Logistic management questions bank LOGISTIC SUPPLY AND CHAIN MANAGEMENT MULTIPLE CHOICE QUESTIONS:

A professional working independently charges fees for services he provides to his clients. The amount of fees depends on type of profession, types of skill, knowledge and experience. For example, doctors, lawyers, charted accountants are all called professionals. All these people are satisfying the needs of our society and in turn are earning money or say gaining economic benefits. Primary industries are connected with sea, land and air based activities.

For example, a grocery store time utility is created bys time utility by stocking fresh produce daily, making it available to customers whenever they need it. Utility refers to the satisfaction or usefulness derived from consuming a good or service. The creation of utility is an important concept in business as it helps to increase customer satisfaction, which in turn leads to increased sales and profits. In this article, we will discuss the creation of utility in business. Therefore, total utility grows less rapidly with each additional unit consumed of the identical good or service.

Importance of marketing to society

For example, a doctor may join a hospital, a lawyer may join a law firm, etc.

For example, utility from the use of a room heater will depend upon whether the individual is in Ladakh or Chennai or whether it is summer or winter . Commodities traded in secular markets are not durable in nature. The prices of different forms of a product are uniform, plus or minus the cost of converting the product from one form to another. A market is the area within which the forces of demand and supply converge to establish a single price. There is an old English saying that two women and a goose may make a market. However, in common parlance, a market includes any place where persons assemble for the sale or purchase of commodities intended for satisfying human wants.

For example, doctors, lawyers, charted accountants, etc. are all called professionals. More is that the aspiration to possess the products, the more will be the utility procured from them. Distinct people can get different degrees of utility from equivalent goods. As an example, someone who likes sweets will get much higher utility from a sweet than someone who doesn’t like sweets.

Generally, a useful product holds a more enhanced possession utility. Concerning marketing theories – possession utility has its mention within the simple possession also. That’s done through acquisition processes like credit cards or renting contracts. A simple acquisition makes a utility to be perceived highly by consumers. At an equivalent time, after-sales services influence possession utility. The higher the after-sales services, the more consumers will derive possession utility from employing a particular product.

As a reminder, shoppers tend to purchase goods until the marginal worth is bigger than the MU. If you know the way a lot the goods being analyzed within the chart cost, the purpose where utility is maximized is the last row where MU is larger than the marginal price. This implies that shoppers will tend to buy merchandise or goods until the marginal utility of buying one more good is smaller than the marginal cost . Time utility is created by offering easy availability of a good or service on the time when customers want or need it. If the corporate is new to the NACH system, NPCI will assign a new corporate code. In the case of an existing corporation, the corporate/utility code must be quoted in the user registration form to be registered.

MFU BOX provides portfolio analysis based on Consolidated Account Statement as received and uploaded. The MFU BOX also provides information on Mutual Fund scheme performance. Once the change is updated in CAN, the previous validation/verification and declaration stands reset. The process of validation/verification and declaration will have to be re-done. During the transaction, you can request for crediting the units in the Depository Account. MFU will send the instructions along with the transaction and the AMC/RTA will credit the units to your Depository Account.

Marginal utility is the utility derived from the final or marginal unit of consumption. Companies strive to extend the utility or perceived worth of their products and services to reinforce customer satisfaction, enhance gross sales, and drive earnings. The concept of financial utility falls under the area of research generally known as behavioral economics. It is designed to help companies in working a business and advertising the company in a means that is likely to attract the utmost quantity of customers and gross sales revenues.

As he continues to eat even more meals, his hunger will wane to the extent that he no longer wants to eat. Law of supply states that other factors remaining constant, price and quantity supplied of a good are directly related to each other. Customers can safely authenticate e-mandates online using a debit card, NetBanking, or Aadhaar eSign. Every time a debit is scheduled, Mandates are further safeguarded with Additional Factor Authentication . Finally, the designated sum is deposited to a corporate account the next day.

__________ creates time utility. – Organisation of Commerce and Management

Many industries like cotton, sugar, edible oils, food processing and jute depend on agriculture for the supply of raw materials. An efficient system guarantees the farmers better prices for farm products and induces them to invest their surpluses in the purchase of modern inputs so that productivity and production may increase. This again results in an increase in the marketed surplus and income of the farmers. If the producer does not have an easily accessible market-outlet where he can sell his surplus produce, he has little incentive to produce more. The need for providing adequate incentives for increased production is, therefore, very important, and this can be made possible only by streamlining the marketing system. This utility defines the satisfaction and gains received from using and having a specific commodity.

A marketing channel is a group of individuals and organizations that directs the flow of products from producers to consumers. The major role of marketing channels is to make products available the right time at the right place in the right quantities. Marketing persuades people to buy and spend more through different marketing tools. Marketing facilitates smooth buying and selling which affects production, distribution and consumption pattern of the people. Business firms or organization produce lots of need satisfying goods and services.

People learn as much from marketing as from university education. Generally, marketing provides the information of product, procedure and producer. Many people who are not educated are earning a civilized life through the information they get from marketing.

