Nonfinancial firms commonly extend trade
credit to their customers. A typical set of
terms are 2/10 net 30. These terms mean that
a firm which is selling a good or service is
telling its buyer, “If you pay within 10 days
you will get a 2 percent discount and, if not,
the entire amount due has to be paid in 30
days.” By extending trade credit, the seller is
providing financing to the buyer. And so the
buyer has obtained two resources, not one,
from the seller: the good or service that is
being purchased and short-term financial
capital.
UGC NET Management Previous Year Solved Papers MCQ - December 2019
Jerome McCarthy (1960) proposed a fairly restrictively defined marketing mix framework that has come to be known as the 4Ps of
product, price, place, and promotion.
> Product: A physically tangible object or an intangible service produced and offered to consumers in the marketplace.
> Price: What a consumer pays for the product or service—usually focused on the economic cost but can also include intangible costs such as time and effort expended to uptake the offering.
> Place: Refers to the location (physical or virtual/online) in which a product or service is offered for purchase, and also the process by which it is distributed to the purchase point (the distribution channel).
> Promotion: The range of communications used by marketers to promote offerings to consumers in the marketplace, for example, advertising, public relations, personal selling, and sales promotion.
> Product: A physically tangible object or an intangible service produced and offered to consumers in the marketplace.
> Price: What a consumer pays for the product or service—usually focused on the economic cost but can also include intangible costs such as time and effort expended to uptake the offering.
> Place: Refers to the location (physical or virtual/online) in which a product or service is offered for purchase, and also the process by which it is distributed to the purchase point (the distribution channel).
> Promotion: The range of communications used by marketers to promote offerings to consumers in the marketplace, for example, advertising, public relations, personal selling, and sales promotion.
79
Match the following according to their definition:
Choose the correct option:
| (a) Career Planning | (i) A process whereby an individual sets career goals and identifies means to achieve them |
| (b) Career development | (ii) A process of enabling employees to better understand and develop their skill and interest and use them for the interest of organization and self |
| (c) Career management | (iii) The process of analysis and identifying the need and availability of human resources so that organization can meet its objectives |
| (d) Human resource planning | (iv) Refers to a formal approach used by the firm to ensure that people with proper qualification and experience are available when needed |
