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Concept of purchase and sale - class-XII

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Which of the following relates to relationship marketing?

  1. One time purchase

  2. Two time purchase

  3. Repeated purchase

  4. Wealth maximisation


Correct Option: C
Explanation:

Relationship marketing is a part of Customer Relationship Management, Relationship marketing focuses on customer loyalty and long term engagement rather than short term goals. Repeated purchase made by the consumer relates to the loyalty of the consumer towards the brand. 

Sales management refers to.

  1. A future course of action

  2. Targets to be achieved

  3. Top level function of 'thinking'

  4. Lower level function of 'doing'


Correct Option: D

The basic steps in marketing planning is?

  1. Sales planning

  2. Demand forecasting

  3. Profit forecasting

  4. All the above


Correct Option: A

Match the following.

$1$. Physical distribution a) distribution activities
$2$. Termination b) settlement of contact
$3$. Consumer co-operative c) A retail store owned and operated by a company to sell primary to its employees
$4$. Industrial store d) A retail business owned and operated by ultimate consumer to purchase and distribute goods and services primarily to the members
  1. $1$-a, $2$-b, $3$-c, $4$-d

  2. $1$-a, $2$-b, $3$-d, $4$-c

  3. $1$-a, $2$-c, $3$-d, $4$-b

  4. $1$-d, $2$-b, $3$-c, $4$-a


Correct Option: B

Which of the following is a modern marketing concept?

  1. Sales maximisation

  2. Customer satisfaction

  3. Profit maximisation

  4. Wealth maximisation


Correct Option: B
Explanation:

Modern marketing concept is a broad concept. It relates to finding out the consumers and to develop a product as per their needs rather than providing them with the already manufactured goods. Modern marketing concept aims at complete customer satisfaction by fulfilling their needs and wants. Consumer concept believes in giving attention to individual customer.

Sales planning implies.

  1. A future course of action

  2. Targets to be achieved

  3. Sales personnel

  4. Dividing the work according to importance


Correct Option: A

The main jobs of sales planning is to ________________.

  1. collect as much information as possible from the field

  2. analyze the company's present market position

  3. provide long-term direction

  4. identify of the needs of the prospects


Correct Option: A

Sales management refers to _______.

  1. overall management of sales

  2. only some of the functions of the management

  3. top level function of 'thinking'

  4. sales policies and sales procedures


Correct Option: A

The time taken to convert raw materials into finished product is referred to as the 

  1. Life cycle

  2. Product cycle

  3. Operating cycle

  4. Product cycle or operating cycle


Correct Option: D

What is the other name of network marketing?

  1. Multilevel marketing

  2. Zero level marketing

  3. Both (a) and (b)

  4. None of the above


Correct Option: C
Explanation:

Network marketing, also known as Multi-Level Marketing (MLM), is a business model where independent contractors buy into a company and earn a commission on the products they sell.

_________________ activities start after the product has been developed.

  1. Selling

  2. Marketing

  3. Publicity

  4. None of these


Correct Option: A
Explanation:

Selling activities start after the product has been developed.The selling activities undertaken by professional sales people include: Generating Sales Leads, Qualifying Leads, Preparing for the Sales Meeting.

The main factors in global marketing are ________.

  1. social and technical changes

  2. government policy and legislation

  3. marketing activities and plans

  4. all of the above


Correct Option: C
Explanation:

The business environment in the world is very dynamic as it keeps on changing. The emergence of the global marketing is mainly due to the marketing activities and plans by the organizations to tap the people that are in a different country or part of the world.

Which of the following company fall under the network marketing umbrella?

  1. Ducati

  2. Coca Cola

  3. Amway

  4. All of above


Correct Option: C
Explanation:

Amway company uses network marketing to sell its products .

Network marketing is a direct selling method in which independent agents are encouraged to build and manage their own sales force.

Advantage of network marketing is/are:

  1. The distribution network grows continuously

  2. The network companies can maintain higher margins on their products

  3. Lower overhead costs as no infrastructure is required under network marketing

  4. All of above


Correct Option: D

Advantage of network marketing is/Eire:
(I) Distribution network grows continuously
(II) Distributors often become the largest customers and hence take over the control of the company
(III)Network companies can maintain higher margins on their products
(IV)Difficult for the manufacturer to exercise effective control over his sales team.
Select the correct answer from the options given below.

  1. (I) & (II)

  2. (II) & (III)

  3. (IV) & (I)

  4. (I) & (III)


Correct Option: D

Keeping the view of marketing, an organization that enjoys competitive advantage in an industry has done so by__________.

  1. constantly enlarging its marketing activities

  2. creating superior value for customers.

  3. focusing on long-term profit.

  4. charging lower prices than competition


Correct Option: B

The disadvantage of network marketing is/are:

  1. Sales forecasting is difficult

  2. Distributors often become the largest customers and hence take over the control of the company.

  3. Difficult for the manufacturer to exercise effective control over his sales team.

  4. All of above


Correct Option: D

Advantage of network marketing is/are:
(I) Distribution network grow continuously
(II) Distributors often become the largest customers and hence take over the control of the company.
(III) Network companies can maintain higher margins on their products.
(IV) Difficult for the manufacturer to exercise effective control over his sales team.
Select the correct answer from the options given below.

  1. (I) & (II)

  2. (II) & (III)

  3. (IV) & (I)

  4. (I) & (III)


Correct Option: D

Network marketing is a mode of _____________ by the manufacturer.

  1. Indirect marketing

  2. Direct marketing

  3. Both (A) and (B)

  4. Neither (A) nor (B)


Correct Option: B

Under internal marketing _________ are treated as internal customers.

