Advertising
Question : Assertion: An oligopoly market structure is characterized by a few large firms dominating the market.
Reason: Oligopolistic firms tend to engage in non-price competition, such as advertising and product differentiation.
Option 1: Both the assertion and reason are true, and the reason is a correct explanation of the assertion.
Option 2: Both the assertion and reason are true, but the reason is not a correct explanation of the assertion.
Option 3: The assertion is true, but the reason is false.
Option 4: The assertion is false, but the reason is true.
Correct Answer: Both the assertion and reason are true, and the reason is a correct explanation of the assertion.
Solution : The correct answer is (a) Both the assertion and reason are true, and the reason is a correct explanation of the assertion.
The assertion is true. In an oligopoly,
Question : What is the best possible explanation for a shift in the market supply curve for a product?
Option 1: An advertising campaign that is successful in promoting the product
Option 2: Introduction of a tax on that product by the government
Option 3: Increase in the price of raw materials
Option 4: Introduction of a new technique that makes the production of that commodity cheaper
Correct Answer: Introduction of a new technique that makes the production of that commodity cheaper
Solution : A new technique that makes it cheaper to produce the goods best explains a shift to the right in the market supply curve. A shift to the right in the supply curve, such
Question : Case Study 34:
A consumer purchased a set of expensive speakers from a well-known store. After a few days, the speakers stopped functioning. The consumer contacted the store for a replacement, but they refused, stating that electronic items are non-returnable. What action can the consumer take in this situation?
Option 1: File a complaint with the National Consumer Disputes Redressal Commission.
Option 2: Lodge a complaint with the District Consumer Disputes Redressal Forum.
Option 3: Contact the Advertising Standards Council of India (ASCI) for assistance.
Option 4: Accept the store's policy and give up on any hope of a replacement.
Correct Answer: Lodge a complaint with the District Consumer Disputes Redressal Forum.
Solution : The correct answer is (b) Lodging a complaint with the District Consumer Disputes Redressal Forum.
The District Consumer Disputes Redressal Forum is the appropriate authority to address consumer complaints and disputes, including issues with defective products.
Question : The concept of income elasticity of demand is important for businesses to understand:
Option 1: The impact of inflation on consumer purchasing power.
Option 2: The relationship between advertising expenditure and sales.
Option 3: The responsiveness of demand to changes in consumer income.
Option 4: The optimal pricing strategy for a given income level.
Correct Answer: The responsiveness of demand to changes in consumer income.
Solution : The correct answer is (c) The responsiveness of demand to changes in consumer income.
Income elasticity of demand measures the sensitivity or responsiveness of the quantity demanded of a good or service to changes in consumer income.
Question : Case Study 26:
Solution : The correct answer is (b) Lodge a complaint with the District Consumer Disputes Redressal Forum.
In this situation, where the consumer purchased a set of expensive speakers that stopped functioning shortly after purchase and the store
Question : Statement 1: Selling concept focuses on building long-term customer loyalty through value creation.
Statement 2: Marketing concept solely relies on aggressive advertising for sales.
Option 1: Both statements are correct.
Option 2: Statement 1 is correct, and statement 2 is false.
Option 3: Both statements are incorrect.
Option 4: Statement 2 is correct, and statement 1 is incorrect.
Correct Answer: Both statements are incorrect.
Solution : The correct answer is (c) Both statements are incorrect.
Statement 1 is incorrect. The selling concept primarily focuses on short-term sales and transactions rather than building long-term customer loyalty. It often involves aggressive sales tactics to close deals.
Statement 2 is false.
Question : What is a key methodology for analyzing newspaper reports as a source of history?
Option 1: Counting the number of words in each article
Option 2: Assessing the bias and perspective of the reports
Option 3: Comparing the font sizes used in different articles
Option 4: Calculating the advertising revenue of the newspaper
Correct Answer: Assessing the bias and perspective of the reports
Solution : Assessing the bias and perspective of the reports is a key methodology for analyzing newspaper reports as a source of history, as it helps in understanding the context and intentions behind the information presented.
Question : Case Study:
A company believes that customers will only buy products that are aggressively promoted and marketed. They focus on creating demand through effective advertising and selling efforts. This philosophy reflects the:
Option 1: Production Concept
Option 2: Marketing Concept
Option 3: Selling Concept
Option 4: Product Concept
Correct Answer: Selling Concept
Solution : The correct answer is (c) Selling Concept.
The Selling Concept is a marketing philosophy that centers on aggressive sales and promotional efforts to convince customers to purchase a company's products or services. The belief behind this concept is that customers won't buy enough unless
Question : Assertion: Marketing concept is customer-centred and aims to satisfy customer needs.
Reason: Marketing concept is solely concerned with advertising and promotional activities.
Option 1: Both assertion and reason are true, and the reason is the correct explanation of the assertion.
Option 2: Both assertion and reason are true, but the reason is not the correct explanation of the assertion.
Option 3: Assertion is true, but the reason is false.
Option 4: Assertion is false, but the reason is true.
Correct Answer: Assertion is true, but the reason is false.
Solution : The correct answer is (c) Assertion is true, but the reason is false.
The marketing concept is a customer-centered approach to marketing that focuses on identifying and satisfying customer needs. It is based on the idea that businesses
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