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Jun’20 Management

Note : Use the Full Screen mode for the best exam experience.

1. There are 100 questions in the test.
2. Every question carries 2 marks.
3. No Negative Marking.

Time Limit : 2 hours

1 / 100

Read the passage and attempt the questions that follow:

Mr. Mohan an MBA with specialisation in Human Resources joined a company XYZ into the business of garments in Delhi. Before joining the company XYZ, he had a prior experience of working in corporates for 5 years. He has worked in the area of compensation dealing with workers and employees. In the company XYZ, Mr. Mohan was entrusted with the work of dealing with both workers and executives and look towards their compensation both in theory and as prescribed by the government of Delhi. The company XYZ believed in both types of benefits to be given to their employees- both workers and executives- fringe benefits and non-fringe benefits. For executives, the company XYZ believes in equity both within the company and outside also. All policies of the company relating to compensation management were told to Mr Mohan and he must follow them objectively.

 

Mr. Mohan, Hr Executive of XYZ Company, has to design a compensation plan that must be

2 / 100

The approaches to management thinking which were developed during the first half of the 20th century is

a. Scientific management, general administrative, quantitative and contingency approach
b. Scientific management, general administrative, quantitative and organisational behaviour
c. General administrative, globalisation, organisational behaviour and quantities
d. System approach, scientific management, general administrative and organisational behaviour

Choose the correct answer from the option given below:

3 / 100

Complex buying behaviour is characterised by:

4 / 100

What is the social enterprise concerned with?

a. Profit maximisation
b. Maximising market share
c. Providing public services
d. Running a business to create social benefits
e. To maximise improvements in financial, social and environmental wellbeing.

Choose the most appropriate correct answer from the options given below:

5 / 100

Which of the following labour laws are related to working hours, conditions of services and
employment?

a. The Payment of Wages Act, 1936
b. The Trade Union Act, 1926
c. The Factories Act, 1948
d. The Mines Act, 1952

Choose the most appropriate answer from the options given below:

6 / 100

What out of the following are the involvements of the Strategic Human Resource Management in Corporate Strategy?

a. Human Resource Management is fully integrated with strategy and strategic needs of the firms.
b. Human Resource policies cohere both across policy areas and across hierarchies.
c. Human Resource practices are adjusted, accepted and use by line managers and employees as part of their daily work.
d. Human Resource architecture is composed of the systems, practices, competencies and employee performance behaviour that reflect the development and management of the firm’s human resource.

Choose the most appropriate answer from the question given below:

7 / 100

The stages of a turnaround process are

8 / 100

Read the passage and attempt the questions that follow:

Mr. Mohan an MBA with specialisation in Human Resources joined a company XYZ into the business of garments in Delhi. Before joining the company XYZ, he had a prior experience of working in corporates for 5 years. He has worked in the area of compensation dealing with workers and employees. In the company XYZ, Mr. Mohan was entrusted with the work of dealing with both workers and executives and look towards their compensation both in theory and as prescribed by the government of Delhi. The company XYZ believed in both types of benefits to be given to their employees- both workers and executives- fringe benefits and non-fringe benefits. For executives, the company XYZ believes in equity both within the company and outside also. All policies of the company relating to compensation management were told to Mr Mohan and he must follow them objectively.

 

From the knowledge acquired by Mr Mohan during the MBA program, He has to explain to the management of the company XYZ that out of the following, which one is not a part of the Remuneration Model?

9 / 100

As a regulatory norm in India, a listed company in ordinary course is required to report quarterly results within how many days of the end of the quarters?

10 / 100

Planning, implementing and controlling the physical flow of material, final goods and related information from point of origin to point of consumption to meet customer requirements at a profit is known as:

a. Inventory management
b. Marketing logistics
c. Physical Distribution
d. Selling management

Choose the correct answer from the options given below:

11 / 100

For calculating arithmetic means for grouped data sets assumptions are:

a. The class interval must be closed
b. The width of each class interval should be equal
c. The mid value of each class interval must represent the average of all the values in that class.
d. All values of the observations cannot be evenly distributed

Choose the most appropriate answer from the options given below:

12 / 100

Arrange in sequence the following accounting construct and principles in order of their precedence.

a. Conservation
b. Full disclosure
c. Separate entity and going concern
d. Matching principle
e. Revenue recognition

Choose the correct answer from the options given below:

13 / 100

From the ratio given below find out efficiency ratio of the firm’s operations:

Budgeted production: 880 units,

Actual production 750 units,

Standard hours per unit is 10 hour,

Actual working hours: 6000 hours.

