PREVIOUS YEAR SOLVED PAPERS - UGC NET Management June 2019

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26. The mistake of paying more attention to the specific products of a company offers than to the benefits and experience produced by these products is known as:

  • Option : C
  • Explanation : Many companies make the great mistake of paying more attention to the specific products they offer than to the benefits and experiences produced by these products. So, we can state that these companies sell a product, rather than provide a solution to a need. Levitt (1960) was the first one to name this situation as «marketing myopia », described as companies that are so taken with their products that they focus only on the existing wants while losing sight and forgetting about the underlying customer needs. So, companies focusing only on their products can lead to marketing myopia. The product orientation could lead to the company failure, since the product management focuses in inward-looking, while customer preferences, tastes, and demands can undermine the product-led company (Levitt, 1960). Therefore, we can state that this marketing orientation comprises a great risk, since it focuses too narrowly on the company operations and production, forgetting that a product is only a tool to solve a consumer's needs.
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28. Data scrubbing is:

  • Option : C
  • Explanation : Data scrubbing:A technique using pattern recognition and other artificial intelligence techniques to upgrade the quality of raw data before transforming and moving the data to the data warehouse. Also called data cleansing.
    Cooperative banks came into existence with the enactment of the Cooperative Credit Societies Act of 1904 which provided for the formation of cooperative credit societies. Subsequently, in 1912, a new act was passed which provided for the establishment of cooperative central banks. Cooperative credit institutions play a pivotal role in the financial system of the economy in terms of their reach, the volume of operations, and the purpose they serve.
    Cooperative banks fill in the gaps of banking needs of small and medium-income groups not adequately met through by the public and private sector banks. The cooperative banking system supplements the efforts of the commercial banks in mobilizing savings and meeting the credit needs of the local population.
    The cooperative credit sector in India comprises rural cooperative credit institutions and urban cooperative banks. The rural cooperative credit institutions comprise of institutions such as state cooperative banks, district central cooperative banks, and primary agricultural credit societies, which specialize in short-term credit, and institutions such as state cooperative agriculture and rural development banks and primary cooperative agriculture and rural development banks, which specialise in long-term credit.
    Urban cooperative banks (UCBs) are mostly engaged in retail banking. They are not permitted to deal in foreign exchange directly because of the high risks involved in the forex business. Only three UCBs, namely the Saraswat Cooperative Bank Limited, the Bombay Mercantile Co-operative Bank Limited and the Mah Maharashtra State Cooperative Bank Limited, have been authorized by the Reserve Bank to deal in foreign exchange.
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Match List-I with List-II:

List-I
(Decision making Bias)
List-II
(Explanation)
(a) Anchoring Bias(i) Represents a case of selective perception
(b) Escalation of commitment(ii) Refers to our staying with a decision even if there is clear evidence it’s wrong
(c) Confirmation Bias(iii) Tendency to believe falsely , after the outcome is known
(d) Hindsight Bias(iv) Tendency to fixate on initial in formation and fail to adequately
adjust for subsequent information