Optionals IAS Mains Management: Questions 1 - 9 of 27

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Question 1

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Describe in Detail

Essay▾

What is consumer behavior? Explain the factors influencing consumer behavior?

Explanation

Consumer Behaviour

Consumer behaviour is the study of how individuals, groups, and organizations select, buy, use and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.

Factors Influencing Consumer Behaviour

Psychological Factors

The human psychology plays a crucial role in affecting the consumer՚s preferences and likes…

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Question 2

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Essay▾

What is corporate strategy? What are the parameters concerning corporate strategy at different levels of business?

Explanation

Strategy

Strategy is determining long-term goals and objectives of an enterprise and adopting courses of action and allocating resources necessary for carrying out these goals.

Types of Strategy

Strategy can be formulated on three different levels:

Corporate Level Strategy

At this level, the company is concerned with selecting businesses in which it wou…

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Question 3

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Essay▾

How would you identify differentiation leadership strategy from differentiation focus strategy?

Explanation

Differentiation Leadership and Differentiation Focus Strategy

  • In differentiation strategy, a firm focuses on developing a product/service that offers an element of uniqueness which the customers value and perceive as being different from the rest of the competition who may be targeting a broader group of customers. This strategy focuses on a narrow …

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Question 4

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Essay▾

Describe the typical roles played by the various members of a buying center.

Explanation

Typical Roles Played by the Various Members of a Buying Centre

The buying center includes all members of the organization who play any of these roles in the purchase process: initiator, user, influencer, buyer, decider, approver, buyer and gatekeeper.

Initiators

  • Users or others in the organization who request that something be purchased.
  • This type basi…

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Question 5

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Essay▾

Company XYZ is making a detailed analysis of various factors relating to its internal environment. List down the reasons why a company should pay attention to its internal activities.

Explanation

Business Environment

  • The business environment consists primarily of two factors: internal and external. Company՚s Internal Environmental Factors: A company is known to be successful if it can efficiently and effectively utilize its capabilities for production, financial and other factors.
  • For example, the marketing manager must consider these departm…

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Question 6

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Write in Short

Short Answer▾

Why is the new-task buying situation both a great opportunity and a challenge for a marketer?

Question 7

Framework for Analysing Competition
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Essay▾

What type of conditions should a manager of a company is looking at PESTLE framework?

Explanation

Conditions Manager of a Company Look for PESTLE Framework

  • The external environment factors/forces are the ones on which the company has no control.
  • Hence, it has to frame its policies within the limits set by these forces.

Political Factors

  • Government policies
  • Taxes laws and tariff
  • Stability of government
  • Entry mode regulations.
  • The political factors take …

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Question 8

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Essay▾

Describe the three major types of business buying situations and what differentiates them from each other.

Explanation

Three Major Types of Business Situations

Three buying situations were recognized that include new task, modified rebuy and straight rebuy.

New Task

  • In New task, the purchase is done for the first time with no prior purchasing experience, and extensive search is done to evaluate options.
  • The greater the cost or risk involved, more the extensive is decis…

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Question 9

Competitive Advantage of a Firm
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Essay▾

What is competitive advantage? Explain cost leadership strategy with example of Competitive Advantage

Explanation

Competitive Advantage

  • The main challenge for business strategy is to find a way of achieving a sustainable competitive advantage over the other competing products and firms in a market.
  • A competitive advantage is an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits …

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