14 / 100

One trait that dominates a personality so much that it influences nearly everything a person does is a

15 / 100

Who among the following has developed the institutional theory of work life Initiative?

16 / 100

The linear relationship between the excess return on individual securities and overall market at every point in time is known as

17 / 100

What is paradigm?

18 / 100

In a rising income scenario, the obvious decision choices of firms having very low income elasticity for their products would be:

a. Search for new markets
b. Product innovation
c. Discontinuation of product line
d. Product line extension
e. Exporting

Choose the most appropriate answer from the options given below

19 / 100

Which one of the following is excluded from the responsibility of the international Accounting Standard Board (IASB)?

20 / 100

21 / 100

The balanced scorecard developed by Kaplan and Norton contains four dimensions. Which one out of the following is one of the dimensions of the balanced scorecard?

22 / 100

Identify the techniques of artificial Intelligence from the following:

a. Artificial Neural Network
b. Heuristics
c. Fuzzy models
d. Support vector
e. Genetic algorithms

Choose the most appropriate answer from the options given below:

23 / 100

Based on asymmetric information, managers prefer to finance firm’s capital structure in which orders are postulated in the pecking order theory?

a. Retained earnings and internal sources
b. External debt financing
c. Hybrid security and convertible bonds
d. New issues of equity share

Choose the correct order from the options given below:

24 / 100

Which one the following describes the relationship between market value of a firm’s securities and replacement cost of its physical assets?

25 / 100

At the time of exporting goods from India, what documents are to be filed for custom clearance of goods?

a. Shipping bill / Airway bill
b. Invoice (Commercial Invoice)
c. Packing list
d. Marine insurance policy

Choose the correct answer from the options given below:

26 / 100

Read the passage and attempt the questions that follow:

Mr. Mohan an MBA with specialisation in Human Resources joined a company XYZ into the business of garments in Delhi. Before joining the company XYZ, he had a prior experience of working in corporates for 5 years. He has worked in the area of compensation dealing with workers and employees. In the company XYZ, Mr. Mohan was entrusted with the work of dealing with both workers and executives and look towards their compensation both in theory and as prescribed by the government of Delhi. The company XYZ believed in both types of benefits to be given to their employees- both workers and executives- fringe benefits and non-fringe benefits. For executives, the company XYZ believes in equity both within the company and outside also. All policies of the company relating to compensation management were told to Mr Mohan and he must follow them objectively.

 

Executives ask the company XYZ to give them perquisites and Mr. Mohan has to decide. Out of the following which one is perquisite?

27 / 100

Which of the following statements are included in financial statements?

a. Cash flow statements
b. Funds flow statement
c. Balance sheet
d. Statement of change in equity
e. Income statement

Choose the most appropriate answer from the options given below:

28 / 100

Under the Sick Industrial Companies (Special Provision) Act, 1985. A Sick Industrial Company means

29 / 100

The underlying principles of the Combined Code of Corporate Governance and Conduct are

(a) Acceptability
(b) Openness
(c) Integrity
(d) Accountability and Responsibility

Choose the correct answer from the options given below:

30 / 100

Identify the most important type of retail stores:

a. Convenience
b. Online store
c. Departmental stores
d. Direct selling stores
e. Superstore

Choose the correct answer from the option given below:

31 / 100

32 / 100

33 / 100

Logically, arrange in sequence the following activities to create the architecture of the ideal manufacturing firm.

a. Seamlessly integrates the physical and virtual resources
b. Operates extremely efficient factories and plants
c. Concentrates on the core competencies and outsources all other operations
d. Real time enterprise to respond instantaneously to changes in its business
e. Learning organisation facilitating cross fertilization of ideas.

Choose the correct answer from the options given below:

34 / 100

Read the passage and attempt the questions that follow:

Mr. Mohan an MBA with specialisation in Human Resources joined a company XYZ into the business of garments in Delhi. Before joining the company XYZ, he had a prior experience of working in corporates for 5 years. He has worked in the area of compensation dealing with workers and employees. In the company XYZ, Mr. Mohan was entrusted with the work of dealing with both workers and executives and look towards their compensation both in theory and as prescribed by the government of Delhi. The company XYZ believed in both types of benefits to be given to their employees- both workers and executives- fringe benefits and non-fringe benefits. For executives, the company XYZ believes in equity both within the company and outside also. All policies of the company relating to compensation management were told to Mr Mohan and he must follow them objectively.

