Correct Answer: Initiative

Solution : The correct answer is (c) Initiative

The principle of "Initiative" in management encourages employees to take proactive steps, make suggestions, and propose innovative ideas to improve processes, products, or services within the organization. ABC Electronics encouraging its employees to take the initiative and propose innovative ideas aligns with the principle of initiative, fostering a culture of creativity, innovation, and active participation among its workforce.

Correct Answer: Guiding and supervising employees towards achieving objectives

Solution : The correct answer is (d) Guiding and supervising employees towards achieving objectives.

The directing process involves providing guidance, instruction, support, and supervision to employees to ensure that they understand their roles and responsibilities and are working effectively towards achieving the organization's objectives. It aims to align individual and team efforts with the goals and vision of the organization. The directing process is intended to lead and coordinate employees, enabling them to contribute to organizational success while fostering collaboration and effective communication.

Correct Answer: Initiative

Solution : The correct answer is (c) Initiative.

Initiative is a fundamental principle of management that encourages employees to take proactive steps and suggest innovative ideas or improvements in their work environment. In this case study, ABC Electronics is encouraging its employees to take the initiative and propose innovative ideas, which aligns with the principle of initiative. Initiative involves encouraging employees to take the first step or be proactive in suggesting improvements, new approaches, or innovative ideas. ABC Electronics is fostering an environment where employees feel empowered to come forward with their ideas, making this an application of the initiative principle.

Correct Answer: Diversify its product portfolio
  

Solution : The correct answer is (b) Diversify its product portfolio

Entrepreneurship development involves fostering innovation, creating new products or services, and adapting to changing market demands. XYZ Electronics demonstrated entrepreneurship development by investing in research and development to create cutting-edge smart gadgets, diversifying its product portfolio to meet evolving consumer preferences.

Correct Answer: Event Marketing

Solution : The correct answer is (b) Event Marketing. 

By sponsoring a local charity event and having its logo featured on promotional materials, ABC Electronics is engaging in event marketing. Event marketing involves promoting a brand or product through participation or sponsorship of events, which can enhance brand visibility, create positive associations, and connect with the target audience present at the event. Trade shows, samples, and loyalty programs are different forms of sales promotion with distinct strategies and goals.

Correct Answer: Cost-Plus Pricing

Solution : The correct answer is (d) Cost-Plus Pricing. 

ABC Electronics sets its prices based on market demand, competitor pricing, and production costs. Cost-Plus Pricing involves calculating the total cost to produce a product or service and then adding a markup (a certain percentage or amount) to cover desired profit. In this scenario, ABC Electronics considers production costs (the "cost" part of cost-plus pricing), along with market demand and competitor pricing, to determine the appropriate pricing for their electronic products.

Correct Answer: Marketing Concept

Solution : The correct answer is  (c) Marketing Concept

The marketing concept focuses on understanding and meeting customers' needs and preferences by analyzing market trends and implementing innovative marketing strategies. It is customer-centric and aims to deliver superior value to customers in order to achieve the organization's goals and objectives.

Correct Answer: Setting objectives and goals
  

Solution : The correct answer is (a) Setting objectives and goals

Setting objectives and goals is typically the initial phase in the planning process. This step involves clearly defining what the company aims to achieve and outlining the desired outcomes. By establishing specific objectives, XYZ Manufacturing Company can provide direction for the subsequent planning steps, such as identifying potential risks, allocating resources, and evaluating alternatives. Clear goals will help guide the development of strategies and action plans to revamp their production processes and regain market share.

Correct Answer: No, he must first approach the District Forum for cases involving products.

Solution : The correct answer is (b) No, he must first approach the District Forum for cases involving products.

In cases involving the purchase of a product like a television, the consumer should first approach the appropriate District Consumer Disputes Redressal Forum. The National Consumer Disputes Redressal Commission is usually involved in handling appeals or cases of significant value, and consumers are generally required to exhaust the remedies available at the district and state levels before approaching the National Commission. So, the customer should start by filing a complaint with the District Forum to seek compensation for the defective television.

Correct Answer: Lack of Creativity

Solution : The correct answer is (c) Lack of Creativity.

Customers expressing that the ad lacks innovation and is repetitive are raising concerns about the creativity of the advertisement. Creativity is a key aspect of advertising that involves presenting information in a fresh, unique, and engaging way. If customers find the ad to be repetitive or lacking in creativity, it implies that the advertisement might not be effectively capturing their attention or providing new and exciting perspectives about the product. This objection emphasizes the need for creativity to make advertisements more appealing and interesting to the target audience.