28.

Define Partnership

 A partnership is a business where a formal agreement between two or more

people is made.
 Both agree to be the co-owners and distribute responsibilities for running an
organization.
 Both share the income and losses that the business generates.

 Types of Partnerships

1. General Partnership

o A general partnership comprises two or more owners to run a business. In

this partnership, each partner represents the firm with equal right.
o All partners can participate in management activities, decision making, and
have the right to control the business.
o Also share profits and losses divided equally to all partners. 

2. Limited Partnership

o In this partnership, includes both the general and limited partners.

o The general partner has unlimited liability and manages the business and the
other limited partners have limited control over the business.
o investment of limited partners is limited so they have limited rights and limited
involvement is business.

3. Limited Liability Partnership (join venture)

o In Limited Liability Partnership (LLP), all the partners have limited liability. 
o Limited liability partnerships (LLPs) each partner put’s limited liabilities into the
business.

 Advantages of Partnership
o Easy Formation using agreement
o Large Resources
o Flexibility
o Sharing Risk
o Combination of different skills

 Dis-Advantages of Partnership
o Unlimited liability
o Profit is shared
o Risk of disagreement between partners
o instability of the partnership
 Characteristics of Partnership

1. Sharing of profits and losses

2. Mutual agency
3. Unlimited liability
4. Lawful business
5. Contractual relationship

29. Define Join Stock Company

o A joint stock company is an organisation which is owned jointly by all its

shareholders.
o It is best suitable forms of organisation for large scale business.
o all the stakeholders have a specific portion of stock owned, usually displayed
as a share.
o Each joint stock company share is transferable, and if the company is public,
then its shares are marketed on registered stock exchanges.
o Private joint stock company shares can be transferred from one party to
another party. the transfer of shares is done by agreement.
o In a joint stock company, the liability of the shareholders is limited to the value

 Types of Joint Stock Company

1. Chartered Company

o A firm incorporated by the head of the state is known as a chartered

company.

2. Statutory Company

o A company which is formed by a particular act of parliament is known as a

statutory company.

3. Registered Company

o An organisation that is formed by registering under the law of the company

comes under a registered company.

 Characteristics of a joint stock company

o Independent legal entity

o Limited liability
o Common seal
o Separate ownership and management
o Transferability of shares
o Perpetual existence
o Association of persons

 Features of Joint Stock Company

o Separate Legal Entity
o Perpetual 
o Number of Members
o Limited Liability
o Transferable share
o Incorporation

30. Explain Maslow’s Hierarchy of Needs

o Maslow’s Hierarchy of Needs Theory is regarded as one of the most popular

theories on motivation.
o It is a theory of psychology that explains that humans are highly motivated in
order to fulfil their needs, which is based on hierarchical order.
o The Maslow’s Hierarchy of Needs structured based on priority of the needs.

The original Maslow’s hierarchy of needs has five-stage models, and it is briefly
explained below.

Stage:1 Biological and Physiological Needs

o The physiological needs are regarded as the most basic of the needs that
humans have.
o These are needs that are very crucial for our survival.
o The examples of physiological needs are Air, food, shelter, warmth, health, sleep
and water, etc.
Stage:2 Safety Needs. 
o The next level is known as the safety needs. the primary concern of the individual
is related to safety and security.             
o financial security, personal security, emotional security, physical safety, Natural
safety

Stage:3 Social Needs (Love and Belonging Needs)

o This is the third level in the need hierarchy theory. It is that stage where an
individual having feelings and emotional need for Love and Belongingness.   
o Love, Friendship, Family, Friends, Social groups

Stage:4 Esteem Needs.   

o This level is the fourth level of the hierarchy of needs theory. It is related to the
need of a person being recognised and self-respect in society.
o Status, Self-Respect, Achievement, Mastery in something, Independence

Stage:5 Self-Actualization Needs.   

o This is the final level of the theory of hierarchy of needs. It is the highest level of
needs and is known as the self-actualization needs.
o It relates to the need of an individual power of their ability or potential.
o Seeking Personal Growth, personal development, Self-Fulfilment and Realizing
Personal Potential.

33. Explain three types of Buying situations for a consumer

 When the buyer is ready to make a purchasing decision, buyer is involves in one
of those buying situation. 

 There are three major types of buying situations:-

1. Straight rebuy
2. Modified rebuy
3. New Task

1. Straight Rebuy
o The straight rebuy is one of the types of buying situations, in which the buyer is
focused on reordering some product or service without any modifications.
o the buyer handle ordering situation on a routine basis.
o The buyer make a purchasing contract to provide product on a routine basis and
in high volumes at fixed prices.
o once contract is made after that buyer is not searching for new sellers of that
product.

