Note:
(i) All questions are compulsory. The marks allotted for each question are given beside the questions.
(ii) Write your name, enrolment numbers, Al name and subject on the first page of the answer sheet.
1. Answer any one of the following question in about 40 – 60 words.
a) Exchange of culture between nations becomes possible because of transport.” explain this statement in your own words.
Answer- The statement implies that transportation systems facilitate the exchange of cultures between nations. This is because when people and goods can move more easily across borders, they bring with them their customs, traditions, and ideas.
This cultural exchange allows for a richer and more diverse global society, where people can learn from one another and appreciate different cultures. It also promotes understanding and fosters international connections and cooperation. In essence,.
b ‘Transport help in raising standard of living of the people’ If agreed, explain how and what are the benefits facilitated by transport.
Answer- I agree with the statement that transport helps in raising the standard of living of the people. Transport plays a vital role in improving the quality of life in several ways:
Access to Basic Necessities: Efficient transportation systems ensure the timely delivery of essential goods and services to various regions. People can access food, healthcare, education, and other basic necessities more easily.
Employment Opportunities: Transport infrastructure creates jobs in various sectors, from construction and maintenance to logistics and operations. This leads to increased employment opportunities, reducing unemployment and poverty.
2. Answer any one of the following questions in about 40-60 words.
a) ABC Company has a warehouse situated in Mumbai which helps in continuous production of good. Explain the ways it helps in production in your own words.
Answer- The warehouse of the ABC Company in Mumbai plays a crucial role in ensuring continuous production of goods. Here’s how it helps in production:
Inventory Management: The warehouse serves as a central hub for storing raw materials, work-in-progress, and finished products. It helps in maintaining an organized inventory of the necessary materials and products required for production.
Just-in-Time Supply: The warehouse ensures that there is a constant supply of materials and components, facilitating a just-in-time (JIT) approach to production. This means that materials are available as and when needed, minimizing production delays.
Quality Control: Goods stored in the warehouse can undergo quality checks and inspections to ensure that only high-quality materials and products are used in the production process. This helps in maintaining the quality standards of the company’s products.
b) State the comparative analysis about how a store differs from a warehouse with suitable example.
Answer- A store and a warehouse serve different purposes in the supply chain, and their primary distinctions lie in their functions, characteristics, and the types of goods they handle.
Function:
Store: A store is primarily a retail establishment where finished goods are displayed and sold to end consumers. Its function is to provide a convenient location for customers to purchase products. For example, a clothing store like “Fashion Haven” is a retail space where customers buy clothes directly.
Characteristics:
Store: Stores are typically smaller in size, strategically located in commercial areas, and designed for customer foot traffic. They are equipped with shelves, racks, and point-of-sale systems to display and sell goods. Stores focus on visual appeal and creating a pleasant shopping experience.
3. Answer any one of the following question in about 40 – 60 words.
a) “Post office encourages saving habit among people”, Put light on this statement. Also mention any two schemes of Post office.
Answer- The statement, “Post office encourages saving habit among people,” highlights the role of post offices in promoting a culture of savings. Post offices offer various savings schemes that provide individuals with safe and accessible options to save money. Here are two popular savings schemes offered by the Post Office in India:
Savings Account: Post offices provide traditional savings accounts that allow individuals to deposit and withdraw money easily. These accounts offer a nominal interest rate, making it a convenient option for daily transactions and savings. They encourage people to keep their money secure and readily available for various financial needs.
Recurring Deposit (RD) Account: The Post Office RD account is an excellent savings scheme for individuals who want to save a fixed amount of money regularly. Under this scheme, a depositor makes monthly deposits of a specified amount for a fixed tenure, typically ranging from 5 to 10 years.
b) State various services provided by post offices and private courier services providers and among them which you find the best for services and why?
Answer- Services Offered by Post Offices:
Mail Services: Post offices handle the traditional mail services, including sending letters, postcards, and parcels.
Savings and Banking Services: Many post offices offer savings accounts, fixed deposits, and various banking services.
Insurance Services: Some post offices provide insurance services, including postal life insurance.
Money Transfer: Post offices offer domestic and international money transfer services like Money Order and Western Union.
Retail Services: Some post offices act as retail outlets for government services and sell postage stamps, forms, and applications.
4. Answer any one of the following questions in about 100-150 words
(a) Name and explain a process through which one person gets some goods or properties transferred in his name from another, on payment of money.
Answer– The process you’re referring to is known as “purchase” or “buying.” It’s a common transaction in which one person acquires goods or properties from another by paying a specified amount of money. When a purchase occurs, ownership of the goods or properties is transferred from the seller to the buyer, and this transfer is typically formalized through a sales agreement or receipt.
1. Here’s a brief explanation of the process:
2. Selection of Goods or Properties: The buyer identifies the goods or properties they wish to acquire.
3. Negotiation: The buyer and seller may engage in negotiations to agree on the terms of the purchase, including the price, payment method, and any other relevant conditions.
4. Agreement: Once both parties agree on the terms, they may sign a purchase agreement or sales contract. This document outlines the details of the transaction, including the description of the goods or properties, the purchase price, payment schedule, and any warranties or conditions.
5. Payment: The buyer makes the payment for the agreed-upon amount, either in full or according to the agreed payment schedule.
Transfer of Ownership: Upon receiving payment, the seller transfers ownership of the goods or properties to the buyer. This can involve physical delivery of the items, transferring ownership documents, or other appropriate procedures depending on the nature of the transaction.
(b) KPO requires highly knowledge in the area that is outsourced. Do you agree with this statement? Comment.
