Long Type Questions - Enterprise Marketing, Entrepreneurship, Class 12 | Additional Study Material for Commerce PDF Download

Q1. What are the various factors which help in employee management ? (TBQ) (5 marks)
Ans.
(i) Identifying objectives : It is important to define what is meant by employee relationship management and what areas of the relationship will be managed.
(ii) Determining employee needs : Need vary greatly depending on employee characteristics -age, gender, etc., as well as the type of job being performed. It is necessary to find out what are the needs of employees.
(iii) Balancing work and life needs : It means taking steps to ensure that the employees work-life needs are well balanced. This can be done through creative staffing that might involve part -time, flex-time or even offsite work management.
(iv) Open and honest communication : Managers must be committed to communicating regularly with employees about the issues that impact their work.
(v) Measuring and monitoring results : It means that managers and their HR departments should be alert at all times for signs of discontent, which can be subjective, as well as carefully monitoring the results of more formal assessments. These results should also be shared with employees.

Q2. How is vendor management done ? (TBQ) (5 marks)
Ans. Once a business determines that it has a need that must be outsourced, vendor management begins. The company must find one or more vendors that can supply the good or service needed and evaluate each vendor based on pricing, capabilities, turn-around time, quality of work and company reputation.
After vendors are selected, vendor management is a matter of managing a pool of vendors, assigning jobs or contracts as needs arise, monitoring vendor performance and insuring that contract terms are followed.

Q3. Explain the methods of negotiation ? (TBQ) (5 marks)
Ans.
(i) Integrative : Each party works towards a solution where everyone wins something. It is referred as “winwin”.
(ii) Distributive : One party gets what they want and the other party has to give up something. Also referred to as “win-lose”.
(iii) Inductive : Starting on small details and working upward until a settlement is reached.
(iv) Deductive : These start with an agreed upon strategy.
(v) Mixed : These are most common and are a blend of inductive and deductive methods.

Q4. How does negotiation help ? (6 marks)
Ans. Good negotiations contribute significantly to business success as they :
(i) Help in building better relationship.
(ii) Deliver lasting, quality solutions-rather than poor short-term solutions that do not satisfy the needs of either party.
(iii) Help in avoiding future problems and conflicts.

Q5. Why is CRM thought as a business strategy ? (6 marks)
Ans. CRM is often thought of as a business strategy that enables businesses to :
(i) Understand the customer.
(ii) Retain customers through better customer experience.
(iii) Attract new customer.
(iv) Win new clients and contracts.
(v) Increase profitability.
(vi) Decrease customer management cost.

Q6. Why is CRM important ? (6 marks)
Ans. Customer relationship management solutions enable companies to provide excellent real-time customer service through the effective use of individual account information. Based on what they know about each valued customer, companies can customize market offerings services, programs, messages and media. CRM is important because a major driver of company profitability is the aggregate value of the company’s customer base.

Q7. What is the impact of technology on CRM ? (6 marks)

Ans. Technology and the web has changed the way companies approach CRM strategies because advancement in technology have also changed consumer buying behaviour and offers new ways for companies to communicate with customers and collect data about them. With each new advancement in technology, customer relationship is being managed electronically.

Q8. Explain the importance of negotiation. (6 marks)
Ans.
(i) Importance while dealing with employees : The process of negotiation starts the moment an employee gets a selection call from an organization. Every organization runs for earning profits, therefore, employees should be recruited at the lowest possible salary, but nothing less than the previous salary.
(ii) Importance while dealing with vendors : Vendor is the third party supplier. The person dealing with the external parties must be a good negotiator else he will end up paying more amount then required. One should never accept terms and conditions verbally. It is always better to discuss all the terms and conditions on an open forum and should be signed in presense of both the parties so that nobody backs out later.
(iii) Importance while dealing with superiors : While negotiating with superior one need to be polite.
Negotiations help to reduce conflicts at work place. Negotiations help in finding out alternatives which benefit all.
(iv) Importance while dealing with customers : While negotiating with customers, it is possible to explain them the smart deal and also the USP of the product.

Q9. Explain the tools of customer relations. (6 marks)
Ans.
(i) Let customer know what you are doing for them : Dramatically point out the customer what excellent service you are doing for customers.
(ii) Write to old customers : Keep in touch with old customers by sending them catalogues, etc. and inform them about the new variety and goods.
(iii) Remember special occasions : Send old customers greetings on special occasions like their birthday, festivals, etc.
(iv) Feedback form : Ask customers to fill the feedback form so that one can know whether they are satisfied with the services or not and do the follow-up of feedback , respond immediately if some dissatisfaction is shown in feedback form.

Q10. What are the considerations of vendor management ? (6 marks)
Ans.
(i) Establishing goals : Just like organizations clearly define goals for their employees, the vendor manager clearly mentions and achieves these goals by using third party companies.
(ii) Selecting vendors : Different vendors have different strengths and weaknesses and it is the responsibility of vendor manager to select the right vendor with designed characteristics.
(iii) Managing vendors : On a daily basis, vendor managers must monitor performance and provide feedback.
(iv) Consistently meet goals : Everything vendor manager does should focus on meeting goals from time to time.