2. Modified Rebuy
o The modified rebuy is the type of a buying situation, in which the buyer is
interested in modifying the product’s specifications like colour, design and also
change prices, terms, or suppliers.
o In this type of buying situation, the buyer is interested in making changes in the
original service provided by the seller.
o Both the buyer and the seller should recognize the need for these changes.
o The buyer can use this type of buying situation to set new terms and deal.

3. New Task
o The new task is a buying situation, in which the buyer makes a purchase of some
product or service for the first time.
o This type of purchase is not made frequently so In this situation buyers has not
any relationships with the seller.
o the buyer does not have past experience for buying a product or service so buyer
is focused on testing the quality of this product or service.
o And also try to find more new sellers so the buyer needs much time to make a
purchasing decision in this buying situation.

37. What is Waterfall Approach

o Waterfall marketing process involves creating a plan and then executing it in
stages over time until your product is ready to be released.
o Waterfall marketing breaks projects into several phases, with each phase
dependent on the timely completion of the previous phase to start next phase.
o Owners and core stakeholders can be set within each phase, and tasks within
each phase can also be broken down into smaller waterfalls.

In marketing, these phases are typically broken down into:

1. Conception
2. Initiation and information gathering
3. Analysis
4. Design
5. Construction
6. Testing
7. Implementation
 8. Maintenance

1. Conception

o The first phase is starting at the very top of the waterfall model with

conception.
o In this stage the project or product is identified and planning of complete that
project.

2. Initiation and information gathering

o the company is more well-informed of the all required efforts for completing
project.
o the company must try to collect more information on what it will take to make
the project in to reality.

3. Analysis

o The third phase of waterfall marketing is the analysis phase.

o This is another phase where your company reviews the upcoming project
from all angles.

4. Design

o The fourth phase design phase. this phase brings ideas to shape.
o Any useful suggestions during the analysis phase could now apply to the
design of this product or project.

5. Construction

o This fifth phase is construction it is all about making things happen.

o You’ve analysed your idea and designed it, so now you to make it a reality
and perform physical construction work.

6. Testing

o This sixth phase is testing it is all about testing of product.

o Before launching new products it is required to be tested. In this stage testing
is performed on the constructed product.

7. Implementation

o This seventh phase is implementation.

o In this stage if any implementation is required is required after testing that it is
done in this stage.
o After that perform repeated testing if there’s nothing wrong with the product
than release it into the world for use.
8. Maintenance

o Finally the eighth and final stage that is maintenance.

o This is where you handle complaints that may come from customers and see
if something can be done to make the product even better.

Advantages

o Logical structure of the model helps to avoid and solve error

o Project progress can be monitored using milestones
o Find estimated total cost 
o Technical documentation is used in future and also in test phase

Disadvantages

o Errors sometimes lead to rising costs

o Complication time takes more because step by step working of every
department

38. Write a note on Brand Marketing

o Brand marketing is the process of establishing and growing a relationship

between a brand and consumers.
o Rather than highlighting an individual product or service, brand marketing
promotes the entirety of the brand.
o Brand marketing describes a long-term, strategic plan to continuously boost a
brand's recognition
o Marketing of product as well as brand.
o Using the popular product of brand also marketing of brand’s other products.
o The goal of brand marketing is to build a brand’s value and the company’s
value.
o The channels available for a brand marketing strategy are the same channels
that companies can use for product marketing activities, such as digital
marketing, social media, and paid search advertising.
o A good strategy is to use different channels together to create a media
mix that reaches a wide audience.
o Brand marketing pursues a long-term goal of building a continually growing
base of loyal customers through communicating your brand's identity and
values. 

 Objectives of Brand Marketing

 Brand awareness
 Brand loyalty
 Brand advocate
 Brand equity
 Brand engagement
 Brand identity and image

 Strategies of Brand Marketing

 Brand-name recognition
 Individual branding
 Attitude branding
 “No brand” strategy
 Brand extension
 Private label
 Crowdsourcing

39. Explain Psychographic segmentation and Geographic segmentation

 Psychographic segmentation

 Psychographic segmentation is defined as a market segmentation technique

where groups are divided based on buying behaviours of Personality,
Attitudes, lifestyle, social status, opinions and activities.
 By analysing their personalities, lifestyles, or social status you can connect
with them on a more personal level.
 Based on those factors, you can adjust your offers, marketing messages,
and advertising channels to maximum sale and profit.
 Understanding of psychological attributes can greatly improve your reaching
methods to customers.
 This approach saves time and money because you know your customer’s
needs.
 You can customize and improvement in your product as per your customers
requirement.

