Correct Answer: Production Concept

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

The Production Concept is a marketing philosophy that emphasizes producing high-quality products at the lowest possible cost and making them widely available. It is often suitable in situations where demand exceeds supply, and the primary focus is on production efficiency and achieving economies of scale to drive down production costs. The assumption is that consumers will favor products that are readily available and affordable. However, this concept may overlook the importance of understanding and meeting customer needs and preferences, which is a key aspect of the Marketing Concept.

Correct Answer: Statement 1 is true, and statement 2 is false.
   

Solution : The correct answer is (a) Statement 1 is true, and statement 2 is false.

Statement 1 is true. Financial planning indeed plays a pivotal role in effective resource allocation within a business. It involves allocating financial resources optimally to various activities and functions to achieve the company's objectives efficiently.

Statement 2 is false. Financial planning is not limited to focusing on production activities. It encompasses a broader scope, including planning for all financial aspects of the business, such as investment, financing, budgeting, risk management, and overall financial strategy. Production activities are just one component of the overall financial planning process.

Correct Answer: Natural environment

Solution : The correct answer is (C) Natural environment

The business environment factor affecting ABC Corp. 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: Mica

Solution : The correct answer is Mica.

India is the largest producer of Mica in the world. Mica is a silicate mineral used to colour and shine epoxy resin, soap, candles, cosmetics, etc. It is used as a polish and varnish for furniture. Mica deposits are found in the Chota-Nagpur plateau, and the Koderma Gaya-Hazaribagh plateau of Jharkhand is the largest producer of Mica in India. Andhra Pradesh and Rajasthan are also the major producers of Mica.

Correct Answer: Authority and responsibility
 

Solution : Principle of authority and responsibility is being while violated here. According to this principal there should be a proper balance between authority and responsibility. Absence of any of the one leads to violation of principle.
Hence Option A is correct.
 

Correct Answer: By adopting renewable energy sources

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

Understanding the natural environment can benefit LMN Ltd. in adopting eco-friendly practices by enabling the company to adopt renewable energy sources. This approach can help reduce the company's reliance on fossil fuels and transition to more environmentally sustainable methods of energy production, which align with the principles of eco-friendliness and environmental conservation.

Correct Answer: Wheat

Solution : The correct answer is (a) Wheat

The Green Revolution was a major agricultural initiative implemented in India in the 1960s and 1970s. It aimed to increase agricultural productivity and food production to meet the growing needs of the population. The focus was primarily on the cultivation of high-yielding varieties of crops, and among these crops, wheat was given significant attention.

The introduction of high-yielding wheat varieties, along with the use of modern farming techniques and inputs such as irrigation, fertilizers, and pesticides, led to a substantial increase in wheat production in India. This played a crucial role in achieving food self-sufficiency and addressing food shortages in the country.

While the Green Revolution also had an impact on the production of other crops such as rice and pulses, wheat was the primary crop that received significant emphasis and yielded remarkable results in terms of increased production and productivity.

Correct Answer: Marketing Concept

Solution : The correct answer is (c) Marketing Concept

The marketing concept is centered around understanding and meeting customer needs and preferences, delivering superior value, and prioritizing customer satisfaction and long-term relationships. XYZ Retail's focus on building strong relationships with customers and emphasizing customer satisfaction and long-term loyalty aligns with the principles of the marketing concept.

Correct Answer: Selling Concept

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

The Selling Concept is a marketing philosophy that emphasizes aggressive sales techniques and promotional efforts to convince customers to buy a company's products or services. The belief underlying this concept is that customers typically won't buy enough on their own, so a company must use various selling and promotional tactics to stimulate demand and close sales. It's a more product-focused approach, and the primary goal is to sell what the company produces rather than understanding and meeting customer needs, which is a central focus of the Marketing Concept.