Business Study (215)
Tutor Marked Assignment
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20% Marks Of Theory
1. Answer any one the following question in about 40-60 words.
(a) Observe the various modes of transport near your residence and write any two advantages and limitations.
Answer: Modes of Transport Near My Residence:
• Auto-rickshaws:
Advantages: Convenient for short distances, flexible routes.
Limitations: Traffic congestion, pollution, limited safety.
• Buses:
- Advantages: Affordable, covers wider areas.
- Limitations: Crowded, less comfortable, fixed routes.
• Private Vehicles:
- Advantages: Comfort, privacy, flexibility.
- Limitations: Traffic congestion, parking issues, high maintenance costs.
• Public Transport:
- Advantages: Cost-effective, reduces traffic congestion.
- Limitations: Limited routes, crowded, less comfortable.
2. Answer any one the following question in about 40-60 words.
(a) Warehousing is one of the important auxiliaries to trade. Explain this statement in about 60 words.
Answer: Warehousing plays a crucial role in supporting trade activities. It serves as a storage facility for goods, ensuring their availability when needed. Warehouses help maintain product quality, reduce transportation costs by consolidating shipments, and facilitate efficient distribution. Additionally, they can provide value-added services like packaging, labeling, and assembly, enhancing the overall efficiency of the supply chain.
3. Answer any one the following question in about 40-60 words.
(b) Knowledge Processing Outsourcing industry is entirely different from Business processing outsourcing industry. Do you agree with this statement? Comment.
Answer: I disagree with the statement that the Knowledge Processing Outsourcing (KPO) industry is entirely different from the Business Process Outsourcing (BPO) industry. While there are some distinctions between the two, they are fundamentally intertwined and often overlap.
Both KPO and BPO involve outsourcing business processes to third-party providers. However, KPO typically focuses on tasks that require specialized knowledge and expertise, such as research, analysis, and decision-making. BPO, on the other hand, often involves more routine and transactional tasks, such as customer service, data entry, and accounting.
In reality, the boundaries between KPO and BPO are becoming increasingly blurred. Many BPO providers are expanding their offerings to include KPO services, and vice versa. As technology advances and the demand for specialized knowledge increases, the
distinction between the two industries may become even less clear.
4. Answer any one the following question in about 100-150 words.
(a) All business enterprises are engaged in purchasing and selling. Mention what steps are required after an order is executed, as part of the Routine Selling?
Answer: Steps After Order Execution in Routine Selling:
Once an order is executed, several critical steps are involved to ensure customer satisfaction and maintain a smooth business operation. These steps typically include:
1. Order Fulfillment:
- Inventory Verification: Confirm the availability of the ordered items in stock.
- Order Picking: Gather the items from the warehouse or storage area.
- Packaging: Prepare the items for shipment, ensuring proper packaging and labeling.
2. Shipping and Delivery:
- Shipping Method Selection: Choose the most appropriate shipping method based on factors like distance, urgency, and cost.
- Shipment Coordination: Arrange for the shipment with a carrier, providing necessary information and documentation.
- Tracking: Monitor the shipment's progress to ensure timely delivery.
3. Invoicing and Payment:
- Invoice Generation: Create and send an invoice to the customer, detailing the items purchased, quantities, prices, and total amount due.
- Payment Processing: Handle payments received from the customer, ensuring accurate recording and reconciliation.
4. Customer Service:
- Order Status Updates: Provide timely updates to the customer about the order status, including shipment tracking information.
- Address Inquiries: Respond promptly to any customer inquiries or concerns related to the order.
- Resolve Issues: If any issues arise during the fulfillment process, take immediate steps to resolve them and ensure customer satisfaction.
5. Post-Sale Follow-up:
- Customer Satisfaction Survey: Conduct surveys or feedback mechanisms to gather customer feedback on the order fulfillment process.
- Relationship Building: Use the opportunity to strengthen the customer relationship and encourage future purchases.
By efficiently executing these steps, businesses can ensure timely delivery, customer satisfaction, and a positive overall buying experience. This contributes to building trust and loyalty among customers, leading to repeat business and long-term success.
5. Answer any one the following question in about 100-150 words.
(b) A Biscuit company is giving 250 grams Biscuit free with a pack of 500 gm. Name this technique of sales promotion. What is the specific objective of this scheme? Explain two more schemes of Sales Promotion other than this.
Answer: Sales Promotion Technique and Objective:
The biscuit company's offer of 250 grams of biscuits free with a 500-gram pack is an example of premium offer sales promotion technique. The specific objective of this scheme is to:
- Increase sales volume: By offering a free product, the company aims to attract more customers and encourage them to purchase larger quantities of their biscuits.
