Optionals IAS Mains Management: Questions 10 - 20 of 27

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Question 10

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What is cognitive dissonance? At what stage of buying decision process it is likely to take place?

Question 11

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What are services and how are services different from goods?

Question 12

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Describe some important strategies for a marketer of a high-involvement product.

Question 13

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How are services classified on the basis of their nature?

Question 14

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How are experience services (qualities) different from credence services (qualities) ?

Question 15

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Why does consumers perceive more risk while consuming services than buying goods?

Question 16

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Appeared in Year: 2014

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Describe the following: SWOT Analysis

Explanation

SWOT Analysis

  • SWOT analysis is a tool employed for a person, place, product or business venture to identify/evaluate its strength, weaknesses, opportunities and threats.
    • Overlaying the objective of a business endeavor or product etc. , one can state
    • Strengths those are the advantages it has over others;
    • Weaknesses which could prove a drawback to the en…

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Question 17

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Appeared in Year: 2014

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Describe the following: BCG Matrix.

Explanation

BCG Matrix

The BCG Matrix, Boston Consultancy Group Matrix is a model for a product՚s life cycle or a business portfolio which has two dimension to it namely Market Share or Market Growth and help allocating product՚s position in one of the four quadrants of the matrix.

Dogs

These are the products with low market share and low market growth, it is bes…

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Question 18

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Appeared in Year: 2014

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Describe the following: PEST Analysis

Explanation

PEST Analysis

  • A business gets radically affected by its environment. Either it is a new business venture or a well-established enterprise, taking stock of its business environment is a necessity for a business to sustain in all season. PEST can be done for a place, market, enterprise etc.
  • PEST is a framework which includes various Macroeconomic eleme…

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Question 19

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Appeared in Year: 2014

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How the management planning is different from strategic management planning? Explain with suitable example. (250 Words)

Explanation

Strategic Planning and Management Planning

  • A strategic plan is a high-level overview of the entire business, its vision, objectives, and value. This plan is the foundation basis of the organization and will dictate decisions in the long-term. The scope of the plan can be two, three, five, or even ten years. Managers at every level will turn to the s…

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Question 20

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Appeared in Year: 2014

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What is the difference between franchising and licensing? Explain with example.

Explanation

Franchising and Licensing

Franchising

  • In a franchising model, the franchisee uses another firm՚s successful business model and brand name to operate what is effectively an independent branch of the company.
  • The franchiser maintains a considerable degree of control over the operations and processes used by the franchisee, but also helps with things lik…

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