 Geographic segmentation

 The definition of geographical segmentation is a marketing strategy that

involves dividing customers into groups based on geographic characteristics.
 This strategy can include dividing consumers by geographic
area, climate, population densities, and other geographic characteristic of
interest to a business.
 There are several benefits of using geographical segmentation in marketing.
 Geographic segmentation attempts to classify customers based on their
geographic location. 
 Factors such as climate and population can impact geographic segmentation.
 Geographical segmentation is an important tool for businesses to understand
their customer base, which helps them create targeted marketing
  when business is targeting a specific neighbourhood, city, region, or country,
geographical segmentation can help that business to reach its potential
customers. 

40. What is Direct Investment

 Direct investment is more commonly referred to as foreign direct investment.

 Foreign direct investment (FDI) is an investment made by a company or an
individual of one country opening its own business operations in another
country.
 Direct investment provides capital funding in exchange for an equity interest
without the purchase of regular shares of a company's stock.
 FDI is an important factor of economic growth.
 Any investment from an individual or firm that is located in a foreign country
into a country is called Foreign Direct Investment. 
 FDI is when a foreign person holds ownership or controlling stake in the
shares of a company in another country.
 It is a major source of non-debt financial resources for the economic
development of a country.
 FDI is not just the money but it’s also of technology, knowledge and skills.

There are three major types of direct investment:-

1. Horizontal FDI 

Horizontal FDI occurs when a company makes a copy of its home-based

business abroad through direct investments.

2. Vertical FDI

Vertical FDI  happens when a company moves down or upstream in different

value chains through a direct investment. For example, when companies
perform value-adding activities in a host country.

3. Conglomerate FDI

Conglomerate FDI  is a less common type of direct investment, where an

existing company adds an unrelated business operation abroad.

49. Difference Between Total customer benefit & total customer cost

Total Customer Cost: Total customer cost is the total coast customer expects to
pay in the buying, shipping and maintaining of product.

 Advertising/marketing is Required
  Hire extras staff
 Over the planned budget
 Buy extra equipment
 Delivery cost door to door

Total Customer Value: Total customer value is the relationship between what a
customer pays and what they receives when making a purchase.

 Gained any leads

 Staff was able to help the customer enquiries
 Meet the demand and supply
 Extra equipment made it easy
 Customer was satisfied with quick delivery

51. What is Market segment

 Market segmentation is a process that consists of sectioning the target market

into smaller groups.
 These segments can be used to optimize products, marketing, advertising and
sales efforts.
 Segmentation allows brands to create strategies for different types of consumers.
 There are four main customer segmentation models that should form the focus of
any marketing plan.

The 4 basic types of market segmentation are:

1. Demographic
2. Psychographic
3. Geographic
4. Behavioural

1. Demographic segmentation

Demographic is one of the simplest and most commonly used forms of

segmentation. the products and services we buy, which products we use, and how
much spend is based on demographic factors.

Demographic segmentation is based on:

 Age
 Gender
 Ethnicity
 Income
 Level of education
 Religion
 Profession/role in a company
2. Psychographic segmentation

 Psychographic segmentation is focused on your customers’ personalities and

interests.
 Compared to demographic segmentation, this can be a harder set to identify.
 By analysing their personalities, lifestyles, or social status you can connect
with them on a more personal level.
 Based on those factors, you can adjust your offers, marketing messages,
and advertising channels to maximum sale and profit.

Psychographic segmentation is based on::

 Personality
 Hobbies
 Life Style
 Social status
 Values
 Lifestyles

3. Geographic segmentation

 The definition of geographical segmentation is a marketing strategy that

involves dividing customers into groups based on geographic characteristics.
 Geographic segmentation attempts to classify customers based on their
geographic location. 
 Factors such as climate and population can impact

Geographic segmentation is based on:

 Country
 Region
 City
 Postal code

4. Behavioural segmentation
 Behavioural Segmentation divides markets by behaviours and decision-making
patterns.
 Behavioural segmentation is possibly the most useful of all for e-commerce
businesses.

Behavioural segmentation is based on:

 Spending habits
 Purchasing habits
 Browsing habits
 Interactions with the brand
 Loyalty to brand
 Previous product feedback