Question

What to expect in business studies viva?i have taken business environment as my topic?

Answer 1

The following type of questions can be asked in the viva,

1). What permission and licences would be required to make the product?

2). What cost effective techniques will you follow for this product?

3). What cost effective techniques will you follow for the promotion plan?

4). What should be the selling price of your competitor’s product of fairness cream such as Fair n Lovely, Ponds, Olay etc.

a. Selling price to consumer

b. Selling price to retailer

c. Selling price to wholesaler

5).What will be the profit margin in percentage to the

a. Manufacturer.

b. Wholesaler.

c. Retailer.

Answers to these Questions are given below:

1). The following are some of the permissions and licenses required in India.

Manufacturing license : Manufacturing license is to be obtained form a licensing officer to start a manufacturing activity.

Patents : Patent refers to the exclusive rights that are granted for a new invention. Patent must be obtained according to the innovations in the manufacturing or in the product.

Registered trademark : A trademark, that is a distinctive symbol (or sign) for the product confirming its originality must be registered.

2). Cost effective techniques for product:

The following techniques can prove to be cost effective in the production of product.

i. Using raw materials and input that are low in cost.

ii. Using machines and labour in the most effective manner such that maximum output is produced.

iii. Optimum utilisation of resources and inputs with minimum wastage.

3). Cost effective techniques for promotion plan:

As the product (toothpaste) that we are launching is new in the market then the following promotional techniques can prove to be cost effective.

i. Advertising on T.V. as to gain more customers.

ii. Sales promotion techniques such as providing free samples, gift vouchers, discounts, etc.

iii. Personal selling involving door to door selling by salesman so as to attract the consumers personally.

4). Price of the competitor's product: Rs 30

a. Selling Price to consumer: Rs 28

b. Selling price to retailer: Rs 27

c. Selling price to wholesaler: Rs 25

5). Profit margin in percentage terms to the

a. Manufacturer (Real cost of product- Rs24 and selling to wholesaler at Rs25): 4.16%

b. Wholesaler (Buying from manufacturer at Rs25 and selling to retailer at Rs27): 7.40%

c. Retailer (Buying from wholesaler at Rs27 and selling to consumers at Rs28): 3.57%