- Drive trial: For new customers, the free sample can incentivize them to try the product and potentially become repeat customers.
- Encourage repeat purchases: Existing customers may be more likely to purchase the larger pack to take advantage of the free offer.
Other Sales Promotion Schemes:
In addition to premium offers, there are several other common sales promotion techniques:
1. Contests and Sweepstakes: These involve offering customers a chance to win prizes or rewards. This can create excitement and generate buzz around the brand. For example, a company might offer a grand prize of a vacation or a car to attract more customers.
2. Coupons and Rebates: Coupons and rebates offer customers a discount on the purchase price of a product. This can stimulate sales, especially for slow-moving products or during promotional periods. For instance, a grocery store might offer a coupon for a dollar off a gallon of milk to encourage purchases.
These sales promotion techniques can be effective tools for increasing sales, building brand awareness, and attracting new customers. However, it is essential to use them strategically and measure their effectiveness to ensure they align with overall marketing objectives.
6. Prepare any one project of the following projects given below
(b) Make a list of any four items which are produced in a specific season but used throughout the year and Discuss the need for and importance of warehousing to store these items.
Answer: Seasonal Products and Their Year-Round Usage:
1. Citrus Fruits (e.g., Oranges, Lemons):
- Season: Typically harvested in winter and early spring.
- Usage: Used in beverages, cooking, and as snacks throughout the year.
2. Pumpkins:
- Season: Primarily harvested in the fall.
- Usage: Consumed in soups, pies, and other dishes, as well as for decorations during various holidays.
3. Rice:
- Season: Generally harvested in late summer to early fall.
- Usage: A staple food consumed daily in many cultures, utilized in various cuisines.
4. Maple Syrup:
- Season: Produced in late winter to early spring.
- Usage: Used as a sweetener and flavoring in a variety of dishes all year round.
The Importance of Warehousing for Seasonal Products:
1. Storage Flexibility and Supply Stability: Seasonal products are often produced in large quantities during their specific harvest periods. Warehousing allows producers to store these items to ensure a steady supply throughout the year. For instance, citrus fruits can be harvested in bulk during their season and stored in climate-controlled warehouses, allowing distributors to provide fresh produce to consumers even during off-seasons. This ensures that retailers can maintain a consistent inventory, preventing shortages and price fluctuations.
2. Quality Preservation: Many seasonal products are perishable and require specific conditions to maintain their quality. Warehousing facilities are equipped with temperature and humidity control systems that help preserve the freshness of items like citrus fruits and pumpkins. For example, cold storage warehouses can extend the shelf life of these products, minimizing spoilage and waste. This is crucial not only for consumer satisfaction but also for maximizing the economic returns for farmers and retailers.
3. Economic Efficiency: Warehousing allows for better economic management by enabling producers to take advantage of off-season prices. When a product is abundant, prices tend to be lower. By storing these products in a warehouse, producers can release them into the market when demand increases and prices rise, thus optimizing their profits. This economic strategy is particularly relevant for items like rice, which, when stored properly, can be made available year-round regardless of the harvest cycle.
4. Inventory Management: Warehousing plays a critical role in inventory management. By storing seasonal products, businesses can smooth out demand fluctuations throughout the year. This is especially relevant for maple syrup producers, who can sell their product year-round even though it is only produced in the spring. Effective inventory management ensures that businesses can meet consumer demand without overproducing or running out of stock, which is vital for maintaining customer loyalty and trust.
5. Distribution Efficiency: Centralized warehousing facilitates efficient distribution channels. Products can be stored in strategically located warehouses that serve different markets, allowing for quicker delivery times to retailers and consumers. This is particularly important for perishable goods that require timely delivery to maintain freshness, such as citrus fruits. Efficient distribution networks reduce transportation costs and enhance service levels, ensuring that seasonal products reach consumers promptly.
6. Market Responsiveness: Having a warehouse inventory allows producers and retailers to respond quickly to market changes and consumer preferences. For instance, if a particular dish featuring pumpkin becomes trendy outside of the fall season, having access to stored pumpkins means producers can meet that demand without delay. This responsiveness is essential in a competitive market, where consumer tastes can shift rapidly.
Conclusion:
The warehousing of seasonal products is essential for ensuring a stable supply, preserving quality, and optimizing economic efficiency. It allows businesses to manage inventory effectively and respond to market demands throughout the year. As consumer preferences evolve and the global market becomes increasingly interconnected, the role of warehousing in storing seasonal goods will only become more critical. By investing in proper storage solutions, producers can not only protect their products but also enhance their profitability and sustainability in a dynamic market environment.