d. managing customer and supplier
relations

5. Which of the following attitudes is not generally associated with successful

entrepreneurship a. Investing in R and D b. Live your business day by day c. Innovate and
improvise continually d. Produce as per customers’ requirements

Some Definitions
Selection is the process of choosing from among the candidates from within the
organisation or from the outside, the most suitable person for the current position or for
the future position. Dale Yoder
Selection is a managerial decision making process as to predict which job applicants will
be successful if hired. David and Robbins
Selection is the process of differentiating between applicants in order to identify and hire
those with a greater likelihood of success in a job.

The different business philosophies or concepts guiding the marketing efforts are: (1)
Production Concept which assumes that availability and affordability of the product are the
key to the success of a firm and puts greater emphasis on improving the production and
distribution efficiency of the firms. (2) Product Concept assumes that product improvement
is, the key to profit maximisation of a firm; (3) Selling Concept assumes that the customers
would not buy, or not buy enough, unless they are adequately convinced and motivated to
do so, It is believed that aggressive selling and promotional efforts are important to make
customers buy their products. (4) Marketing Concept implies that focus on satisfaction of
customer’s needs is the key to the success of any organisation in the market. (5) The
Societal Marketing Concept is the extension of the marketing concept as supplemented by
the concern for the long-term welfare of the society.

The part of profit which is re-invested in the business is called retained earnings.
Ordinary shareholders are the last to be paid if the company is wound up.
Cumulative preference shares give holders the right that, if a dividend cannot be paid one
year, it will be carried forward to successive years.

Preference shareholders have a priority right over ordinary shareholders to a return of their
capital if the company goes into liquidation.

Cumulative preference shareholders are entitled to any arrears of dividends in previous

years.

The principle of indemnity would signify that an insured who suffers a loss must be paid to
the extent of his loss and not be allowed to make profit or loss out of it

Principle of utmost good faith implies that a proposer must disclose to the insurer all
material facts in regard to the proposed insurance.

Principle of Insurable Interest implies that the insured must bear a legal relationship to the
subject matter of the concerned insurance cover and he should stand to benefit by the
safety of the property, rights, interets and lose by any loss, damage, injury or creation of
liability.

Principle of indemnity. That is, it will make good a loss or damage in such a manner that
financially the insured is neither better off nor worse off as a result of the loss.

Principle of indemnity implies that the insured is placed in the same position financially, as
far as possible, as he occupied immediately before the loss.

Principle of subrogation prevent the insured from recovering the losses from the insurer and
the person responsible for the loss.

Principle of Contribution may be defined as the right of an insurer who has paid a loss under
a policy to recover a proportionate amount from other insurers who are also liable for the
loss.

Principle of Proximate cause In practical effect keeps the scope of the insurance within the
limits intended by the insured and the insurer when the contract was made.