Tag: commercial applications

Questions Related to commercial applications

If the sample size increases, the sampling error __________.

commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

  1. decreases

  2. increases

  3. remains constant

  4. none of the above

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Correct Option: A
Explanation:

The relationship between margin of error and sample size is inverse i.e when sample size increases, the sampling error decreases. This is because the more information you have, the more accurate the results would be. 

What is probability of rejecting the null hypothesis when it is true called?

commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

  1. Type II error

  2. Type I error

  3. Standard error

  4. None of these

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Correct Option: A

_________ offers the opportunity to produce goods as per customer and specific need.

commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

  1. Job method

  2. Batch method

  3. Flow method

  4. All of the above

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Correct Option: D

Main factor for spending on R and D are ________.

commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

  1. for survival in the market

  2. for change in environment

  3. for change in government policies

  4. change in company's image

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Correct Option: A

Early identification of opportunities helps an enterprise to be the first to exploit them instead of losing it to competitors. The mentioned advantage can be categorized under ______.

commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

  1. first mover advantage

  2. initial identifier advantage

  3. earlier advantage

  4. second mover advantage

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Correct Option: A

Assignment of competitive rivalry does not include an understanding of  __________.

commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

  1. the extent to which competitors are in balance

  2. market growth rates

  3. fixed costs, exit barriers and operational efficiency

  4. the management structure of an organisation

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Correct Option: D

A top manager of a Candy bar manufacturer asks for a report on how a new competing Candy company is being advertised. This is an example of ______.

commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

  1. production research

  2. marketing research

  3. employee research

  4. none of these

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Correct Option: B

Expansion is external and horizontal.

commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

  1. True

  2. False

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Correct Option: A
Explanation:

Growth strategies are of two types
1.Internal
2.External
Expansion refers to external or horizontal growth, such as that exhibited by a firm that successfully engages in mergers and acquisitions.
Business expansion refers to raising the market share, sales revenue and profit of the present product or services. The business can be expanded through product development, market development, expanding the line of product, etc.

Why do companies spend on research and development?

commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

  1. To do business in a streamlined way

  2. It is a part of business

  3. Change is a crucial part of business

  4. None of the above

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Correct Option: B
Explanation:

Research and development helps the company to know what exactly a customer needs and requires and which is the most profitable market to serve. It also informs the company about how the consumers perceive their product and collect feedback and reviews from the consumer, these feedback help the company to impove and redesign the product to design it best suitable for the target market.

An opportunity assessment plan includes which of the following?

commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

  1. A description of the product or service

  2. An assessment of the opportunity

  3. As assessment of the entrepreneur and the team

  4. All of the above

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Correct Option: D