Tag: commerce

Questions Related to commerce

A thought of new product is examined amongst potential consumers to determine consumer Acceptance at which state? 

organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

  1. Concept

  2. Test marketing

  3. Product development

  4. Commercialization

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Correct Option: A
Explanation:

A thought of new product is examined among potential consumers to determine consumer acceptance at the concept state. New product is designed according to the need of the potential buyers. Thus, at the concept stage or planning stage, a thought of new product is examined.

A distinct advantage that provides a firm to contribute greatly to customer benefits in the end products is known as _____________.

organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

  1. competitive advantage

  2. competence

  3. core competence

  4. value addition

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Correct Option: C
Explanation:

A distinct advantage that provides a firm to contribute greatly to customer benefits in the end products is known as core competence. It also provides long term competitive advantage. Thus in turn, the consumers get benefited.

Consumer's market is a type of __________ market.

organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

  1. buyer's

  2. sellers

  3. distributor's

  4. none of the above

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Correct Option: A
Explanation:

Consumer's market is a type of buyer' market as in this market people buys goods mainly for the consumption purpose. Consumer refers to a person who consumes goods with his given income and prices of the goods and buyer is a person who buys the goods.

Distribution channel aims of moving products from producer to ___________.

organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

  1. ultimate consumer

  2. retailers

  3. stockists

  4. brokers

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Correct Option: A
Explanation:

Distribution channel aims of moving products from producer to ultimate consumer. Distribution channel refers to the pathway of several persons by which the finished goods get transferred to the final consumer. Wholesaler is an agent of the distribution channel of the products.

Dividing the total market into several groups on the basis of consumer characteristics is known as:

organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

  1. Market segmentation

  2. Market Development

  3. Market Research

  4. None of the above.

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Correct Option: A
Explanation:

Dividing the total market into several groups on the basis of consumer characteristics is known as market segmentation. In this process, potential consumers are divided into different groups. Market segmentation is done to facilitate market research.

Match the following:

A. Various combinations of two commodities that a consumer can purchase 1.  Indifference map
B. Various combinations of two commodities that give consumer equal satisfaction 2. Indifference curve
C.  A set of indifference curves 3. Budget line
D. Point of agency of a budget line and an indifference curve 4. Consumer's equilibrium
organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

  1. A-1, B-2, C-4, D-3

  2. A-4, B-3, C-2, D-1

  3. A-2, B-3, C-4, D-1

  4. A-3, B-2, C-1, D-4

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Correct Option: D
Explanation:
a) Various combinations of two commodities that a consumer can purchase is depicted by the budget line.
b) Various combinations of two commodities that give consumer equal satisfaction is depicted by an indifference curve.c) A set of indifference curves is known as indifference map.d) Point of agency of a budget line and an indifference curve is known as consumer's equilibrium point.

____ account for the bulk of call centre activities with 24 x 7 handling of inbound customer queries and grievances and out-bound activities customer surveys, payment follow up, and telemarketing.

organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

  1. Agent care

  2. Customer care

  3. Seller care

  4. Manufacturers care

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Correct Option: B

One of the functions of WTO is to promote an environment that is encouraging to its member countries to come forward to WTO in mitigating their grievances.

commerce facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. True

  2. False

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Correct Option: A

Identify the function(s) of WTO.

commerce facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. WTO acts as a dispute settlement body.

  2. Supervising on a regular basis the operations of the revised Agreements and Ministerial declarations relating to goods, services and Trade Related Intellectual Property Rights (TRIPS).

  3. Laying down a commonly accepted code of conduct.

  4. All of the above

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Correct Option: D

GATT came into existence with effect from 1st January 1948.

commerce facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. True

  2. False

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Correct Option: A