 

If you were Mr. Mohan, which of the following is an example of payment that is consistent from period to period despite the number of hours worked?

35 / 100

Given below are two statements one is labelled as Assertion A and the other is labelled as
reason R

Assertion A: Investors around the world are demanding socially and environmentally conscious options in equities, bonds, ETF or hedge funds.
Reason R: Climate change and environment has become “defining factors in companies’ long-term process in significant reallocation of capital as shortage of clean water and air has become existential questions.

In the light of the above statement, choose the correct answer from the options given below.

36 / 100

Read the passage and attempt the questions that follow:

Marketing plays a critical role in organizations. It is considered as an entrepreneurial and strategic function of the business.

Marketing’s main function is to meet customer needs. At the same time, it also needs to generate profit and build a “relationship” with customers. Marketing is different from and larger than selling.

Many different concepts of marketing such as the exchange concept, production concept, product concept, sales concept and marketing concept have been in vogue over the years. Concepts other than the marketing concept result in, ‘marketing myopia’, which signifies a narrow perception of marketing and a short-sighted view of the business. In fact, all the concepts in vogue turn out to be inadequate, to varying degrees. Marketers are unable to secure the needed practical guidance on the core of marketing from any of them. None of them is centred on the idea of value delivery when value delivery ought to take the centre stage in marketing. There is thus a need for a more concrete perspective on marketing.

In the marketing context, ‘value’ has certain unique ramifications. ‘Benefits’ translate into ‘value’. People do not buy products, they buy ‘value’. The ‘value-delivery’ process involves selecting the value to be offered, creating the value and capturing the value back from the market through pricing, enhancing and sustaining the value. And ‘value delivery’ has to be a corporate-level concern.

 

Which one of the following different concepts of marketing holds the generating customer satisfaction is the main task of marketing?

37 / 100

38 / 100

The current Foreign Trade Policy (FTP) announced by Government of India covers the policy period
Note: This question appeared in the June 2020 paper

39 / 100

Which one of the following means a mandatory settlement of an individual dispute by a labour court or a tribunal?

40 / 100

Arrange the following group task performance according to the ascending stages of group development.

a. Clarify all misunderstandings
b. Termination of task
c. Highly productive
d. work output is low, focus on defining the goals and tasks
e. Issues are resolved, group norm develop

Choose the correct answer from the options given below:

41 / 100

Arrange the following in descending order of importance

a. Free trade Area
b. Customs union
c. Economic Cooperation
d. Economic union
e. Common markets

Choose the correct answer from the options given below:

42 / 100

Six Sigma levels of Quality Management results in

43 / 100

FDI in multi- brand retailing in India isa

44 / 100

Given below are two statements:

Statement I: Quota sampling is the non random method of selecting a sample from a population.
Statement II: The standard error of the estimate is inversely proportional to the square root of the sample size.

In the light of the above statement choose the correct answer from the options given below:

45 / 100

46 / 100

47 / 100

An information system that captures and records fundamental business events is a (n)

48 / 100

Which is not an assumption under pinning the rational decision-making model?

49 / 100

Which of the following comprises people with complementary skills committed to a common purpose, common performance goals and an approach to which they hold themselves mutually accountable?

50 / 100

Disruptive Innovations in business are those that

51 / 100

Given below are two statements one labelled as assertion and the other labelled as Reason R

Assertion A: At some point, a product sales growth will slow down, and it will enter the maturity stage. This maturity stage normally last longer than the previous stage of PLC and it possess strong challenges to the marketing management.
Reason R: Slowdown in sales growth is due to the acceptance of the product by most potential buyers. It is also due to the entry of competing firms in the market and price competition stiffening.

In the light of the above statement choose the correct answer from the options given below:

52 / 100

Given the interest rate on one-year loan is 14.5 % and inflation is expected to be 6.5% in India. What should be the interest rate on one-year maturity loan in Thailand when expected inflation rate is 8.5%?

53 / 100

Which of the following oligopoly firms’ architectural framework is often describes as first mover advantage model?

