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Test: Contemporary Issues- 3 - B Com MCQ


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10 Questions MCQ Test - Test: Contemporary Issues- 3

Test: Contemporary Issues- 3 for B Com 2024 is part of B Com preparation. The Test: Contemporary Issues- 3 questions and answers have been prepared according to the B Com exam syllabus.The Test: Contemporary Issues- 3 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Contemporary Issues- 3 below.
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Test: Contemporary Issues- 3 - Question 1
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What is the main reason why companies are focusing on rural markets and developing effective strategies?

Detailed Solution for Test: Contemporary Issues- 3 - Question 1
Companies are focusing on rural markets because they recognize the growing potential and opportunities present in these areas. With a large and scattered rural population, higher purchasing capacity, and growing market demand, rural markets have become significant targets for companies looking to expand their reach and boost their sales. By understanding the dynamics of rural markets, companies can harness the untapped potential and create effective strategies to cater to the needs of rural consumers.
Test: Contemporary Issues- 3 - Question 2
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Which factor contributes to the growth of the rural market in India?

Detailed Solution for Test: Contemporary Issues- 3 - Question 2
The growth of the rural market in India is supported by the development of infrastructure in rural areas. Construction of roads, transportation networks, communication facilities, rural electrification, and public service projects have increased the scope of rural marketing. This development enhances accessibility and connectivity, making it easier for companies to reach rural consumers and expand their market presence.
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Test: Contemporary Issues- 3 - Question 3
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What is the significance of the concept of "village haats" in rural marketing?

Detailed Solution for Test: Contemporary Issues- 3 - Question 3
The concept of "village haats" refers to the traditional weekly gatherings of local buyers and sellers in rural areas. These gatherings, also known as rural markets or bazaars, play a central role in the village economy. They provide a platform for barter and exchange of goods, agricultural produce, and other products. This tradition reflects the social and economic dynamics of rural areas, where communities come together to trade and interact.
Test: Contemporary Issues- 3 - Question 4
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What is the main purpose of marketing ethics?
Detailed Solution for Test: Contemporary Issues- 3 - Question 4
Marketing ethics aims to establish policies and practices that are transparent and trustworthy. It involves formulating guidelines that ensure integrity, fairness, and honesty in marketing activities. The main purpose of marketing ethics is to maintain consumer trust and build strong relationships between the organization and its stakeholders. It emphasizes the importance of ethical conduct in marketing decisions to achieve long-term success and reputation.
Test: Contemporary Issues- 3 - Question 5
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What is the relationship between the consumer and the organization based on, according to the text?
Detailed Solution for Test: Contemporary Issues- 3 - Question 5
The relationship between the consumer and the organization is based on mutual trust, integrity, honesty, and fairness. These principles form the foundation of a strong and ethical consumer-organization relationship. Consumers rely on organizations to provide products and services that meet their needs while expecting transparency and ethical behavior in return. This relationship is essential for building brand loyalty and maintaining a positive reputation.
Test: Contemporary Issues- 3 - Question 6
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Which term describes the notion that socially responsible firms will financially outperform less responsible firms in the long run?
Detailed Solution for Test: Contemporary Issues- 3 - Question 6
Sustainability refers to the notion that socially responsible firms will financially outperform less responsible firms in the long run. This concept suggests that firms that prioritize ethical behavior, customer loyalty, employee morale, and societal welfare are likely to have a competitive advantage over time. Sustainability takes into account the long-term benefits of responsible business practices beyond short-term profit maximization.
Test: Contemporary Issues- 3 - Question 7
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What is the role of non-profit organizations in promoting ethical marketing practices?
Detailed Solution for Test: Contemporary Issues- 3 - Question 7
Non-profit organizations play a crucial role in promoting ethical marketing practices. They focus on advocating for ethical behavior, transparency, and responsible corporate conduct. These organizations work toward raising awareness about the dangers and hazards posed to the environment, individual rights, and societal welfare. Their efforts contribute to pushing companies to conform to acceptable ethical standards in their marketing activities.
Test: Contemporary Issues- 3 - Question 8
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What does the term "sponsored fundraising" refer to?
Detailed Solution for Test: Contemporary Issues- 3 - Question 8
"Sponsored fundraising" refers to fundraising campaigns in which companies volunteer to help promote appeals from non-profit organizations. In this approach, companies assist in spreading awareness about the fundraising efforts of non-profit groups. By leveraging their resources and influence, companies can contribute to the success of these fundraising campaigns while gaining positive publicity for their involvement.
Test: Contemporary Issues- 3 - Question 9
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What is the main objective of the approach that suggests companies should have a social conscience and apply high ethical standards?
Detailed Solution for Test: Contemporary Issues- 3 - Question 9
The main objective of the approach that suggests companies should have a social conscience and apply high ethical standards is to fulfill societal obligations regardless of financial impact. This approach emphasizes the importance of acting ethically and responsibly, even when the legal system may not cover a certain area or issue. It highlights the role of corporate managers in considering the long-term welfare of society and making decisions that go beyond legal requirements.
Test: Contemporary Issues- 3 - Question 10
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What is the significance of the concept of "commercial comedy" in marketing ethics?
Detailed Solution for Test: Contemporary Issues- 3 - Question 10
The concept of "commercial comedy" involves using mascots of brands to create entertainment for fundraising events. This approach allows companies to contribute to non-profit organizations by providing high-quality entertainment that captures the audience's attention. By incorporating mascots into fundraising events, companies can generate goodwill, positive publicity, and a unique form of engagement with the audience. This innovative method aligns marketing efforts with ethical practices and societal welfare.
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