  1. employees

  2. government

  3. public

  4. shareholders


Correct Option: A

One of the most negatively-perceived versions of ______ is known as robo-calling,

  1. e-commerce

  2. b-commerce

  3. internet marketing

  4. telemarketing


Correct Option: D

Under network marketing the product reaches the customers from the

  1. Manufacturers

  2. Distributors

  3. Manufacturers via distributors

  4. Agent


Correct Option: C

Supply of spare parts and attending to customers come under which of the services of retailers to customers?

  1. Convenience in buying

  2. Wide selection

  3. New products information

  4. After-sales services


Correct Option: D
Explanation:

After-sales support is a service that is provided after merchandise or services have been sold. It is designed to assist a customer in using a product correctly, which could generate repeat customers, develop brand loyalty among customers and ensure customer satisfaction.

A company's after-sales service is all the help and information that it provides to customers after they have bought a particular product. A local retailer who offers a good after-sales service. They attempt to keep the car buyer as a long-term customer by offering after-sales service

Common internal marketing effort(s) include(s) which of the following?

  1. Ensuring that all employees know that their contributions are essential to the companys success.

  2. Educating all employees about the companys products and services.

  3. Encouraging employee input on corporate policies, management and operation including criticism.

  4. All of the above


Correct Option: D

_______ is a growing and cost effective solution that more and more companies use.

  1. Telemarketing

  2. Telesales

  3. Internet Marketing

  4. Retailing


Correct Option: A

Which of the following is/are the benefit(s) of telemarketing?

  1. Telemarketing takes the time and cost out of finding new customers.

  2. Telemarketing provides customer satisfaction and often exceeds the needs of the customer.

  3. Canvas existing customers to reveal buying trends, or the potential for new business.

  4. All of the above


Correct Option: D

The purpose of internal marketing is _____.

  1. increase employee engagement

  2. fostering brand advocacy

  3. promotion of company's objectives

  4. all of the above


Correct Option: D

________ is the basis for placing the purchase order for materials and supplies.

  1. Catalogs

  2. Purchase requisition

  3. Trade journals

  4. Quotations


Correct Option: B

Locating sources of supply is also called as ______.

  1. Product planning

  2. Contractual function of buying

  3. Contractual function of selling

  4. Elasticity of supply


Correct Option: A

Buyers can exercise high bargaining power over their suppliers if _________.

  1. the volume they buy accounts for a large percentage of their suppliers' sales

  2. there are few buyers in the market

  3. they have many suppliers to choose from

  4. all of the above


Correct Option: D

Responsibilities that are carried by Stores Department include _____.

  1. Materials handling

  2. Storage and preservation

  3. Issue and dispatch

  4. all of the above


Correct Option: D

________ is the main factor in timely execution of industrial projects.

  1. Advertising

  2. Promotion

  3. Purchasing

  4. Selling


Correct Option: C

________ is the organized acquisition of goods and services on behalf of the buying entity.

  1. Production

  2. Marketing

  3. Purchasing

  4. Advertising


Correct Option: C

Purchase budget is prepared with the help of ______ department.

  1. production planning

  2. marketing

  3. finance

  4. administration


Correct Option: A

________ is the first phase of Materials Management.

  1. Purchasing

  2. Marketing

  3. Branding

  4. Advertising


Correct Option: A

The purchasing department's primary goals include(s) _________.

  1. To locate suppliers that can provide goods and services in accordance with the buyer's requirements.

  2. To buy items that meet the quality specifications of the buyer.

  3. To create a stream of deliveries into the buyer's premises that minimize the raw materials inventory investment

  4. All of the above


Correct Option: D

Common purchasing activities include _______.

  1. receive and verify purchase requisitions

  2. search for qualified suppliers that can fulfill the buyer's needs

  3. issue purchase orders to suppliers

  4. all of the above


Correct Option: D

Purchase Manager considers ______ factors also about suppliers before purchasing specific items for the production.

  1. time of delivery

  2. trade discount

  3. terms of payment

  4. all of the above


Correct Option: D

The first activity of Purchasing cycle is _______.

  1. communicating requirement to the purchase

  2. source Selection and development

  3. recognizing the need for procurement

  4. inspection of goods


Correct Option: C

______ is the process of recording details of stock movements and balances in terms of financial value.

  1. Book-keeping

  2. Financial accounting

  3. Stores accounting

  4. Management accounting


Correct Option: C

Production related procurement refers to the purchasing of _____.

  1. Office supplies

  2. Furniture

  3. Raw materials

  4. Information systems


Correct Option: C

The objective(s) of forward purchasing is / are _______.

  1. To guard against interruption in supply

  2. To economize the use of storage space

  3. To guard against the future rise in price

  4. All of these


Correct Option: A

Issue and Dispatch is the process of _____.

  1. receiving demands

  2. selecting the items required

  3. dispatching the products to customers

  4. all of the above


Correct Option: D

The purchase order form is designed by _______.

  1. Materials Manager

  2. Purchase Manager

  3. Marketing Manager

  4. None of them


Correct Option: B

_________ is the operation of continuously arranging receipts and issues in such a way so as to ensure that stock balances in quantity and/or value.

  1. Inventory control

  2. Production control

  3. Demand forecast

  4. None of the above


Correct Option: A

The terms purchasing and procurement should not be seen as synonymous. As such, which of the following statements do you think has greatest validity?

  1. Procurement is broadly equivalent to purchasing

  2. Purchasing has a broader meaning than procurement

  3. Procurement has a broader meaning than purchasing

  4. None of the above


Correct Option: C
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