54 / 100

55 / 100

56 / 100

57 / 100

For which of the following considerations, Investor prefers current (near) cash flows over future (distant) cash flows?

a. Inflation and value erosion.
b. Risk aversion and avoidance
c. Liquidity preference
d. Return generation and value promotion
e. Risk appetite and tolerance

Choose the most appropriate answer from the options given below:

58 / 100

Consumers passes through five stages with every purchase arrange the stages mentioned below in the correct sequence starting from the first stage.

a. Information search
b. Evaluation of alternatives
c. Post purchase behaviour
d. Need recognition
e. Purchase behaviour

Choose the correct answer from the options given below

59 / 100

Which of the following cause conflicting ranking of an investment opportunity under NPV and IRR criteria?

a. Cash flow disparity
b. Investment size dispute
C. Investment life disparity
d. Product life cycle disparity

Choose the most appropriate answer from the option given below:

60 / 100

According to the Ansoff Product Market Expansion Grid, intensification can be achieved through three distinct strategies. Identify them out of the following:

a. Market attractiveness
b. Market penetration
c. Market development
d. Product development

Choose the correct answer from the option given below:

61 / 100

The function which states the determinants of quantity to be either maximised or minimised is called as:

a. Feasible function
b. Optimal function
c. Criterion function
d. Sustainability function
e. Objective function

Choose the correct answer from the option given below:

62 / 100

The correct sequence in a business plan can be

a. Executive summary
b. Details about entrepreneur
c. Marketing and economic details
d. Financial details
e. Human resource details

Choose the correct answer from the options given below:

63 / 100

Given below are two statements

Statements I: In psychographic segmentation of the market, the science of psychology is used for understanding and segmenting the consumers.
Statement II: Segmenting consumers based on psychographics rests on identifying consumer’s state of mind and hence helps in piecing together with a more incisive profile of the target consumers.

In the light of the above statement choose the correct answer from the options given below:

64 / 100

Read the passage and attempt the questions that follow:

Marketing plays a critical role in organizations. It is considered as an entrepreneurial and strategic function of the business.

Marketing’s main function is to meet customer needs. At the same time, it also needs to generate profit and build a “relationship” with customers. Marketing is different from and larger than selling.

Many different concepts of marketing such as the exchange concept, production concept, product concept, sales concept and marketing concept have been in vogue over the years. Concepts other than the marketing concept result in, ‘marketing myopia’, which signifies a narrow perception of marketing and a short-sighted view of the business. In fact, all the concepts in vogue turn out to be inadequate, to varying degrees. Marketers are unable to secure the needed practical guidance on the core of marketing from any of them. None of them is centred on the idea of value delivery when value delivery ought to take the centre stage in marketing. There is thus a need for a more concrete perspective on marketing.

In the marketing context, ‘value’ has certain unique ramifications. ‘Benefits’ translate into ‘value’. People do not buy products, they buy ‘value’. The ‘value-delivery’ process involves selecting the value to be offered, creating the value and capturing the value back from the market through pricing, enhancing and sustaining the value. And ‘value delivery’ has to be a corporate-level concern.

 

The main function of marketing is to ___?

65 / 100

This system of distribution channel consists of producers, wholesaler and the retailers acting as a unified system. One channel member owns their other, has contracts with them or wields so much power that they must cooperate. Name this system of channel distribution

66 / 100

Find the correct sequence of management theories in their origin

a. Bertalanffy’s System Theory
b. Elton Mayo – Human Relation Management theory
c. Max Weber- Bureaucracy management theory
d. F.W Taylor- Scientific Management theory
e. Henri Fayol – Administrative management theory

Choose the correct answer from the option given below:

67 / 100

Which one of the following is not a method of primary data collection?

68 / 100

Customer Relationship Management performs several tasks and bring several benefits. Identify them out of the following

a. Support cross selling and up selling to existing customers
b. Manages customer interactions and customer services
c. Serves as sustainable competitive advantages
d. Helps convert buyer into profitable customers, build enduring relationship with them and retain them as customers for life.

Choose the correct answer from the options given below:

69 / 100

Which of the following should be avoided by the interviewers?

a. Establish an easy and informal relationship
b. Analyse career and interests to reveal strength, weakness, pattern of behaviour
c. Ask leading questions
d. Plunge too quickly into demanding questions
e. Encourage the candidates to talk

Choose the most appropriate answer from the questions given below:

70 / 100

Demonstration type of training method is used to train __________.

71 / 100

Arrange in sequence the following steps in construction of the optimum portfolio as per the Sharpe Single Index Model

a. Ranking of investment opportunity
b. Determining investment wages
c. Identification of invest opportunity
d. Ascertaining the cut-off point
e. Allocation and commitment of final resources

Choose the correct sequence from the options given below:

72 / 100

One use of regression line is

73 / 100

The MSMED Act to cover Micro, Small and Medium Industries in India was introduced in

74 / 100

Personality tests are given to measure a prospective employee’s motivation to function in a working environment. There are various tests designed to assess a candidate’s personality. Name the test which measures the self-sufficiency, neurotic tendency, sociability, introversion and extroversion, locus of control and self-confidence.

