Correct Answer: Storage or warehousing
 

Solution : The need for storage and warehousing rises because there is a time gap between production and consumption of goods.This time gap maybe either due to irregular demand or due to irregular supply. The function of storage is performed by different agencies a chese manufacturers, wholesalers and retailers.

Hence, option D is correct.

Correct Answer: Method analysis

Solution : The correct answer is (c) Method analysis.

Method analysis is a key component of scientific management, a management approach pioneered by Frederick Taylor in the early 20th century. It involves studying and analyzing each step of a work process to determine the most efficient way to perform the task. This includes examining the sequence of steps, tools and equipment used, and the movements involved in completing the task.

Correct Answer: To maintain a competitive edge.

Solution : The correct answer is (b) To maintain a competitive edge.

Controlling is important for ABC Furniture, as it helps the company monitor and manage its operations to ensure that they are running efficiently and effectively. In a highly competitive market, maintaining a competitive edge is crucial for the company's success. By implementing control systems, ABC Furniture can continuously assess its production process, quality standards, costs, and other aspects of its operations. This allows the company to identify areas for improvement, make necessary adjustments, and ensure that it remains efficient and capable of competing effectively against its rivals.

Correct Answer: Identifying potential risks
 

Solution : The correct answer is (b) Identifying potential risks

Identifying potential risks is a crucial initial step because it allows the company to understand the challenges and uncertainties associated with revamping production processes. By assessing potential risks, XYZ Manufacturing Company can develop strategies to mitigate these risks and ensure a more successful planning and implementation process.

Correct Answer: Product Concept

Solution : The correct answer is (d) Product Concept.

The Product Concept is a marketing philosophy that revolves around creating high-quality products and continually improving them to meet or exceed customer expectations. Companies following this concept prioritize product innovation, features, and attributes, aiming to develop products that stand out in the market and provide superior value to customers. The focus is on the product itself and ensuring it meets the evolving needs and preferences of the customer base through continuous improvement and innovation.

Correct Answer: input

Solution : The fourth option is correct.

In the context of the sentence, the word input is suitable because it indicates that coking coal is an essential ingredient or resource used in the steel production process.

Input refers to something that is put into a system or process to achieve a desired result, making it appropriate in this context.

Therefore, the correct answer will be input.

Correct Answer: Production Concept

Solution : The correct answer is (c) Production Concept.

The Production Concept is a marketing philosophy that emphasizes producing high-quality products at the lowest possible cost and making them widely available. The primary goal is to achieve production efficiency, streamline operations, and reduce production costs to ensure that products are affordable and readily available to customers. This approach assumes that customers will favor products that are easily accessible and affordable, placing the emphasis on the production and distribution aspects of the business.

Correct Answer: Statement 1 is correct, and statement 2 is false.

Solution : The correct answer is (b) Statement 1 is correct, and statement 2 is false.

Statement 1 is correct. The marketing concept does indeed focus on creating and delivering superior customer value. It emphasizes understanding and meeting customer needs effectively to provide value to customers and achieve long-term customer satisfaction and loyalty.

Statement 2 is false. The production concept does not solely rely on aggressive advertising to drive sales. The production concept focuses on efficient and cost-effective production processes to mass-produce standardized products.

Therefore, statement 1 is correct, and statement 2 is false.

Correct Answer: By investing in employee training and innovation

Solution : The correct answer is (c) By investing in employee training and innovation

ABC Textiles invested in training its employees in the latest technologies and innovative techniques, demonstrating a commitment to adapting and staying competitive in the market. This investment in employee training and innovation aligns with the principles of entrepreneurship development, fostering adaptability, and enhancing the company's overall success.

Correct Answer: Statement 1 is true, and statement 2 is false.
   

Solution : The correct answer is (a) Statement 1 is true, and statement 2 is false.

Statement 1 is true. Financial planning indeed plays a pivotal role in effective resource allocation within a business. It involves allocating financial resources optimally to various activities and functions to achieve the company's objectives efficiently.

Statement 2 is false. Financial planning is not limited to focusing on production activities. It encompasses a broader scope, including planning for all financial aspects of the business, such as investment, financing, budgeting, risk management, and overall financial strategy. Production activities are just one component of the overall financial planning process.