Correct Answer: By adopting renewable energy sources

Solution : The correct answer is (C) By adopting renewable energy sources

Understanding the natural environment can benefit ABC Corp. in adopting eco-friendly practices, primarily by helping the company make informed decisions about adopting renewable energy sources. By recognizing the importance of environmental sustainability and the role of natural resources, ABC Corp. can invest in renewable energy technologies and reduce its reliance on fossil fuels, thus making its production processes more eco-friendly.

Correct Answer: By reducing production costs.

Solution : The correct answer is (a) By reducing production costs.

Implementing effective control measures can help XYZ Electronics maintain product quality and meet customer expectations. By closely monitoring and managing various aspects of the production process, they can identify and rectify any issues that might arise. This can lead to improved efficiency and a reduction in production costs over time. This approach ensures that the company's resources are utilized effectively, minimizing waste and maximizing output quality.

Correct Answer: Both statement 1 and statement 2 are true.
   

Solution : The correct answer is (a) Both statement 1 and statement 2 are true.

Statement 1 is true. Agricultural marketing involves the various processes, activities, and channels through which agricultural products are brought from the farmers or producers to the end consumers. It includes activities like transportation, storage, packaging, and selling of agricultural products to ensure they reach the markets and consumers efficiently.

Statement 2 is also true. Agricultural marketing can involve direct marketing approaches such as farmers' markets, community-supported agriculture (CSA) programs, farm-to-table initiatives, and online platforms that connect farmers directly with consumers. These direct marketing channels eliminate intermediaries, allowing farmers to have a direct interaction with consumers, understand their preferences, and establish relationships based on trust and quality.

Therefore, both statements 1 and 2 are true.

Correct Answer: Technological environment

Solution : The correct answer is (C) Technological environment

The dimension of the business environment highlighted in this case is the technological environment. The case involves a company (ABC Corp.) that is heavily reliant on fossil fuels and is facing pressure to adopt eco-friendly practices. Adapting to more environmentally sustainable practices often involves changes in technology, processes, and innovations to reduce reliance on fossil fuels and embrace cleaner, more sustainable energy sources and production methods.

Correct Answer: Measurable and specific goals

Solution : The correct answer is (c) Measurable and specific goals

Having measurable and specific goals is crucial for effective planning. Clear objectives provide a basis for making decisions, allocating resources, and evaluating progress. Measurable and specific goals allow the company to track performance and determine whether they are moving in the right direction. This clarity helps in focusing efforts, facilitating communication, and ensuring that everyone in the organization understands what needs to be achieved. 

Correct Answer: Biogas

Solution : The correct option is biogas.

The naturally occurring gas generated by the breakdown of organic matter by anaerobic bacteria is called biogas. Biogas is primarily composed of methane, along with small amounts of carbon dioxide and traces of other gases. It is a renewable energy source and can be used for various applications, including electricity generation and heating.

Correct Answer: Tamil Nadu

Solution : The correct answer is Tamil Nadu. 

Biofertilizers are sustainable substitute of chemical fertilizers without any ill effects on the environment. They are combination of microbes which increase the uptake of nutrients by the plants naturally. They fix atmospheric nitrogen more efficiently and stimulate plant growth. With a 48% share in the biofertilizer production Tamil Nadu leads the chart among Indian states.

Correct Answer: Marketing Concept

Solution : The correct answer is (c) Marketing Concept.

The Marketing Concept is a customer-centric approach that centers on understanding and fulfilling customer needs and wants effectively. It involves delivering superior value to customers to achieve customer satisfaction and build strong, long-term customer relationships. The ultimate goal is to meet customer needs and achieve business objectives by creating value and satisfying customers through a customer-oriented approach. This philosophy emphasizes understanding customers and delivering value to them as the key to success.

Correct Answer: Natural environment

Solution : The correct answer is (C) Natural environment

The business environment factor affecting LMN Ltd. in this case is the natural environment. The company is facing pressure to adopt eco-friendly practices due to increasing concerns about environmental sustainability, which is directly related to factors within the natural environment, including ecological and environmental sustainability concerns.

Correct Answer: Product Concept

Solution : The correct answer is (d) Product Concept.

The Product Concept is a marketing philosophy that revolves around creating high-quality products and continually improving them to meet or exceed customer expectations. Companies following this concept prioritize product innovation, features, and attributes, aiming to develop products that stand out in the market and provide superior value to customers. The focus is on the product itself and ensuring it meets the evolving needs and preferences of the customer base through continuous improvement and innovation.