75 / 100

Under the cost-based pricing, the following methods approaches commonly are commonly used:

a. Marginal costing pricing
b. Mark up pricing (cost plus pricing)
c. Absorption cost pricing (full cost pricing)
d. Return on investment pricing

Choose the correct answer from the option given below:

76 / 100

The CRM strategy adopted by Big Bazaar in India is all about

77 / 100

Choose the correct set of options in defining the process of ‘Six Sigma’ in strategy implementation

a. Define
b. Measure
c. Establish
d. Improve
e. Analyse

Choose the correct answer from the options given below:

78 / 100

A firm’s current assets and current liabilities are Rs 1600 and Rs 1000 respectively. How much it can borrow on a short-term basis without reducing the current ratio below 1.25?

79 / 100

Which one of the following International Trade theories, the ‘Leontief paradox’ pertains to

80 / 100

The problem arising from expressions in communication are called.

81 / 100

International Cooperation scheme under marketing promotion scheme to MSME entrepreneurs are available for what kind of activities?

a. Participation in international exhibitions and trade fairs
b. Giving advertisement in international trade journals
c. Participation in buyer seller meets in foreign country
d. For meeting overseas agents and negotiating business
e. For availing overseas grants and aids

Choose the most appropriate answer from the options given below:

82 / 100

Which of the following is a position from which someone is unlikely to move to a higher level of work responsibility?

83 / 100

What are the segmentation variables used to segment the market for toothpaste as a product?

84 / 100

Which of the following HR decision can be influenced by HR analytics?

a. HR planning
b. Succession Planning
c. Hiring
d. Performance
e. Compensation and Rewards

Choose the most appropriate answer from the options given below:

85 / 100

What should be the economic order quantity (EOQ) for procurement of 20000 units annually at a price of Rs 12 per unit for consumption in production, when the cost per order is Rs 2000 and the inventory carrying cost is 25 % percent of Inventory value?

86 / 100

Coke has started coke parlours- the red lounge – for tech crazy adolescent called “Experience Outlets”. What type of differentiation strategy this can be called?

87 / 100

Read the passage and attempt the questions that follow:

Marketing plays a critical role in organizations. It is considered as an entrepreneurial and strategic function of the business.

Marketing’s main function is to meet customer needs. At the same time, it also needs to generate profit and build a “relationship” with customers. Marketing is different from and larger than selling.

Many different concepts of marketing such as the exchange concept, production concept, product concept, sales concept and marketing concept have been in vogue over the years. Concepts other than the marketing concept result in, ‘marketing myopia’, which signifies a narrow perception of marketing and a short-sighted view of the business. In fact, all the concepts in vogue turn out to be inadequate, to varying degrees. Marketers are unable to secure the needed practical guidance on the core of marketing from any of them. None of them is centred on the idea of value delivery when value delivery ought to take the centre stage in marketing. There is thus a need for a more concrete perspective on marketing.

In the marketing context, ‘value’ has certain unique ramifications. ‘Benefits’ translate into ‘value’. People do not buy products, they buy ‘value’. The ‘value-delivery’ process involves selecting the value to be offered, creating the value and capturing the value back from the market through pricing, enhancing and sustaining the value. And ‘value delivery’ has to be a corporate-level concern.

 

What is the role played by marketing in the organisation?

88 / 100

Given below are two statements

Statement I: Power of the employee to remove dissatisfaction is low when the position in the organisation is extremely important.
Statement II: The more the employees can believe that a union can obtain positive work aspects, the more the instrumental is the union for the employees.

In the light of the above statement choose the correct answer from the options given below:

89 / 100

Automobile Assembly or Manufacturing follows which one of the following type of layouts?

90 / 100

Read the passage and attempt the questions that follow:

Marketing plays a critical role in organizations. It is considered as an entrepreneurial and strategic function of the business.

Marketing’s main function is to meet customer needs. At the same time, it also needs to generate profit and build a “relationship” with customers. Marketing is different from and larger than selling.