Some firms enable clients to purchase with credit or payment plans to allow them to take possession of purchased objects even earlier than finishing full fee. This feature appeals to shoppers or businesses with a desire for quick possession regardless of budget constraints. Suppliers usually allow business consumers to purchase stock on account, which means the enterprise receives the products instantly and pays later. Creating time utility contains considering the hours and days of the week an organization would possibly select to make its services out there. For instance, a retailer might open on the weekends if prospects typically store for that product at the moment.

Land cultivation, otherwise known as farming is influenced by the behavior of natural events like rainfall, drought, flood, storm and so on and so forth. Food production has its limitations and so all food cannot be produced in all places. In other words, food production is restricted to specific locations where the soil, weather and moisture favor that activity. Nevertheless food produced has to be consumed worldwide by the human beings, animals, birds and others in need.

Differences Between Utility Codes and UMRN

Marginal adjustments will usually be either scaled will increase or scaled decreases. In the case of whole utility, marginal refers back to the rising or reducing degree of utility that’s obtained with added consumptions. Marginal utility quantifies the added satisfaction that a consumer garners from consuming extra models of products or services. When marginal utility falls but is positive, total utility increases in a diminishing manner. The corporate number/utility code provided in the transaction data will be checked against the corporate number/utility code provided in the NACH system. The transaction will be refused if a mismatch occurs or the corporate number/utility code does not exist.

• Time utility refers back to the efficiency with which a customer will get to experience a product or solution after needing it.
• Marketing support services such as godowns, cleaning, price information and extension services were found completely non-existent in most of these rural markets.
• In general, a useful product holds a more enhanced possession utility.

Scrap products in a building are steel bars, steel grills, bricks, etc. Salvage value will influence the total depreciable amount a company uses in its depreciation schedule. John, for example, is starving and hasn’t consumed anything for a while. When he eventually starts to consume, the very first piece will provide him with a considerable measure of satisfaction.

By focusing on the utility of time, you possibly can ensure that services and products can be found when prospects need them. Logistics performs an essential function in enhancing the time utility. By growing an efficient provide chain, you possibly can make sure that merchandise are delivered on time. Late supply may influence your prospects’ personal productiveness and efficiency if your company is a part of their provide chain.

Business aims at providing quality goods and services to people in order to satisfy their needs. In shorter runs say at the end of year the objective of business can be annual income, i.e. net profit. However in longer run say about at the end of five years or so a businessman aims at creating wealth and maximize. It is highly essential for a business to focus on earning ‘fair profit’ i.e. a reasonable profit in order to survive and get acknowledged in the society.

In this manner, the step-by-step process of choosing the highest level of utility resembles rather intently how many individuals make consumption choices. The vocabulary of evaluating the points alongside a finances constraint and total and marginal utility is just a set of tools for discussing this everyday process in a transparent and particular manner. Following this response, the assigned money is debited from the destination bank and sent to NPCI, which is then delivered to the sponsor bank and subsequently to the eNACH service provider’s nodal bank account. Every corporate participant in the NACH system receives a unique utility code, and customers can use this code to determine which organization is being paid via the registered eMandate.

LOGISTIC SUPPLY AND CHAIN MANAGEMENT

Assign columns for amount, whole utility, and marginal utility. There might sometimes be more, but these show the most essential info. For NACH credit, the corporate entity simply sends the utility code and transaction details to NPCI, after which the credit transactions are processed further. In contrast, the utility code is a special user identification number provided by NPCI to corporate participants in the NACH system. Utility codes are issued after corporate organizations lodge a request via their sponsor bank. The request recommended by the sponsor bank is scrutinized, and a utility code is issued if the request is in order.

Supply chains start with the customer and require the cooperation of channel members to satisfy customer requirements. Although wholesalers can be eliminated, the functions they perform cannot. Number and size of the firms existing in the market is a measure of market conduct. Sellers in monopolistic competition mutually agree to charge a common price. Marketing activities add value to the product thereby increasing the nation’s gross national product and net national product. It must be noted that each market or market place can be classified on the basis of the 12 criteria mentioned above.

Here are a few ways utility codes are used to streamline recurring payment transactions. You can register different bank accounts under the CAN without getting the details changed in the folio. Upon successful CAN opening, the bank accounts registered under the CAN will get over-written in the folios. While submitting the redemption transaction, you can choose either the default bank account under the CAN or mention any other bank account registered under the CAN as your choice for payout. Investors will have multiple choices for making the payments for purchase transactions submitted using a physical transaction form.

In addition to that, time utility is at all times high in occasions of shortage. If the prices of substitute goods change, it may become difficult to have an idea about the utility that the consumer might get from the main commodity. The mandate information is then forwarded to the sponsor bank, NPCI, and the numerous destination banks. The response is communicated with the eNACH provider once the destination bank confirms the eMandate. When mandates are registered, the NACH system will link the corporate code and the UMRN assigned to the mandates presented with the code. The sponsor bank and the corporate should confirm that the transaction file contains the right corporate code linked to the relevant UMRN.

Marketers make the best use of internet to reach the global customers. Marketing has been giving a responsibility and task of creating, rising and maintaining the standard of living of the society. It offers a variety of life style related products and services so that consumers can uplift the standard of living. In every sector of living people are enjoying comfort and convenience. People are enjoying comfort and convenience from bathroom to bedroom to kitchen.