NABTEB Commerce OBJ and Essay/Theory Questions and Answer – May/June 2017 Expo Runz
Illiteracy and ignorance: Consumers in India are mostly illiterate and ignorant. They do not understand their rights. A system is required to protect them from unscrupulous businessmen.
Unorganised consumers: In India consumers are widely dispersed
and are not united. They are at the mercy of businessmen. On the other hand producers and traders are organised and powerful.
Spurious goods: There is increasing supply of duplicate products. It is very difficult for an ordinary consumer to distinguish between a genuine product and its imitation.
Deceptive advertising: Some businessmen give misleading information about quality, safety and utility of products. Consumers are misled by false advertisement and do not know
the real quality of advertised goods.
Malpractices of businessmen: Fraudulent, unethical and monopolistic
trade practices on the part of
businessmen lead to exploitation of
consumers. Consumers often get
defective, inferior and substandard goods and poor service.
i)The service department
ii)The supply chain management department.
iii)The production and quality assurance departments.
iv)The finance department.
v)The information technology department.
Managerial Function- it includ Planning,organisation, staffing, directing,coordinating, reporting and budgeting of those who actually perform the operative functions of the Personnel Department.
Training or Development Function: The training of the new employees and also of those who are being promoted is the crucial function of Personnel Department.
A training programme is devised for this
Miscellaneous function: To advise the line managers regarding administration of personnel policies
Promotion, Transfer and Termination function: The performance of the employees is evaluated for the purpose of taking decisions concerning the
Welfare function: To make provisions for
restaurants and other recreational
facilities. In other words To apply the labour laws effectively.
Commerce Influences Purchase Decisions When customers are deciding on a purchase, they start by looking online. Your website is your showroom, where customers can research your product and see all the reasons it is right for them.
Commerce Taps into Social Media It’s a social world out there, with customers turning to social media such as Facebook and Twitter to research potential purchases. For a smart business, an engaging social media presence can raise their company profile and encourage traffic and sales.
Commerce Is Convenient Whether they’re just getting through the door after a 10-hour work day, or getting the shopping done at the crack of dawn before the kids get up, customers appreciate the convenience of online shopping.
Commerce Can Broaden Your Brand eCommerce can be used in ways a
traditional bricks and mortar store
couldn’t, whether that is by offering
intangible products, providing some
kind of web search, or giving
customers the ability to order a product to their exact specifications.
Commerce Offers a Personalized Experience There are many ways in which eCommerce can be used to forge a more personal connection with customers. For example, an eCommerce site could include personal recommendations, order tracking, quick customer service
an agent is a person who acts on behalf of another person or group.in other words is a person or thing that takes an active role or produces a specified effect.
Accounting: The agent must account for all funds entrusted to her and not commingle (combine) client/customer funds with her personal and/or business funds.
Confidentiality: The agent must keep confidential any information given to her by her client, especially information that may be damaging to the client in a negotiation.
Disclosure: The agent must disclose to the client any information she receives that may benefit the client’s position in a negotiation.
Loyalty: The agent owes undivided loyalty to the client and puts the client’s interests above her own.
Obedience: The agent must obey all lawful orders that the client want
contract is a legally binding agreements imposing rights and obligations on the parties which will be enforced by the courts
Offer and acceptance: An offer is a standard of a willingness to be bound in certain specific terms. Acceptance on the other hand is fined and unconditional expression of assert to the terms of an offer
Consideration must be valuable: A contract is valid if the gain to one part is balanced by some benefits known as consideration to the other party
Intention to Create legal Banking – for an agreement to b enforceable as binding contact i.e must have been the intention of the parties to Create legal relations.
Certainly of terms or agreement- the terms of agreement should be put down and clear to the parties involved in the agreement.
All the parties must have confractional capacity- those entering into a contract must have confractional capacity.
The concept of the party must be geniune – one of the essential Requirement of any contract is the geniune consent of each party to assume the rights and obligations resulting from his becoming a part of the contract