Tag: difference between products and services

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Questions Related to difference between products and services

Multiple choice commercial studies marketing and sales difference between products and services product marketing

The Cobb-Douglass Production Function is often used as ____________.

  1. Q = A K a L b

  2. Q = A K a L 1 - b

  3. log Q = a log k = log c

  4. Q = A b a - L a
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The standard Cobb-Douglas production function is expressed as Q = A * K^a * L^b, where Q is total production, A is total factor productivity, K is capital, L is labor, and a and b are output elasticities of capital and labor respectively.

Multiple choice commercial studies marketing and sales difference between products and services product marketing

__________ can reduce the quantity of defects product.

  1. Profit

  2. Cost or production

  3. Cost of sales

  4. Quality of product
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Quality management processes and standards are directly responsible for identifying and reducing defects in products. Profit, cost of production, and cost of sales are financial metrics that result from operations rather than being the direct mechanism for reducing physical defects.

Multiple choice commercial studies marketing and sales difference between products and services product marketing

Which of the following is NOT normally a sign of poor morale amongst a workforce?

  1. High levels of absenteeism.

  2. High levels of turnover.

  3. Increased levels of personal productivity.

  4. A poor external image and difficulties attracting good recruits.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Poor morale typically leads to lower productivity, not higher. High absenteeism, high turnover, and a poor public image are all classic symptoms of a disengaged or unhappy workforce.

Multiple choice commercial studies marketing and sales difference between products and services product marketing

An advantage of recruitment from outside the company is ____________.

  1. that it is cheaper than internal recruitment

  2. that there is no need to advertise the vacancy

  3. that it brings in new experience and skills to the firm

  4. that it avoids Jealousy within the firm
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

External recruitment allows a company to bring in fresh perspectives, new skills, and experiences that may not be available within the current workforce. Internal recruitment is generally cheaper and faster, but it does not introduce new external talent.

Multiple choice commercial studies marketing and sales difference between products and services product marketing

To bring inspiration and innovation to every athlete in the world is mission of -

  1. Nike

  2. Facebook

  3. Google

  4. Sony
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The mission statement 'To bring inspiration and innovation to every athlete in the world' is the official mission statement of Nike. The other companies listed have different mission statements focused on information, social connectivity, or electronics.

Multiple choice commercial studies marketing and sales difference between products and services product marketing

Unique value auction is mainly applies to?

  1. New products

  2. Second hand products

  3. Engineering products

  4. None of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Unique value auctions (often associated with specific pricing models for used goods) are primarily applied to second-hand products where the value is subjective and varies from item to item. New products usually have fixed retail prices.

Multiple choice commercial studies marketing and sales difference between products and services product marketing

In case of_________ layout, production is carried on in special purpose machine.

  1. functional

  2. product

  3. stationary

  4. combined
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

In a product layout (also known as line layout), machines are arranged in the sequence of operations required to manufacture the product. This often involves specialized, single-purpose machines dedicated to a specific step in the production line.

Multiple choice commercial studies marketing and sales difference between products and services product marketing

Philosophy of marketing

    1. Product oriented marketing
    2. Production oriented marketing
    3. Sale oriented marketing
    4. Customer oriented marketing
    5. Social marketing
    6. Green marketing

    1. i, ii, iii and iv

    2. ii, iii, iv and v

    3. iii, iv, v and vi

    4. All of the above
    Reveal answer Fill a bubble to check yourself
    D Correct answer
    Explanation

    The evolution of marketing philosophy has progressed through all these stages: product-oriented, production-oriented, sales-oriented, customer-oriented, social marketing, and green marketing. All of these are recognized stages or philosophies in marketing history.

    Multiple choice commercial studies marketing and sales difference between products and services product marketing

    The cost per unit of a product manufactured in a factory amounts to Rs 160 (75% variable) when the production is 10, 000 units. When production increases by 25%, the cost of production will be Rs per unit.

    1. Rs 145

    2. Rs 150

    3. Rs 152

    4. Rs 140
    Reveal answer Fill a bubble to check yourself
    C Correct answer
    Explanation

    Initial cost per unit = 160. Variable cost = 75% of 160 = 120. Fixed cost per unit = 160 - 120 = 40. Total fixed cost = 40 * 10,000 = 400,000. New production = 12,500 units. New fixed cost per unit = 400,000 / 12,500 = 32. New total cost per unit = 120 + 32 = 152.

    Multiple choice commercial studies marketing and sales difference between products and services product marketing

    "What is the company's breakeven point: Selling price-Rs 6 per unit Variable production cost-Rs 1.20 per unit Variable selling cost-Rs 0.40 per unit Fixed production cost-Rs 4 per unit Fixed selling cost-Rs 0.80 per unit Budgeted production and ________________.

    1. 8, 000 units

    2. 8, 333 units

    3. 10, 000 units

    4. 10, 909 units
    Reveal answer Fill a bubble to check yourself
    D Correct answer
    Explanation

    Contribution per unit = Selling Price - Variable Costs = 6 - (1.20 + 0.40) = 4.40. Total Fixed Costs = 4 + 0.80 = 4.80. Breakeven point = Total Fixed Costs / Contribution per unit = 4.80 / 0.44 (Wait, the math: 4.80 / 0.44 = 10.909). The calculation 4.80 / 0.44 results in 10.909 units.