Correct Answer: B. consumer sovereignty

Explanation

Consumer sovereignty is an economic concept where the consumer has some controlling power over goods that are produced, and the idea that the consumer is the best judge of their own welfare.

Explanation

Ways by which NITEL has contributed to the success of business in Nigeria are:

(I) NITEL helps firms to transact business through telephone services.

(ii) Firms also benefit from telegraph and telex services.

(iii) It provides fax services / exact copy of documents.

(iv) Live telecast services is provided by NITEL.

(v) Firms can also send their telegram through NITEL.

(vi) NITEL also renders data transmission service. This is a means whereby business units can transmit digital data by computers.

Correct Answer: B. re-exported goods previously imported

Explanation

Duty drawback: A refund that can be obtained when an import fee has already been paid for a good, but the good is then subsequently exported.

Correct Answer: C. Chamber of Commerce

Correct Answer: D. perishability

Correct Answer: B) market positioning

Explanation

The correct answer is Option B: market positioning.

Market positioning refers to the process of identifying a specific target market segment and developing a marketing strategy to position a product or service in a way that appeals to that segment. It involves understanding the needs and preferences of the target market and tailoring the product or service to meet those needs.

In this case, the organization is studying a market that is underserved by others, meaning that there are not many options available for customers in that market. The organization recognizes this opportunity and creates a product or service specifically for that segment, effectively positioning itself as the go-to option for customers in that market.

Market integration (Option A) refers to the process of combining different markets or businesses together. Market orchestration (Option C) refers to coordinating various marketing activities to achieve a desired outcome. Product differentiation (Option D) refers to the process of distinguishing a product or service from others in the market through unique features or attributes.

Therefore, the correct answer is Option B: market positioning.

Correct Answer: A. reduce the credit in the buyer's account

Correct Answer: D. industral waste

Correct Answer: B. unlimited liability

Explanation

The various steps to be taken in opening current account are:

(i) Making an application to the bank

(ii) Presenting referees as required by the bank

(iii) Completing a specimen signature card with photograph

(iv) Payment of initial deposit with the paying-in-slip.

(v) Obtaining an account number

(vi) Getting cheque book

(b) Commercial banks provide the following services:

(i) Granting of loans/overdraft to businesses and individuals.

(ii) Transfer of funds through cheques and credit transfer system.

(iii) Provision of standing order services. Banks on behalf of their customers can make regular payments, such as annual subscriptions to societies and insurance premiums.

(iv) Commercial banks act as referees to customers.

(v) Commercial banks engage in foreign exchange. Customers sending money abroad or receiving money from foreigners can do so by using the banks which have branches or agents all over the world.

(vi) They also provide night-safe services.

(vii) The banks keep documents or jewelries for their customers.

(viii) Commercial banks give advice on financial matters to customers.

(ix) A customer can instruct the trustee and executor department to prepare his will and ask the bank to carry out the provisions of the will.

(x) Banks accept deposits.

(xi) Commercial banks help in the discounting of bills of exchange

(xii) They also assist in the provision of brokerage.