Distinguish between advertising and personal selling.
Basis | Advertising | Personal Selling |
---|---|---|
Form | It is an important form of communication. | It is a personal form of communication. |
Reach | It reaches masses, i.e. a large number of people can be approached at the same time. | Only a limited number of people can be contacted. |
Cost | In advertising, the cost per person of reaching is very low. | In this case, the cost per person is very high. |
Medium | It makes use of mass media such as TV, Radio, Newspaper, etc. | It makes use of salesperson to contact the prospective buyer. |
Flexibility | It is inflexible as the message delivered cannot be adjusted to the buyer's needs. | It is flxible as the sales presentation can be adjusted to fit customer's needs. |
Time | It can cover wide market in short time. | It takes a lot of time to cover the entire market. |
Feedback | It lacks direct feedback from the customers. | It provides direct and immediate feedback from the customers. |
Role | It helps in creating interest of consumer in the firm's product. | It helps in the process of decision-making by a consumer. |
What are the factors affecting determination of the price of a product or service? Explain.
A marketer of colour TV having 20% of the current market share of the country aims at enhancing the market share to 50 per cent in next three years. For achieving this objective he specified an action programme. Name the function of marketing being discussed above. (Ans. Marketing planning.)
What is marketing mix? What are its main elements? Explain.
For buyers of consumer durable products, what ‘customer care services’ would you plan as a manager of a firm marketing new brand of motorcycle. Discuss.
How does branding help in differential pricing?
Discuss the role of intermediaries in the distribution of consumer non-durable products.
Distinguish between convenience product and shopping product.
What are industrial products? How are they different from consumer products? Explain.
What information is generally placed on the package of a food product? Design a label for one of the food products of your choice.
Product is a bundle of utilities. Explain.
How does planning provide direction?
What is meant by staffing?
Identify the network of social relationships which arises spontaneously due to interaction at work.
What is informal communication?
State the meaning of controlling.
What is meant by capital structure?v
What is meant by management?
What is a Treasury Bill?
What makes principles of management flexible?
Under which consumer right does a business firm set up consumer grievance cell?
An auto company C Ltd. is facing a problem of declining market share due to increased competition from other new and existing players in the market. Its competitors are introducing lower priced models for mass consumers who are price sensitive. C Ltd. realized that it needs to take steps immediately to improve its market standing in the future. For quality conscious consumers, C Limited plans to introduce new models with added features and new technological advancements. The company has formed a team with representatives from all the levels of management. This team will brainstorm and will determine the steps that will be adopted by the organisation for implementing the above strategy. Explain the features of Planning highlighted in the situation given below. (Hint: Planning is pervasive, Planning is futuristic and Planning is a mental exercise).
Explain the significance of technological advancements in shaping the business environment.
Explain the term ‘Trading on Equity’? Why, when and how it can be used by company.
If planning involves working out details for the future, why does it not ensure success?
Write a short note on budgetary control as a technique of managerial control.
Explain the principle of 'Subordination of Individual Interest to General Interest'.
What are the principles of scientific management?
Discuss the significance of capital structure decisions.
What is a Consumer Redressal Forum?
Give any two standards that can be used by a company to evaluate the performance of its Finance & Accounting department.