Many different concepts of marketing such as the exchange concept, production concept, product concept, sales concept and marketing concept have been in vogue over the years. Concepts other than the marketing concept result in, ‘marketing myopia’, which signifies a narrow perception of marketing and a short-sighted view of the business. In fact, all the concepts in vogue turn out to be inadequate, to varying degrees. Marketers are unable to secure the needed practical guidance on the core of marketing from any of them. None of them is centred on the idea of value delivery when value delivery ought to take the centre stage in marketing. There is thus a need for a more concrete perspective on marketing.

In the marketing context, ‘value’ has certain unique ramifications. ‘Benefits’ translate into ‘value’. People do not buy products, they buy ‘value’. The ‘value-delivery’ process involves selecting the value to be offered, creating the value and capturing the value back from the market through pricing, enhancing and sustaining the value. And ‘value delivery’ has to be a corporate-level concern.

 

Name the process which involves selecting the values to be offered, creating the values, communicating the value, delivering the value and capturing the value back from the market.

91 / 100

Read the passage and attempt the questions that follow:

Mr. Mohan an MBA with specialisation in Human Resources joined a company XYZ into the business of garments in Delhi. Before joining the company XYZ, he had a prior experience of working in corporates for 5 years. He has worked in the area of compensation dealing with workers and employees. In the company XYZ, Mr. Mohan was entrusted with the work of dealing with both workers and executives and look towards their compensation both in theory and as prescribed by the government of Delhi. The company XYZ believed in both types of benefits to be given to their employees- both workers and executives- fringe benefits and non-fringe benefits. For executives, the company XYZ believes in equity both within the company and outside also. All policies of the company relating to compensation management were told to Mr Mohan and he must follow them objectively.

 

Management of XYZ company asks Mr. Mohan to answer the question that,’ A behaviour which has a rewarding experience is likely to be repeated’ is postulated by ________?

92 / 100

Award under the Industrial Dispute Act, 1947 is

(a) Interim determination of Labour Court.
(b) Not an arbitration award under section 10 A
(c) Final determination of Labour Court
(d) Not final determination of Labour Court

Choose the most appropriate answer from the options given below:

93 / 100

94 / 100

A brand extension strategy refers to

95 / 100

Which of the followings are integral dimensions of a firm’s credit policy?

a. Credit standards
b. Credit appraisal
c. Credit period
d. Cash discount
e. Collection period

Choose the most appropriate answer from the option given below:

96 / 100

The statement that entrepreneurship is the mother of foresights and willingness to assume risks in undertaking particularly a new one, who has said above the underlined portion of the statement

a. Richard Cantillon
b. Leon Walras
c. William Diamond
d. Peter f ducker
e. J. A Schumpeter

Choose the correct answer from the options given below:

97 / 100

Arrange the following steps involved in choosing the target market in sequence starting from first step

a. Profile the stage of each segment characteristics, needs, benefits, sought, preference and buying behaviour.
b. Look for segments which are relatively less satisfied by current offers for competing brands in the market.
c. Identify the segment(s), look at each segment as a distinct marketing opportunity grasp what makes each segment unique.
d. Evaluate whether the segment meet all attributes of effective segments. Check one presents the best opportunity.
e. Finally, select the best segment- choose segments that are most appropriate for the firms as a target.

Choose the correct answer from the options given below:

98 / 100

In Porter’s Generic Strategies Model, a focus strategy involves

99 / 100

Marketing support/assistance to MSMEs for Bar code allows

100 / 100

Read the passage and attempt the questions that follow:

Marketing plays a critical role in organizations. It is considered as an entrepreneurial and strategic function of the business.

Marketing’s main function is to meet customer needs. At the same time, it also needs to generate profit and build a “relationship” with customers. Marketing is different from and larger than selling.

Many different concepts of marketing such as the exchange concept, production concept, product concept, sales concept and marketing concept have been in vogue over the years. Concepts other than the marketing concept result in, ‘marketing myopia’, which signifies a narrow perception of marketing and a short-sighted view of the business. In fact, all the concepts in vogue turn out to be inadequate, to varying degrees. Marketers are unable to secure the needed practical guidance on the core of marketing from any of them. None of them is centred on the idea of value delivery when value delivery ought to take the centre stage in marketing. There is thus a need for a more concrete perspective on marketing.

In the marketing context, ‘value’ has certain unique ramifications. ‘Benefits’ translate into ‘value’. People do not buy products, they buy ‘value’. The ‘value-delivery’ process involves selecting the value to be offered, creating the value and capturing the value back from the market through pricing, enhancing and sustaining the value. And ‘value delivery’ has to be a corporate-level concern.

 

Marketing myopia concept refers to_________?

Your score is