Correct Answer: D. market survey

Correct Answer: D) marine voyage policy insurance

Explanation

A marine voyage policy insurance is a type of insurance policy that provides coverage for goods or cargo while they are being transported by sea. It offers protection against various risks such as theft, damage, or loss during the voyage. This policy is designed to cover the entire journey and provides comprehensive coverage for the goods or cargo.

In contrast, the other options mentioned in the question are different types of marine insurance policies. A policy with particular average (Option A) provides coverage for partial damage or loss to the cargo. A policy free of particular average (Option B) provides coverage for total loss or damage to the cargo, excluding partial losses. Marine freight insurance (Option C) provides coverage for the cost of transporting the goods or cargo by sea, but may not cover all risks during the journey.

Therefore, the correct answer to this question is Option D: marine voyage policy insurance, as it provides full cover against all risks at sea.

Correct Answer: D. Department stores

Correct Answer: B. Practices self service

Explanation

(a) Personal selling; is a direct, face-to-face or person-to-person communication with the customer. A personnel of the firm comes into contact with the customer and shows the customer how to use the product. The salesperson must be courteous, tactful and have a clear knowledge of the product being marketed.

(b) Reasons why firms engage in personal selling are:

(i) It allows the sales person to foresee a customer's particular needs and problems.

(ii) It makes it possible for immediate feedback from the customers.

(iii) It is also an important public relations tool utilized by firms to project their image.

(iv) It is good when a new product is to be introduced.

(v) It is also used by firms that sell technical goods requiring installation and demonstration on how to use such technical product.

(vi) Personal selling provides the firm the opportunity to obtain firm orders and also sales are made on the spot.

Explanation

(a) Marketing is defined as the performance of business activities which direct the flow of goods and services from the producers to the consumers to satisfy customer needs and wants and to accomplish organisational goals.

(b) The importance of marketing to an economy:

(i) Marketing facilitates economic development. It acts as a catalyst in the provision of infrastructures.

(ii) Marketing stimulates demand for goods and services. Any active marketing leads to expansion of production or economics of large scale and efficiency/Marketing leads to enlargement of market size.

(iii) Marketing offers employment opportunities to the people. A good number of the populace is engaged in retail trade, wholesaling, warehousing, advertising, transport, communication, forwarding and clearing which are all marketing activities.

(iv) Marketing enhances competition among producers and this leads to better quality of products/services and improvement of the quality of goods through standardization and grading, etc.

(v) Marketing enables a nation to engage in international trade to dispose of its surplus goods and services in which it has comparative advantage.

(vi) Marketing improves the standard of living of the citizens in a country by making goods and services available in all geographical regions of a country.

(vii) Marketing adds value to goods and services through marketing research and development in markets, products, etc.

(viii) Marketing bridges the gap between the producers and the consumers by bringing them together.

Correct Answer: B. Cover note

Correct Answer: C. shareholders

Correct Answer: A. Increasing imports

Correct Answer: C. at least one ordinary partner must be there