Answer- I agree with the statement that Knowledge Process Outsourcing (KPO) requires a high level of knowledge in the specific area that is outsourced. KPO is a specialized form of business process outsourcing where companies outsource tasks that require significant domain expertise and in-depth knowledge. This can include fields such as legal services, financial analysis, medical research, data analytics, and more.
For KPO professionals to provide valuable insights, analysis, and solutions to complex problems, they must possess a deep understanding of the subject matter. This necessitates a strong educational background, specialized training, and often years of experience in the field. KPO services often involve critical decision-making, research, and analysis, which can significantly impact a client’s business.
In KPO, the quality of knowledge and expertise is paramount, and the professionals involved need to stay updated with the latest developments in their respective domains. Therefore, it is crucial for KPO service providers to have a highly knowledgeable and skilled workforce to deliver accurate, high-value services to their clients.
5. Answer any one of the following questions in about 100-150 words.
(a) Mr. Varun is a middleman who buys goods from wholesalers or producers and sells them to consumers. List any three functions which are performed by Mr. Varun as middlemen.
Answer- Mr. Varun, as a middleman, plays a crucial role in the supply chain by connecting wholesalers or producers with consumers. He performs several functions to facilitate the smooth flow of goods from manufacturers to end-users. Here are three key functions performed by Mr. Varun:
1. Aggregation of Goods: Mr. Varun collects a variety of goods from different wholesalers or producers. By consolidating these products in one place, he provides consumers with a wide range of options. This simplifies the shopping experience for customers as they can find various products under one roof.
2. Distribution: He acts as a link between manufacturers and consumers, ensuring that products reach the intended market. Mr. Varun manages the logistics and distribution process, making sure that goods are available in the right quantity and at the right time. This function streamlines the supply chain and prevents goods from piling up in warehouses.
3. Market Information: Mr. Varun often possesses valuable insights into consumer preferences, market trends, and pricing. He can provide feedback to wholesalers and producers about what products are in demand and at what price. This market information helps suppliers make informed decisions about production and pricing strategies.
In essence, Mr. Varun’s role as a middleman simplifies the buying process for consumers, optimizes the distribution of goods, and acts as a valuable source of market intelligence for manufacturers and wholesalers.
(b) You place the order for the product over the telephone and this method of shopping saves your time and effort. Describe your friend about the type of Shopping you were doing and the benefit of it on your own words.
Answer– I was engaging in a form of shopping known as “telephone shopping” or “phone-in shopping.” This method involves placing an order for a product over the telephone. It’s a convenient way to shop without physically visiting a store or going online. When you call a store or a catalog company, you can browse through their offerings, ask questions, and make a purchase without leaving your home.
The biggest benefit of telephone shopping is the time and effort it saves. You don’t need to commute to a physical store, search through aisles, or deal with crowded shopping centers. It’s a hassle-free way to make purchases, especially when you already know what you’re looking for. Additionally, you can get assistance from a sales representative who can guide you through product options and provide recommendations. Overall, it’s a convenient and efficient way to shop, which is particularly useful for busy individuals or when you’re looking for specific items.
6. Prepare any one Project out of the following projects given below
(a) Mr. Aman is a manufacturer and Mrs. Geeta is a consumer. State any one importance of Sales promotion for both Mr. Aman and Mrs Geeta
Answer– Sales promotion holds importance for both Mr. Aman, the manufacturer, and Mrs. Geeta, the consumer.
For Mr. Aman (Manufacturer): One importance of sales promotion for Mr. Aman is that it can help increase his product’s visibility in the market. By offering promotions such as discounts, free samples, or buy-one-get-one-free deals, he can attract more consumers to try his products. This increased visibility can lead to higher sales volumes and revenue for his business. It allows him to compete effectively in a crowded market and build brand awareness, which is crucial for long-term success.
For Mrs. Geeta (Consumer): Sales promotions benefit Mrs. Geeta by providing her with cost savings and value for her money. When manufacturers offer discounts, special offers, or loyalty programs, she can purchase her desired products at a lower price or receive additional benefits. This enables her to make smart purchasing decisions, save money, and get more value from her budget while enjoying quality products.
In summary, sales promotion benefits manufacturers by increasing product visibility and sales, and it benefits consumers by offering cost savings and added value to their purchases.
(b) Read the Newspaper and find out from the articles and advertisements about when the Shops offers stock clearance sale. Mention the advantages and disadvantages of the Stock Clearance Sale
Answer- Advantages:
Clearing Excess Inventory: Stock clearance sales help shops clear out excess or unsold inventory, making room for new and updated products.
Attractive Discounts: These sales offer significant discounts, attracting budget-conscious customers who are looking for good deals.
Increased Footfall: Stock clearance sales bring in more customers, increasing the shop’s visibility and potentially leading to additional purchases.
Positive Image: Shops offering clearance sales are viewed as customer-friendly and accommodating, enhancing their reputation.
Disadvantages:
Lower Profit Margins: Shops may have to reduce prices significantly, resulting in lower profit margins on clearance items.
Risk of Loss: If the discounts offered are too steep, the shop may suffer losses on the items being sold.
Perception of Poor Quality: Customers might perceive clearance sale items as inferior in quality, affecting their willingness to buy.
Negative Impact on Brand Image: Overuse of stock clearance sales can harm a shop’s brand image, making customers question the quality and value of their products.
Overcrowded Stores: Stock clearance sales can lead to overcrowded stores, affecting the shopping experience and customer satisfaction.
Difficulty Restocking: Clearing old inventory can lead to a shortage of certain items, making it difficult to restock and meet customer demands.
The timing of stock clearance sales can vary by shop, and it’s advisable to keep an eye on advertisements and promotions in newspapers or online to take advantage of these sales while being mindful of potential disadvantages.