Correct Answer: Selling Concept

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

The Selling Concept is a marketing philosophy that emphasizes aggressive selling and promotional efforts to convince customers to purchase a company's products or services. It focuses on sales transactions rather than understanding and addressing customer needs. The belief behind this concept is that customers will not buy enough of the company's offerings unless a significant sales and promotional push is applied to drive sales. The primary goal is to sell what the company produces, often with less consideration for customer needs or value.

Correct Answer: Increasing brand awareness by 20% within six months

Solution : The correct answer is (a) Increasing brand awareness by 20% within six months.

A marketing objective is a specific and measurable goal that a company sets to achieve through its marketing efforts. It provides a clear target or outcome that the company aims to accomplish within a specific time frame. 

Among the options provided, increasing brand awareness by 20% within six months is an example of a marketing objective. It sets a specific goal of increasing brand awareness by a specific percentage (20%) within a defined time frame (six months). This objective focuses on a marketing-related outcome and provides a clear metric to measure success.

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: Both statements are correct.

Solution : The correct answer is (a) Both statements are correct.

Statement 1 is correct. The societal marketing concept does indeed integrate social responsibility into business strategies. It emphasizes not only satisfying customer needs but also considering broader societal concerns and ethical considerations in business decisions.

Statement 2 is correct. The selling concept does primarily focus on generating short-term sales and transactions. It often involves aggressive sales tactics to maximize short-term sales rather than building long-term customer relationships.

Therefore, both statements are correct.

Correct Answer: Opening trade receivable Rs 56,000 closing trade receivable Rs 64,000

Solution : Answer = Opening trade receivable Rs 56,000 closing trade receivable Rs 64,000

Trade receivable turnover ratio=$\frac{Net credit sales}{Average trades receivable}$
⇒ 9 times= $\frac{5,40,000}{Average trade receivables}$
⇒ Average trade receivables=$\frac{5,40,000}{9}$
⇒ Average trade receivables= 60,000.

Let op. trade receivable=X
Closing trade receivable=X+8000
Average trade receivable=$\frac{X+X+8000}{2}$
⇒ 60,000=$\frac{X+X+8000}{2}$
⇒ 2X+8000=1,20,000
⇒ X=1,20,000/2= 56,000.

Opening trade receivables= Rs 56,000
Closing trade receivables = 56,000+8,000= Rs 64,000.
Hence, the correct option is 1.

Correct Answer: Both assertion and reason are true, but the reason is not the correct explanation of the assertion.

Solution : The correct answer is (b) Both assertion and reason are true, but the reason is not the correct explanation of the assertion.

The assertion is true. Marketing management does indeed focus on delivering customer value and satisfaction. It involves understanding customer needs and preferences, developing products or services that meet those needs, and delivering value to customers to satisfy them and build long-term relationships.

The reason is not the correct explanation. The reason incorrectly states that marketing management is solely about increasing sales volume. While increasing sales volume is a goal of marketing management, it's not the sole focus. The primary focus is on understanding and meeting customer needs and delivering value, which naturally leads to increased sales volume through customer satisfaction and loyalty.

In summary, both the assertion and reason are true, but the reason is not the correct explanation of the assertion.

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: Both are false

Solution : Branding refers to the creation and establishment of a brand, which includes the name, design, symbol, and other characteristics that differentiate a company's products or services from those of its competitors. Packaging can play a role in sales promotion by catching the attention of potential customers and conveying important information about the product.

Option B is correct.

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 true. The selling concept does focus on customer satisfaction through understanding their needs. This concept involves understanding customer needs and wants and then developing strategies to meet those needs and sell products or services that address those wants.

Statement 2 is false. The marketing concept does not solely rely on aggressive promotional tactics to drive sales. The marketing concept emphasizes understanding customer needs and wants, creating valuable products or services to meet those needs, and delivering value to customers. It's not just about promotion; it's about a holistic approach that involves product development, pricing, distribution, and promotion based on understanding and satisfying customer needs.

Correct Answer: Orientation or induction 

Solution : Orientation refers to introduction of new employees to the existing employees large organisation organise orientation programme to familiarise the new employee with the existing whereas in small organisation superior takes the new employees on round and introduces him to the existing employees.
Hence, option 3 is the correct answer.