Correct Answer: B. an actuary

Explanation

(a)Branding: Branding means that a firm gives a distinctive name to its products. The brand name differentiates the product of the firm from that of other competing firms.

The benefits of Branding in retailing are:

(i) Brand name on the product is an assurance to the buyer that he is buying the same product with the same quality.

(ii) Branded goods are easily recognized.

(iii) Popular brand names become household words and thus help to expand the market for the product.

(iv) Branding of goods makes both self-service and pre-packaging viable.

(v) Branding is used to standardize products and makes retailing easy as customers know the particular brand they want.

(b) After-sales service: After sales service refers to the service provided to customers in the form of home delivery, installation and maintenance of appliances purchased from the shop.

The benefits of after-sales service in retailing are:

(i) It is used as extra attraction for customers to patronize the particular retail shop.

(ii) It is associated with giving of guarantee in the form of repair work or routine mainte-nance which creates goodwill and confidence.

(iii) It is used as a competitive tool by retailers.

(iv) It is used to cope with the greater complexity of goods being manufactured which are sold through retail outlets.

(c)Self-Service:Self-service allows the customer to go round and self-select the products he wants without the help of shop assistants. Self-service as a trend in retailing is enhanced by appropriate packaging and display.

The benefits of self-service in retailing are:

(i) It is used to attract customers who want to shop quickly without waiting for the attention of a sales assistance. (ii) It is used to encourage impulse buying.

(iii) With self-service fewer sales assistants are required and this reduces cost.

(iv) It enables customers to shop with convenience as customers take their time choosing what they want.

(d) Vending Machine: Vending machine is a retail outlet that automatically dispenses pre-packed items such as drinks stored in it whenever the appropriate value coin is inserted.

The benefits of vending machine in retailing are:

(i) It is used to sell convenience goods, e.g. sweets, ice cream, etc.

(ii) It provides 24 hour service.

(iii) It is used as a quicker method to purchasing an item than buying in a shop. It saves time.

Correct Answer: A. Increase in quantity of goods and services

Correct Answer: B. legal and binding

Correct Answer: A. branding

Correct Answer: B. suitable means of transport

Correct Answer: C) in an equal proportion, irrespective of partners' capital contributions

Explanation

This means that each partner will receive an equal proportion of the profits, regardless of how much money they invested in the partnership or how much business they brought in. So, if there are two partners in the partnership, they would each receive half of the profits. If there are three partners, they would each receive one-third of the profits, and so on.

It is important to note that this default rule only applies when the partnership deed is silent on profit sharing. If the partners want to divide the profits in a different way, they can include specific provisions in the partnership deed to reflect their desired allocation of profits. This allows partners to customize the profit sharing arrangement based on their individual circumstances and agreements.

In summary, if a partnership deed is silent on how profits are to be shared, the partners will share the profits in an equal proportion, irrespective of their capital contributions or the value of the business secured by each partner.

Correct Answer: A) Buying, pricing, selling and promotion

Explanation

Marketing is the process of promoting and selling products or services to customers. It involves various activities that help businesses reach their target market and satisfy customer needs.

Option A: Buying, pricing, selling, and promotion are all functions of marketing.

- Buying refers to the process of purchasing goods or services that will be sold to customers.

- Pricing involves determining the appropriate price for a product or service based on factors such as production costs and market demand.

- Selling is the act of convincing customers to purchase a product or service.

- Promotion involves activities such as advertising, public relations, and sales promotions to create awareness and generate interest in a product or service.

Option B: Risk-bearing, storage, production, and transporting are not exclusively functions of marketing.

- Risk-bearing refers to assuming the financial risks associated with owning and operating a business. It is a general business function rather than a specific marketing function.

- Storage, production, and transporting are related to the physical aspects of a business, such as storing inventory, manufacturing products, and delivering them to customers. While these activities are important for marketing, they are not exclusively functions of marketing.

Option C: Organizing, risk-bearing, transporting, and storage are not exclusively functions of marketing.

- Organizing refers to the process of coordinating and arranging resources to achieve business objectives. It is a general management function rather than a specific marketing function.

Option D: Production, promotion, distribution, and recruiting are not exclusively functions of marketing.

- Production refers to the process of creating goods or services. While marketing plays a role in determining what products to produce and how to position them in the market, production itself is not exclusively a marketing function.

- Promotion and distribution are activities closely related to marketing, but they are not exclusive to marketing. Other departments such as sales and logistics also play a role in these activities.

- Recruiting refers to the process of hiring employees. It is a human resource management function rather than a marketing function.

Therefore, the correct answer is Option A: Buying, pricing, selling, and promotion, as these activities are exclusively functions of marketing.

Remember, marketing is a complex field with many interconnected activities. It involves understanding customer needs, creating products that meet those needs, and effectively promoting and selling those products. To learn more about marketing and its various functions, please see the recommended textbooks.

Explanation

(a) Functions of Trade association are:

(i) It exchanges Creditors information among members.

(ii) It protects interest of its members.

(iii) It creates uniform method of dealing in the particular trade.

(iv) It settles disputes within the trade associations.

(v) It establishes a link between the government and the association in order to protect the interest of its members.

(vi) It negotiates as a body with trade union on rates of pay and conditions of service.

(vii) It educates the members.

(b). Functions of consumer association are:

(i) It educates consumers on their rights.

(ii) It ensures that consumers buy the right quality of goods and services.

(iii) It ensures correct specification in terms of volume and weight of goods on sale to consumers.

(iv) It ensures that fair prices are charged.

(c) Functions of customs authority are:

(i) It prevents smuggling.

(ii) It collects customs duties.

(iii) It enforces ban on prohibited goods.

(iv) It supervises import and export trade.

(v) It collects information on international trade.

(vi) It supervises bonded warehouses.

(d) Functions of manufacturer's association are:

(i) It sponsors members on trade missions abroad.

(ii) It informs members on developments in the country.

(iii) It ensures that members operate according to their professional ethics.

(iv) It protects the interest of members.

(v) It ensures the quality of service rendered to the public by members is of acceptable standard.

(vi) It informs members on latest developments in the industry

(i) It organizes trade fairs.

(ii) It promotes home and foreign trade.

(iii) It watches the administration of government laws to prevent injury to commercial interests.

(iv) It collects and disseminates information on all subjects likely to be of interest to the members.

(v) It co-operates with both domestic and foreign chambers of commerce.

Correct Answer: C. population

Explanation

The marketing mix (also known as the 4 Ps) is a foundation model in marketing. The marketing mix has been defined as the set of marketing tools that the firm uses to pursue its marketing objectives in the target. Thus the marketing mix refers to four broad levels of marketing decision, namely: product, price, promotion, and place.